Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Energy

NNPC to declare dividend in 2020 despite Covid-19 pandemic

Chike Olisah by Chike Olisah
November 21, 2020
in Energy
FG to give up majority stakes in its 4 refineries, to be privately managed, NNPC, Pipeline Vandalism: Stakeholder collaboration, critical to tame menace - Kyari, Nigeria explains when it will fully comply with OPEC+ output cut
Share on FacebookShare on TwitterShare on Linkedin

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said that he is hopeful that the corporation will declare dividends in 2020, despite the challenges posed by the outbreak of coronavirus pandemic.

According to a statement from NNPC’s Twitter handle, this was disclosed by Kyari while speaking at an interactive session with the National Association of Energy Correspondents (NAEC), in Abuja on Friday.

READ: Another insurance firm blames COVID-19 for late filing of financial report

RelatedPosts

Petroleum minister, Timipre Sylva, says Nigeria loses 400,000 barrels per day to oil theft

Nigerian Navy has recovered 230,000 barrels of stolen crude oil since April 2022

He said, “Our vision is that NNPC will become a company of excellence and declare dividends to Nigerians and shareholders. We are optimistic that at the end of 2020, NNPC will declare dividends to Nigerians in spite of the impact of the COVID-19 pandemic.”

Mr Kyari said that accountability and transparency were key to turning NNPC into an efficient and profit-oriented enterprise.

News continues after this ad


He said that it was what informed the decision of the corporation to publish its operational and financial reports monthly.

READ: Senate to investigate CBN over non-remittance of over N20 trillion stamp duty charges

News continues after this ad


Mr Kyari said: “NNPC has never published its audited financial statement in 43 years. We came and started doing that and released the 2018 financial statement. We were not afraid of doing that and there were a lot of criticisms that we lost money in refinery operations and pipeline business.

“We went ahead and published the 2019 audited report and was [sic] able to learn and cut cost and became more efficient. There is no company in the country which has cut its losses within one financial year by N800 billion. We have improved efficiency by cutting 97% in our losses.

READ: NNPC releases audited financial statements, refineries record losses of N154 billion

“These are truly difficult times for our industry. But I am proud to say that we’re able to maintain our obligations to the Federation Account for seven months without any fail despite the huge impact of the Covid-19 pandemic on the oil and gas industry,” he said.

This appears to be a departure from the past when the meeting of the Federation Accounts Allocation Committee between the Federal Government and State Governments were sometimes stalled due to disagreements over alleged non-remittance of some funds to the Federation Account by the NNPC.

READ: Banks defy headwinds, earn more than N260 billion profits in Q1 2020

GMD @MKKyari: “Our vision is that #NNPC will become a company of excellence and declare dividends to Nigerians and shareholders. We are optimistic that at the end of 2020, #NNPC should be able to declare dividends to #Nigerians in spite of the impact of the COVID-19 pandemic.” pic.twitter.com/Oyt45oWOmp

— NNPC Group (@NNPCgroup) November 21, 2020

GMD @MKKyari: “#NNPC has never published its audited financial statement in 43 yrs.We came & started doing that & released the 2018 financial statement.We were not afraid of doing that & there were a lot of criticisms that we lost money in refinery operations & pipeline business" pic.twitter.com/yf6Ybha7KX

— NNPC Group (@NNPCgroup) November 21, 2020

 

Related

Tags: Nigerian National Petroleum CorporationNNPC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Gains from MTN not enough to stop Nigeria’s stock market from shedding N95 billion
    • ChamsSwitch gets Visa recognition, enlisted on Visa Global Registry
    • 3 ways to solve electricity crisis in Nigeria – Atiku Abubakar

    Follow us on social media:

    Recent News

    Stock News

    Gains from MTN not enough to stop Nigeria’s stock market from shedding N95 billion

    August 19, 2022
    ChamsSwitch gets Visa recognition, enlisted on Visa Global Registry

    ChamsSwitch gets Visa recognition, enlisted on Visa Global Registry

    August 19, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com