The Group Chief Executive Officer (GCEO) of the Nigeria National Petroleum Company (NNPC) Limited, Mele Kyari, has revealed that the state-owned oil giant is targeting a profit increase of N2 trillion when the 2022 audited financial statements are released.
According to a press statement by the Chief Corporate Communications Officer of NNPC, Olufemi Soneye, this was disclosed by Kyari when he led a delegation of NNPC Ltd on a courtesy visit to the Senate President, Senator Godswill Akpabio, at the National Assembly on Wednesday, November 22, 2023, in Abuja.
Kyari also noted that the oil firm had started paying dividends to its shareholders since July this year with a significant growth in its profit margin.
NNPC controls 30% of Nigeria’s downstream retail market
- Kyari said, “By the creation of the National Assembly, NNPC Ltd. is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security. We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period.’’
While lauding the National Assembly for the critical role it played in the enactment of the Petroleum Industry Act (PIA) 2021, Kyari said that this legislative endeavour had given birth to a new commercially oriented National Oil Company (NOC) that is governed by the Company & Allied Matters Act (CAMA) principles.
He stated that with the passage of the PIA 2021, NNPC Ltd’s profitability margins have significantly risen, growing from a loss position of N803billion in 2018 to a profit position of N674billion in 2021.
Kyari also said that the NNPC Ltd. is involved in the entire value-chain of the oil and gas business and controls about 30% of the nation’s petroleum downstream retail market.
Nigeria to become net exporter of petroleum products
While identifying crude oil theft and pipeline vandalism as major challenges to the Company’s business, Kyari said the recent collaboration with the nation’s security services as well as third-party security contractors has been yielding results, mostly in the area of increased crude oil production.
The NNPC boss said the oil firm is investing in several gas and power projects across the country, aimed at supporting the Federal Government’s power generation and industrialisation aspirations.
He further assured that NNPC Ltd. is working assiduously to revamp local refining of petroleum products and collaborating with indigenous refiners to ensure that Nigeria becomes a net exporter of petroleum products.
Kyari had earlier assured that NNPC has already made a robust plan for the supply of petroleum products especially Premium Motor Spirit (PMS), also known as petrol, sufficient to last beyond the ember months and the new year festivities.
Speaking at the occasion, the Senate President, Godswill Akpabio, assured the GCEO of the 10th Senate’s support, saying that the Nigerian Parliament appreciates the Kyari-led Management for its commitment to ensuring robust petroleum product supply during the yuletide period.
- Akpabio said, “Nigerians always want to hear good news. We are glad that you have made robust plans to provide sufficient product supply this coming festive period and beyond.’’
