The NNPC Limited has unveiled its 2023 Audited Financial Statement, marking a landmark year with a record net profit of N3.297 trillion, a significant increase from N2.548 trillion in 2022.
This represents a 28% rise in profitability, showcasing the company’s strong financial health and operational resilience despite global and domestic challenges.
Speaking on Monday in Abuja, Chief Financial Officer Mr. Umar Ajiya emphasised the importance of transparency and accountability, stating, “Our fiscal performance reflects both strategic foresight and operational resilience. Despite the inherent challenges, we have enhanced both productivity and financial performance.”
Ajiya also clarified that the company’s impressive financial returns highlight its commitment to national energy security as per the Petroleum Industry Act (PIA) 2021.
He addressed ongoing concerns by explaining that NNPC Ltd. is managing the shortfall in PMS importation, not subsidy payments.
Meanwhile, the Chairman of the NNPC Ltd. Board, Chief Pius Akinyelure, credited the success to the Petroleum Industry Act and the dedication of the company’s management and staff. “The excellent performance is a direct result of the PIA 2021 and our collective efforts,” Akinyelure said. He announced a final dividend of N2.1 trillion, approved by shareholders.
Looking ahead, Executive Vice President of Upstream, Mrs. Oritsemeyiwa Eyesan, outlined a strategic goal of reaching 2 million barrels per day in crude oil production by the end of 2024.
Meanwhile, addressing current fuel shortages, Executive Vice President of Downstream, Mr. Dapo Segun, assured that the company is collaborating with stakeholders to resolve distribution and logistics issues.
NNPC’s record profit is the highest in its 46-year history, following its first profit in 2020 and steady growth in subsequent years.
