Mele Kyari. Credit: Premium Times

In spite of huge challenges with oil production, coupled with subsidy payments on PMS which has been described as unsustainable, Nigeria’s national oil company declared ₦674billion for the financial year ended December 31, 2021.

The profit represented a growth of 134.84 percent when compared with ₦287billion profit in 2020, which was recorded under the old Nigerian National Petroleum Corporation (NNPC). Mele kolo Kyari, the Group Chief Executive Officer (GCEO), NNPC said this at a news conference on Tuesday in Abuja. “NNPC progressed to a new performance level, from ₦287billion profit in 2020 to ₦674 billion profit after tax in 2021, climbing higher by 134.8 per cent year-on-year profit growth,’’ he said. Kyari also said that it recorded an increase in total assets from ₦15.86trillion in 2020 to ₦16.27trillion in 2021.

Speaking on the Group’s financial position, Kyari said the corporation’s total liabilities decreased by 8.3 percent to ₦13.46trillion during the review period from ₦14.68trillion in 2020. The GCEO said its shareholders funds position rose ₦2.81 trillion, representing 144 percent year-on-year. “The performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil and products theft, among others. We look forward to achieving greater performance to support our growth aspirations and to create more value for our stakeholders as we drive full commercial operations under NNPC Ltd,’’ he said.

He recalled that in September 2021, President Muhammadu Buhari approved the publication of the 2020 NNPC Group Audited Financial Statement, in which NNPC declared a profit after tax of ₦287billion for the first time in 44 years.

Kyari said that in spite of the challenging operating environment, it strongly believed that the corporation had the potential to sustainably deliver better value to it esteemed shareholders.

He said it sought to become a dynamic global energy company of choice to its customers, partners and over 200 million shareholders comprising of all Nigerians.

Kyari noted that the corporation in 2019 rolled out deliberate policies and initiatives aimed at reducing costs and eliminating losses while adopting technology to entrench transparency, accountability and performance excellence (TAPE) across its various functions. He said the NNPC had recorded significant improvement over the past three years, turning up the curve from losses to profits.

Ayodele Johnson

Ayodelé is a Lagos-based journalist and the Content and Editorial Coordinator at Meiza. All around the megacity, I am steering diverse lifestyle magazine audiences with ingenious hacks and insights that spur fast, informed decisions in their busy lives.