NNPC Announces First Profit in 44 years

THE Nigerian National Petroleum Corporation (NNPC) has earned N287bn profit after tax in 2020, first time of such declaration in the company’s 44 years of existence.

The profit declaration was made by President Muhammadu Buhari through his Special Adviser on Media and Publicity, Mr. Femi Adesina.

He said, “I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty-Seven Billion Naira (N287 billion) in the Year 2020 by the Nigerian National Petroleum Corporation. This is the sequel to the completion of the statutory Annual Audit exercise for the Year 2020. 

”The NNPC losses were reduced from N803bn in the year 2018 to N1.7bn in the year 2019 and the eventual declaration of net profit in the year 2020 for the first time in its 44-year history.”  

The President explained that the declaration was consistent with the administration’s resolve to make public announcement of the financial position of the NNPC.

“I have further directed the NNPC to timely publish the audited financial statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions. I congratulate the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people,” Buhari stated.

The Group Managing Director of NNPC, Mele Kyari had a few weeks ago, stated that the corporation would publish its statement of account for 2020 in the third quarter of 2021 and declare its dividend for the first time in history.