The NNPC Limited has released its 2023 audited financial statement (AFS) for the 2023 fiscal year, declaring a net profit of N3.297 trillion at the close of the financial year, which ended December 2023. This represents an increase of over N700billion (28per cent) as compared to the 2022 profit of N2.548trillion.

Speaking during a world press conference held at the NNPC Towers, Abuja Monday, Chief Financial Officer of the Company, Mr. Umar Ajiya, said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.

“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.

Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders.

He disclosed that the NNPC Ltd will announce Initial Public offer IPO as soon as the shareholders and Board make a decision. He however debunked claims on subsidy payment, saying the Company was only taking care of the shortfall on the importation of Premium Motor Spirit PMS between it and the Federation.

Speaking earlier at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure, said that the excellent performance came as the fruit of the PIA 2021, the commitment of the Board, Management and staff of the company.

Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.

In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the end of the year.

On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying that the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.

Recall that in 2021, NNPC declared profit in its operations for the first time.  From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.

However, in 2020, it posted its ‘first ever’ profit of N287 billion, while in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception in 1978.