By @AbbaAudu_ Benisheikh
In a groundbreaking achievement, the Nigerian National Petroleum Company Ltd. has announced a record-breaking profit of N3.3 trillion, shattering all previous records and cementing its position as a leader in the energy sector. This monumental success is a direct result of the visionary leadership of the Company Group CEO, Mele Kyari, who has transformed the company into a profitable and sustainable business entity.
At a press conference held in Abuja, the company CFO, Mr Umar Ajiya stated that, “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.” Chief Pius Akinyelure, NNPCL Board Chairman added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.
Mallam Mele Kyari leadership has steered NNPC Ltd. towards unprecedented success, achieving profitability for the first time in 43 years. The company’s financial trajectory has impressively shifted from a substantial loss of N803 billion in 2018 to a remarkable profit of N3.297 trillion profit in 2023, the highest financial performance in the 46-year company history, with notable milestones including a reduced loss to N1.7 billion in 2019, to a maiden profit of N287 billion in 2020, and a significant profit of N674.1 billion in 2021, and N2.548 trillion in 2022. This consistent upward trend demonstrates NNPCL potential to deliver substantial returns to shareholders, marking a significant turnaround in its 46-year history.
Mr. Kyari always emphasized that NNPC Ltd. is a $60 billion company, poised for increased profit margins through viable and sustainable investments under the Petroleum Industry Act (PIA).
Mallam Kyari tenure has been marked by a series of bold reforms and strategic initiatives aimed at repositioning NNPC Ltd. for success. His focus on transparency, accountability, and good governance has created a conducive environment for business growth and investment. The company commitment to operational efficiency, cost reduction, and revenue growth has yielded remarkable results, with the N3.3 trillion profit being the crowning achievement.
The achievement is a testament to the power of effective leadership and strategic planning. Mallam Kyari leadership has inspired a new era of prosperity at NNPC Ltd., and his vision for the company’s future is inspiring confidence among investors, stakeholders, and Nigerians alike.
As NNPC Ltd. continues to build on this success, it is clear that the company is on a trajectory of sustained growth and prosperity. The N3.3 trillion profit is not just a milestone but a beacon of hope for a brighter future for Nigeria’s energy sector and the country as a whole. Kudos to Mallam Kyari and his team for achieving this momentum feet.
