The Nigerian National Petroleum Company (NNPC) Limited is aiming to declare a profit of N2 trillion for its 2022 operations by the time the company’s Audited Financial Statements (AFS) are released.
This is as the company said it has already made a robust plan for the supply of petroleum products especially Premium Motor Spirit (PMS), also known as petrol, sufficient to last beyond the ember months and the new year festivities.
Group CEO of NNPC Ltd., Mele Kyari disclosed these when he led an NNPC Ltd. delegation on a courtesy visit to the Senate President, Senator Godswill Akpabio, at the National Assembly in Abuja, yesterday.
Kyari stated that with the passage of the PIA 2021, NNPC Ltd’s profitability margins have significantly risen, growing from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.
Kyari noted that NNPC Ltd. is targeting a profit increase of N2 trillion when the 2022 AFS are released, adding that since July this year, the company has started paying dividends to its shareholders.
He also said that the NNPC Ltd. is involved in the entire value-chain of the oil and gas business and controls about 30% of the nation’s petroleum downstream retail market.
“By the creation of the National Assembly, NNPC Ltd. is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security. We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period,” the GCEO added.
While lauding the National Assembly for the critical role it played in the enactment of the Petroleum Industry Act (PIA) 2021, Kyari said that this legislative endeavour had given birth to a new commercially oriented National Oil Company
(NOC) that is governed by the Company & Allied Matters Act (CAMA) principles.
While identifying crude oil theft and pipeline vandalism as major challenges to the company’s business, Kyari said the recent collaboration with the nation’s
security services as well as third-party security contractors have been yielding results, mostly in the area of increased crude oil production.
The GCEO said NNPC Ltd. is investing in several gas and power projects across the country, aimed at supporting the federal government’s power generation and industrialisation aspirations.
He further assured that NNPC Ltd. is working assiduously to revamp local refining of petroleum products and collaborating with indigenous refiners to ensure that Nigeria becomes a net exporter of petroleum products.
In his response, the Senate President, Godswill Akpabio assured the GCEO of the 10th Senate’s support, saying that the Nigerian Parliament appreciates the Kyar-led management for its commitment to ensuring robust petroleum products supply during the yuletide period.
“Nigerians always want to hear good news. We are glad that you have made robust plans to provide sufficient products supply this coming festive period and beyond,” Akpabio stated.
The Senate President also lauded the rehabilitation of the nation’s three refineries, saying that their restreaming will cause a multiplier effect on Nigeria’s economy, in line with this administration’s Renewed Hope Agenda,” Akpabio observed.