NNPCL declares N5.4trn profit for 2024

The Nigerian National Petroleum Company (NNPC Limited) has announced a profit after tax of N5.4trn for its 2024 financial performance.

The Group Chief Executive Officer of NNPCL, Engr. Bashir Bayo Ojulari, during a press interaction on Monday, said the company made a total of ₦45.1trn during the year, an 88% year-on-year growth increase.

He said earnings per share is N27.07, a 64% year-on-year growth.

Ojulari further stated that the earnings highlight the positive momentum of its ongoing transformation and the unwavering commitment of its workforce.

According to him, the workforce provides a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, reaffirming the company’s commitment to delivering value to Nigerians.

Our transformation is anchored on transparency, innovation, and disciplined growth and we are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”

Describing NNPC Limited as Nigeria’s leading oil and gas company,

Ojulari, who described NNPC Limited as Nigeria’s leading oil and gas company, noted that the company, established in 1997, underwent a major transformation in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021.

“Today, NNPC Limited plays a pivotal role across the entire oil and gas value chain, from exploration and production to refining and distribution, driving growth and energy security for Nigeria and the continent.”

“The 2024 Audited Financial Statement will be Roadmap for Sustained Growth and Energy Security and NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade.

“Key strategic targets include: increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030. Growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030 and completing major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration.”

Since the Dangote Refinery became operational, there has been price competition between the two companies, a development market analysts describe as good for the market.