Kyari: PIA Pushes NNPC's Profit to Over N2trn in 2022

Mele Kyari, the Group Chief Executive Officer, of Nigerian National Petroleum Company Limited (NNPC Ltd) has said that with the passage of the Petroleum Industry Act 2021, the company is targeting a profit increase of N2 trillion when the 2022 Audited Financial Statements (AFS) are released.

Kyari, who led an NNPC Ltd. delegation on a courtesy visit to the senate president, Godswill Akpabio, at the National Assembly in Abuja, on Wednesday, said that the company’s profitability margins have significantly risen since the passage of the PIA, growing from a loss position of N803 billion in 2018 to a profit position of N674billion in 2021.

He also revealed that since July this year, the Company has started paying dividends to its shareholders.

“This legislative endeavour (PIA) had given birth to a new commercially oriented National Oil Company (NOC) that is governed by the Company & Allied Matters Act (CAMA) principles.

“With the passage of the PIA 2021, NNPC Ltd’s profitability margins have significantly risen, growing from a loss position of N803billion in 2018 to a profit position of N674billion in 2021,” he said.

In a statement signed by Olufemi Soneye, the chief corporate communications officer, Kyari explained that the NNPC Ltd. is involved in the entire value chain of the oil and gas business and controls about 30 percent of the nation’s petroleum downstream retail market.

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, has been yielding results, mostly in the area of increased crude oil production.

“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.

“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.”

Kyari assures of sufficient petrol supply beyond ember months

Speaking further, Kyari said that the Company has already made plans 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.

“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,” he said.

In his remark, Godswill Akpabio, the Senate President assured the GCEO of the 10th senate’s support, saying that the Nigerian parliament appreciates the Kyari-led management for its commitment to ensuring robust petroleum products supply during the yuletide period.

Akpabio 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.

“Nigerians always want to hear good news. We are glad that you have made robust plans to provide sufficient product supply this coming festive period and beyond,” Akpabio stated.

November 23, 2023