The Nigerian National Petroleum Company Limited (NNPCL) posted a net profit of N3.297 trillion for 2023.
It announced that its shareholders will be given N2.1trillion as dividends.
The figure, it said, represented an increase of over N700 billion or 28 per cent when compared to the 2022 profit of N2.548 trillion. The firm also released its 2023 Audited Financial Statement (AFS).
In a statement Chief Corporate Communications Officer, Olufemi Soneye, quoted the Chief Financial Officer of the company, Umar Ajiya, as saying that 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.
He added that posting such impressive returns demonstrates NNPCL’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.
Explaining that the NNPCL will announce Initial Public offer (IPO) once the shareholders and Board make a decision, Ajiya also debunked claims on subsidy payment, saying the company was only taking care of premium motor spirit (PMS) or petrol importation shortfall between it and the Federation.
Executive Vice President, Mr. Dapo Segun made this known at the 2023 Audited Financial Statement presentation in Abuja.
He recalled that NNPCL did the mechanical completion of the refinery last year, urging Nigerians to be patient.
