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  • NNPCL doubles net profit to N5.4tr

    NNPCL doubles net profit to N5.4tr

    Nigerian National Petroleum Company Limited (NNPCL) yesterday declared N5.4t rillion profit after tax for the year 2024.

    Group Chief Executive Officer (GCEO), Engr. Bashir Bayo Ojulari broke the news at the media parley on 2024 Financial Statement in Abuja.

    He said the profit soared from the N2.2 trillion recorded in 2023.

    Besides, Ojulari revealed revenue rose to N45.1 trillion from the N23.9trillion recorded in 2023.

    In the 2024 report, while dividends were N4.3 trillion, earnings per share was N27.07.

    “In 2024, NNPC Limited achieved profit after tax of N5.4 trillion, supported by a N45.1 trillion in revenue,” he said.

    In the period under review, NNPCL had 1,096 retail outlets nationwide, produced 202.3mb/d, and 1.04bscf natural gas.

    The NNPCL boss attributed the financial growth to the floating of the Naira in the period under review.

    Ojulari said: “This outcome was propelled by several critical drivers: enhanced operational efficiency across our assets, the positive impact of downstream market reforms, and our unwavering commitment to cost discipline.

    “Financially, we have never been stronger or better positioned for tomorrow. Strategically, this financial capacity powers our ambitious national initiatives.”

    Read Also: Senate rejects NNPCL’s defence on missing N210tr

    The financial feat, according to him, will be sustainable, especially when gas production is increased from the gas sales and supply agreements the company has signed with third parties. He noted that the company is also looking into the expansion of the Compressed Natural Gas (CNG) to earn more revenue.

    The NNPCL boss revealed that the state-owned oil company is reviewing the technical and financial viabilities of the national refineries to arrive at a sustainable solution that could make the plants profitable.

    He said, “We are reviewing all our technical and commercial viabilities of our refineries…All of us know the story. The question is what is different this time? What is different this time is we’re taking the time to do a rigorous review of the refineries to ensure that whatever solution we bring forward is a solution that is sustainable. Whatever solution we put forward is a solution that the refinery is profitable.”

    The essence of the review, according to him, is to engage third party partners reputable for refinery operations

    “Now, that is not a switch that requires rigorous engineering, rigorous commercial construct, and ensuring that the parties that we bring on board are people who have reputation in operating refineries before, not just anybody on the streets,” he said.

    Ojulari noted that NNPCL is being careful not to take any regrettable decisions as it cannot afford to make another mistake at this stage.

    Asked to give a timeline for the refinery operations, he said it is premature to disclose a timeline, stressing that by middle of next year, NNPCL would have defined a new contract and get clear roadmap for the timeline.

    According to him, NNPCL will eventually engage the management of a company with capital and capability because of it aims at redesigning to come up with higher grade products.

    Ojulari was optimistic that the mandate of attracting $30 billion investment and raising crude oil production to 2 million barrels per in 2026 was realizable. He added that 2025 may close with 1.7mb/d output.

    He disclosed that Final Investment Decisions are coming to the industry at the end of 2025.

    Ojulari said: “I think the investment from what we see in terms of investment decisions and investment of I think in our view is realizable. We are pushing towards that direction on the investment side of things. We are looking at FIDs coming up end of this year, mostly in our gas business.

    And we’re also looking at some FIDs in the Austrian region, also in the Green India border. If those FIDs materialize based on the work we’re doing, our partners, remember we also have investors, investor partners as well, we can see a line of sight.”

  • NNPCL declares N5.4tr profit after tax for 2024

    NNPCL declares N5.4tr profit after tax for 2024

    The Nigerian National Petroleum Company Limited (NNPCL) on Monday declared N5.4trillion profit after tax for the year 2024.

    Group Chief Executive Officer (GCEO), Engr. Bashir Bayo Ojulari, broke the news at the Media Parley on the 2024 Financial Statement in Abuja.

    He said the profit soared from the N2.2 trillion recorded in 2023.

    Besides, Ojulari revealed revenue rose to N45.1 trillion from the N23.9trillion recorded in 2023.

    In the 2024 report, while dividends were N4.3 trillion, earnings per share were N27.07.

    “In 2024, NNPC Limited achieved a profit after tax of 5.4 trillion Naira, supported by 45.1 trillion in revenue,” he said.

     The NNPCL boss attributed the financial growth to the floating of the Naira in the period under review.

    Ojulari said, “This outcome was propelled by several critical drivers: enhanced operational efficiency across our assets, the positive impact of downstream market reforms, and our unwavering commitment to cost discipline.

    “Financially, we have never been stronger or better positioned for tomorrow. Strategically, this financial capacity powers our ambitious national initiatives.”

    Details shortly…

  • NNPCL’s hide-and-seek

    NNPCL’s hide-and-seek

    • NASS should invite the company’s managers at the time covered by its probe to explain the N210trn unaccounted for

    Nigerians must find it extremely disturbing that the Nigerian National Petroleum Company Limited (NNPCL) continues to stall on the issue of N210trillion said to be unaccounted for, which the Office of the Auditor-General of the Federation had sought answers vide 19 queries in its financial reports covering 2017 to 2023.

    Tuesday last week, the Public Accounts Committee of the National Assembly waited in vain for the NNPCL to show up – despite the fact that the company proposed the date of its appearance before the committee, perhaps convinced that its written submission to the committee would suffice.

    To this, an incensed committee chairman, Senator Aliyu Wadada, not only accused the management of the company of failing to satisfactorily address the audit queries, but warned that the committee would no longer entertain any proxy representations from it.

    The NNPCL’s written defence, according to him, only deepened the committee’s concerns as it raised “serious red flags” about the company’s financial operations. Top among their concerns is NNPCL’s claim to have incurred N103 trillion in accrued expenses and N107 trillion in receivables, totalling N210 trillion within six years.

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    To him: “NNPCL’s explanation on N107 trillion receivables, equivalent to about $117 billion, contradicts their own documents. These figures are unrealistic and cannot stand. The committee, therefore, rejects them”.

    Again, he queried how NNPCL could claim to have paid N103 trillion in cash calls to joint venture partners in 2023 alone when its total crude oil revenue between 2017 and 2022 was only N24 trillion.

    And yet another puzzle: “Cash call arrangements were abolished in 2016. How then could NNPCL pay N103 trillion in one year when its revenue for five years was only N24 trillion? Where did that money come from?

    “As far as this committee is concerned, that figure is unjustifiable and must be returned to the treasury,” he said.

    Finally is the company’s claim that part of the N107 trillion receivables was held in “defunct banks”.  The NNPCL, he said, failed to name any of the banks or provide evidence of the funds.

    “This lack of transparency is unacceptable. By our records, NNPCL must account for N210 trillion. If the current management cannot explain, we will invite former GMDs and top NAPIMS officials to do so,” he warned.

    Beyond merely stating the obvious that the failure of the company’s management to show up in parliament on the day of its own choosing does not convey the impression of responsibility on its part, particularly one that has nothing to hide; we daresay that the issues highlighted should ordinarily be deemed as concerning enough to warrant serious attention by the management of the company.

    The least expected of the NNPCL in the circumstance is to work out another suitable date for appearance within the shortest possible time.

    Particularly noteworthy however are the issues highlighted by the committee said to have been borne out of the company’s earlier presentation. While the issues highlighted predate the current helmsmen at the national oil company, they are such that demand answers and very urgently too.

    Surely, if the issue is that the current helmsmen have no further comment beyond which is already contained in their written submission; in other words, that the additional clarification sought was best directed to those who ran the corporation during the period covered by the report, the case could still have been better made before the committee so it could take appropriate steps to summon those involved.

    Even in this, the least the NNPCL could do is to offer the committee every assistance to get at the root of what is increasingly looking more like a corporate heist of all time. 

  • Senate rejects NNPCL’s defence on missing N210trn, threatens to summon ex-GMDs

    Senate rejects NNPCL’s defence on missing N210trn, threatens to summon ex-GMDs

    The Senate on Tuesday rejected explanations by the Nigerian National Petroleum Company Limited (NNPCL) over what it described as unaccounted funds totalling ₦210 trillion, covering the years 2017 to 2023.

    The Upper Chamber, through its Committee on Public Accounts chaired by Senator Aliyu Wadada (Nasarawa West), said the state oil company failed to satisfactorily address 19 audit queries raised against it by the Office of the Auditor-General of the Federation.

    Despite submitting written responses to the committee, NNPCL officials failed to appear physically before lawmakers on Tuesday, a date the company itself had proposed.

    An apparently infuriated Senator Wadada described the NNPCL’s conduct as “offensive evasiveness,” warning that the committee would no longer entertain any proxy representations from the company.

    “Today, November 11, 2025, was a date chosen by NNPCL. It is rather unfortunate that none of their officials is here on a day they themselves picked,” Wadada said.

    “The public has been waiting for this. Nigerians deserve transparency, and this committee will not sweep this matter under the carpet.”

    According to him, NNPCL’s written defence only deepened the committee’s concerns, as it raised “serious red flags” about the company’s financial operations.

    He revealed that NNPCL claimed to have incurred ₦103 trillion in accrued expenses and ₦107 trillion in receivables, a combined ₦210 trillion within six years.

    “NNPCL’s explanation on ₦107 trillion receivables, equivalent to about $117 billion, contradicts their own documents. These figures are unrealistic and cannot stand. The committee, therefore, rejects them,” Wadada said.

    The lawmaker further queried how NNPCL could claim to have paid ₦103 trillion in cash calls to joint venture partners in 2023 alone when its total crude oil revenue between 2017 and 2022 was only ₦24 trillion.

    “Cash call arrangements were abolished in 2016. How then could NNPCL pay ₦103 trillion in one year when its revenue for five years was only ₦24 trillion? Where did that money come from?

    “As far as this committee is concerned, that figure is unjustifiable and must be returned to the Treasury,” he said.

    Wadada also faulted the company’s claim that part of the ₦107 trillion receivables was held in “defunct banks,” saying the NNPCL failed to name any of the banks or provide evidence of the funds.

    “This lack of transparency is unacceptable. By our records, NNPCL must account for ₦210 trillion. If the current management cannot explain, we will invite former GMDs and top NAPIMS officials to do so,” he warned.

    The committee chairman reminded NNPCL that the National Petroleum Investment Management Services (NAPIMS) operates under the company and therefore cannot maintain a separate account or financial record.

    He also issued a final warning to the Group Chief Executive Officer, Engr. Bayo Ojulari, to appear in person before the committee at its next sitting.

    “The era of sending junior officers or hiding behind written submissions is over. The GCEO must appear personally. Being out of the country will no longer be accepted as an excuse,” Wadada said.

    All members of the Senate Public Accounts Committee present at the meeting unanimously supported the chairman’s position, vowing to ensure that every kobo of public revenue is properly accounted for.

  • NNPCL to increase share in Dangote Refinery to 20%

    NNPCL to increase share in Dangote Refinery to 20%

    The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to raise its equity in the 650,000 barrels per day Dangote Refinery to 20 per cent.

    Its Group Chief Executive Officer, Engr Bayo Ojulari, broke the new at the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). 

    The report said: “Speaking at the ADIPEC energy conference in Abu Dhabi, Ojulari also said the company was working towards increasing its stake in Nigeria’s Dangote refinery to 20%.”

    The Dangote Petroleum Refinery, Africa’s largest oil refinery, launched operations last year but has struggled amid competition from cheap imports

    Nigeria’s state-owned oil firm NNPC has been improving transparency about its performance in preparation for a long-awaited initial public offering, its CEO said on Tuesday.

    Nigeria’s oil law required NNPC to list within six months after the law was passed in 2021. It has yet to do so, although its finance chief said in March that it was in the final stages of preparations.

    Read Also: Dangote Refinery can meet Nigeria’s fuel demand, no need for importation – Group

    “The IPO journey is by law. The PIA (Petroleum Industry Act) prescribes for NNPC to journey towards achieving IPO. It’s not an option for us,” CEO Bayo Ojulari said on Tuesday.

    He added that the preparations required the company to become more transparent.

    “We have begun to publish our monthly performance since May this year and that has continued”, Ojulari added, without giving a timeline for the IPO.

    Last week, NNPC’s CEO said it was seeking technical equity partners to help revive three of its refineries that have remained idle despite significant investments.

  • NNPCL renews commitment to robust downstream infrastructural development

    NNPCL renews commitment to robust downstream infrastructural development

    The NNPC Ltd has reiterated commitment to the development and revamping of downstream across the country to enhance collaboration and drive efficiency in the sector. 

    Group Chief Executive Officer, Engr. Bayo Ojulari, stated this at the opening ceremony of the 2025 OTL Africa Downstream Energy Week in Lagos on Monday. 

    A statement by NNPCL Chief Corporate Communications Officer, Mr. Andy Odeh explained the  conference’s theme was “Energy Sustainability: Beyond Boundaries & Competition”. 

    Ojulari said competition alone was no longer enough to drive efficiency, adding that operators must embrace collaboration, sustainability, and resilience as the new benchmarks for success.

    “At NNPC, we are committed to deploying additional infrastructure across the oil and gas value chain while revamping our existing downstream infrastructure nationwide. These assets will be accessible to partners seeking to store and transport products, supporting strategic alliances and collaboration in the downstream sector,” the GCEO said.  

    Read Also: NNPCL posts N216b profit on N4.26tr turnover

    He disclosed that a cocktail of factors ranging from strategic policies and fiscal incentives to transparent and well-structured regulatory frameworks exemplified by the PIA have engendered expansion and growth in the sector requiring new skill sets and further investments in new lines of business such as Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), and mini-LNG projects.

    He urged participants at the conference to discuss challenges and align on opportunities “to redefine energy systems in ways that are both profitable and sustainable, to forge cross-sector partnerships that transcend traditional competition, and to explore innovative business models and technologies that support decarbonization while driving economic value”.

    The OTL Africa Downstream Energy Week is the continent’s leading downstream and midstream energy event for international organizations, policy makers, regulators, development organisations, operators, service providers, and consumers in the downstream energy value-chain. 

  • NNPCL posts N216b profit on N4.26tr turnover

    NNPCL posts N216b profit on N4.26tr turnover

    Nigerian National Petroleum Company (NNPCL) recorded N4.26 trillion revenue and N216 billion profit after tax in September 2025.

    It however produced 1.61 million barrels per day of crude and oil and condensate in the period under review.

    This was contained in the monthly report the state -owned oil firm released yesterday.

    The output record which was an indication of a marginal decline from the 1.64mb/d output of August 2025, according to experts, was due to upstream assets maintenance in September.

    In the period under review, NNPCL produced 5,284 million metric standard cubic feet of gas.

    NNPC said its retail outlets in the downstream recorded 77 per cent availability of the Premium Motor Spirit (PMS).

    The report noted that the company made N10.07 trillion statutory payments from January to August.

    NNPCL said its Obiafu-Obrikom-Oben (OB3) and Ajaokuta Kaduna Kano (AKK) pipeline projects were at 96 per cent and 88 per cent  completion stages respectively.

    NNPCL said it has sustained industry wide collaboration and drive production recovery initiatives.

    READ ALSO: Sowore: When activism becomes complicity

    On AKK, the report said a sustained focus is being directed towards completion of the mainline works withsubstantial progress being recorded.

    According to the report, “there was 96 per cent upstream availability in the month under review.”

    On OB3, NNPCL said, revealed that “OB3 (River Niger Crossing): Implementation of revised execution strategy underway to ensure delivery within target timelines. 113km portion of OB3 Gas Pipeline has been commissioned and flowing circa 300mmscf/d of gas from the gas producers.”

    The report also noted that there was industry collaboration as “production levels during the period wereB temporarily moderated due to planned maintenance activities including those at NLNG alongside the phased recovery of previously shut-in assets and delays in the commencement of operations at OMLs 71 and 72.

    The Nation however learnt from credible upstream operators that NNPCL has embarked on a series of scheduled maintenance activities across key upstream assets, including facilities linked to the Nigeria LNG (NLNG) network.

    According to the experts, these planned interventions, which also coincide with the phased recovery of previously shut-in fields and the onboarding of new assets, are part of a broader strategy to optimize output and enhance infrastructure reliability.

    While recent production levels reflect a temporary moderation, industry insiders view this as a necessary recalibration to ensure stronger performance in Q4 and beyond.

    The source, who was not authorized to speak for NNPCL, said, “You don’t build resilience by pushing volume only, you build it by maintaining integrity of your assets.”

    Another senior regulatory official noted that “With most of the maintenance now nearing completion, stakeholders can expect a rebound in crude and gas volumes as systems come back online, according to some officials.

    “The move also underscores NNPC Limited’s proactive approach to asset stewardship and its role in sustaining industry-wide collaboration for production recovery.

    “Rather than a setback, this phase marks a strategic reset- one that positions Nigeria’s energy sector for more consistent and secure output in the months ahead.”

  • NNPCL/TotalEnergies JV inugurates community projects

    NNPCL/TotalEnergies JV inugurates community projects

    TotalEnergies and JV partners have commissioned seven development projects spanning health care, infrastructure, agriculture, economic empowerment, and human capacity development in the Obagi Oilfield Host Communities Development Trust (HCDT) in OML58, Ogba/Egbema/Ndoni Local Government Area of Rivers State.

    The projects, executed under the Petroleum Industry Act (PIA) 2021, were drawn from the Community Development Plan (CDP) in which 539 projects were identified across 64 host communities.

    Managing Director, TotalEnergies EP Nigeria Limited and Country Chair of TotalEnergies in Nigeria, Matthieu Bouyer, said: “The projects with impacts on health, agriculture, livelihood support, human capacity development, economic empowerment, among others, are part of the early fruits of the establishment of the HCDTs under the Petroleum Industry Act, (PIA) 2021. The establishment of the HCDTs under the Petroleum Industry Act 2021 marked a new era in community engagement; one that places host communities at the centre of development planning and execution.”

    He further noted that the commissioning of the projects reflects TotalEnergies’ identity as a responsible multi-energy company committed to enhancing the well-being of its host communities, which he said is in alignment with the firm’s ‘Sustainable Lever 4: Our Communities’. “Through our five levers for sustainable change, we continue to give tangible expression to our broader development strategy as an energy company in transition and committed to the implementation of the 17 UN Sustainable Development Goals as it relates to our host communities” he added.

    Bouyer reassured the Obagi people and Nigerians that:” We will continue to work with industry stakeholders for effective implementation of the PIA to ensure the sustainable socio-economic development of our host communities and the country at large.”

    Read Also: Nigeria promotes agenda at UNGA event

    In his remarks, the Chairman, Senate Committee on Host Communities, Senator Ben Agadaga described the projects as quite significant, attributing the relative peace in the Niger Delta and the oil industry to the achievements of the PIA such as the Obagi HCDT.

    River State Deputy Governor, Prof. Ngozi Odu, an indigene of the community, recalled the challenges faced by the people especially poor infrastructures before the implementations of the projects.

    She applauded Total Energies and its partners for implementing the PIA. She also thanked President Bola Tinubu and members of the National Assembly for creating the enabling environment to achieving such milestones.

    Also speaking, the Chairman, House Committee on Host Communities, Dumnamene Dekor, represented by a member of the Committee, Cyril Hart, expressed delight on the quality of the projects delivered, stating that it is joyful to see communities enjoying social economic benefits from oil and gas revenue which according to him, brings peace.

    On his part, the Executive Commissioner, Nigeria Upstream Petroleum Regulatory Commission, (NUPRC,) Capt. John Tonlagha, who represented the Commission Chief Executive, described the projects as a true representation of wisdom, accountability and diligence.

    He said: ” This milestone translates to impacts, touching lives and strengthening sustainability. It shows that prioritizing dialogue over conflict is what has made this achievement possible. Sustainable development cannot thrive without support and ownership. Today, you have proven to Nigeria and the world that true progress is best built on foundation of unity and peace.”

    Community leaders expressed delight at the initiative which directly or indirectly impacts more than 50,000 community residents, and called on people, especially the youth, to take ownership of the projects to ensure sustainability for generations to come.

  • NNPCL Foundation to train 6,000 farmers to reduce food import

    NNPCL Foundation to train 6,000 farmers to reduce food import

    …storms Bwari for training of FCT, Niger

    The Nigerian National Petroleum Company Limited NNPC Foundation on Friday said it has decided to train 6,000 vulnerable farmers across the country in order to reduce reliance on food importation.

    Speaking at the event in Abuja during the “Flag-Off Training for Farmers in the Federal Capital Territory (FCT) Abuja/Nigeria Cluster, the foundation’s Managing Director, Emmanuella Arukwe said, “the initiative focuses on addressing food insecurity, a critical issue in Nigeria. By training farmers across the six geo-political zones, the project targets increasing local food production, thus reducing reliance on food imports and enhancing national food security.”

    She announced that it was the official launch of the training of the vulnerable farmers in the northern geopolitical zones, beginning with the North Central.

    He recalled that in the previous week, the foundation commenced the training with the cluster of Kogi, Kwara and Benue States.

    Her words: “I am very delighted to stand before you today as the NNPCL Foundation officially launches a training programme for vulnerable farmers in the northern geopolitical zones.

    “We take off in the north geopolitical zone with the North-Central, which we earlier commenced in the previous week with the cluster of Kogi, Kwara and Benue States.”

    Read Also: Food for thought for Northern Nigeria

    She said NNPC Foundation started the training of vulnerable farmers earlier in the 2nd quarter of 2025, in the south geopolitical zones and concluded it successfully.

    NNPC Foundation, said Arwukwe “is embarking on this farmers Training Programme across the six (6) geopolitical zones of Nigeria, targeting to uplift the living standards of 6,000 vulnerable farmers by equipping them with essential skills and knowledge in modern farming techniques.”

    She explained that the foundation started the programme because of the recognition of the challenges of the local farming population.

    According to her, the local farmers are grappling with issues of lack of seedlings, poor yields, limited access to resources and tools, transportation constraints for marketing their produce, climate change and lack of requisite knowledge to navigate through the challenges.

  • Niger Delta youth leaders back ongoing reforms in NNPCL

    Niger Delta youth leaders back ongoing reforms in NNPCL

    The Niger Delta Ethnic Nationalities Youth Leaders Council (NDENYC) has backed ongoing reforms in the Nigerian National Petroleum Company Limited (NNPC Ltd.)

    President-General of NDENYC, Mr. Terry Obieh, welcomed the decision of President Bola Tinubu to retain the Group Chief Executive Officer (GCEO), Mr Bashir Ojulari, despite the call for Ojulari’s removal.

    The group distanced itself from the recent protest at the NNPCL Towers in Abuja, where a group demanded the resignation of Ojulari, over alleged corruption and mismanagement.

    At a press briefing in Abuja, Obieh said that Ojulari should be allowed to continue with the reforms currently being implemented in the national oil company.

    He said, “We appreciate President Bola Ahmed Tinubu for refusing to be swayed by calls for the sack of the NNPC GCEO.

    “We emphasise the need to allow Ojulari to continue with the reforms currently being implemented in the company.”

    Obieh said that Ojulari, who assumed office in April 2025, has introduced measures aimed at improving transparency, raising oil output, and stabilising domestic fuel supply.

    He stated, “Within his first 100 days, he strengthened collaboration with upstream partners and enhanced security along key pipelines, which helped raise daily crude oil production from 1.2 million barrels to 1.8 million barrels by August 2025.

    “NNPC also resumed publishing its monthly financial and operational reports, which had been suspended for three years. Efforts have also begun to revive the Warri and Port Harcourt refineries, easing fuel supply pressures.

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    “Ojulari’s reform agenda, including implementation of the Petroleum Industry Act (PIA), has faced resistance from entrenched interests.

    “This has led to misinformation campaigns, including recent false claims of his resignation.

    “We understand that resistance to reforms is expected, but we remain confident that transparency will prevail.”

    The Niger Delta youth leader urged NNPC Ltd. to maintain standards of transparency, accountability, and efficiency in order to rebuild public trust and strengthen its position as Nigeria’s leading national asset.