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NNPC Targets 2mbpd Crude Oil Production By Dec 2024, Reports N3.3trn Net Profit
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The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the end of the fiscal year that ended in December 2023, an increase of more than N700 billion (28%) over the 2022 profit of N2.548 trillion.
In a statement made available to journalists on Monday, Olufemi Soneye,
According to NNPC Ltd’s Chief Financial Officer, Mr. Umar Ajiya, the release of the AFS demonstrates the company’s commitment to transparency and accountability.
“Our fiscal performance demonstrates both strategic foresight and operational resiliency. Despite the inherent challenges of our operational and economic environments, we have increased the productivity and financial performance of this fantastic company,” Ajiya stated.
Ajiya went on to say that such impressive returns demonstrate NNPC Ltd’s commitment to maintaining profitability and promoting national energy security, as outlined in the Petroleum Industry Act (PIA) 2021, and, by extension, as expected by the Company’s shareholders.
Ajiya explained that the NNPC Ltd will announce an Initial Public Offering (IPO) once the shareholders and Board make a decision. He also denied claims of subsidy payment, stating that the Company was only addressing the PMS importation shortfall between it and the Federation.
According to the statement, Chief Pius Akinyelure, Chairman of the NNPC Ltd Board, stated that the excellent performance was the result of the PIA 2021 and the commitment of the company’s Board, Management, and Staff.
Akinyelure added that the company’s shareholders have since approved a final dividend of N2.1trn in accordance with PIA 2021 provisions.
Mrs. Oritsemeyiwa Eyesan, Executive Vice President, Upstream, stated at the briefing that with improvements seen as a result of renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd aims to produce 2 million barrels per day of crude oil by the end of the year.
On the current fuel queues in parts of Lagos and the FCT, Executive Vice President, Downstream, Mr. Dapo Segun, pleaded for patience from Nigerians, stating that the Company is working with relevant stakeholders to address distribution, evacuation, and logistics challenges.
It should be noted that in 2021, NNPC reported a profit for the first time. From a loss of N803 billion in 2018, it reduced the loss to N1.7 billion by 2019.
However, in 2020, it posted its ‘first ever’ profit of N287 billion, followed by a profit of N674.1 billion in 2021 and N2.548 billion in 2022, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the company’s inception 46 years earlier.
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Ooni welcomes baby girl with Olori Oluwatosin
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, has welcomed the birth of a baby girl with his wife, Olori Oluwatosin Ogunwusi.
This is contained in a statement on Sunday in Ile-Ife by the Ooni’s Senior Media Officer, Mr Sodiq Lawal, on behalf of the Director of Media and Public Affairs, Mr Moses Olafare.
Olafere expressed gratitude to God for the safe delivery, describing the newborn as a divine blessing to the House of Oduduwa.
According to him, the Ooni thanked Almighty Olodumare for His grace and faithfulness, which made the successful delivery possible.
“The Royal Father prayed that the newborn princess will grow in wisdom, grace, honour and divine favour throughout her lifetime.”
He added that both Olori Oluwatosin and the baby princess were in excellent health.
He quoted the Ooni as further praying for God’s continued protection over the royal family and for enduring peace, prosperity and abundant grace for the House of Oduduwa.
The Ooni wished the newborn princess a purposeful, honourable and fulfilled life under God’s guidance.
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10th Senate processed over 1,000 bills in three years – Plang
Chairman of the Senate Committee on Labour, Employment and Productivity, Diket Plang, has said the 10th Senate has processed more than 1,000 bills in its first three years in office, with over 200 already signed into law by President Bola Tinubu.
Plang, who represents Plateau Central Senatorial District, said the upper chamber had also adopted several resolutions through motions and carried out extensive oversight of Ministries, Departments and Agencies (MDAs), describing the period as one of the most productive in Nigeria’s legislative history.
Speaking in an interview to mark the third anniversary of the 10th Senate, the lawmaker said the chamber’s committee system had also enabled lawmakers to closely monitor government performance and budget implementation.
“At the moment, the Senate has had over 1,000 bills. About 900 have passed either second or third reading, and we have over 200 bills that have been signed into law,” he said.
“So, for me, there is a lot of achievement in terms of making laws. We have had very important motions with beautiful resolutions and sufficient oversight functions as far as the first three years of the Senate are concerned.”
“Each of the ministries, departments and agencies brings its proposals during budget defence, and you go back to find out what has been achieved and what has not been achieved. It helps us know what government has been able to do,” he said.
On the recently passed State Police Bill, Plang commended President Bola Tinubu for supporting what he described as one of Nigeria’s most difficult but necessary constitutional reforms.
He argued that creating state police would strengthen intelligence gathering because officers recruited from local communities understand the language, culture and terrain better than officers deployed from other parts of the country.
“The locals know the language, they know the terrain, they know the culture of where they are policing. Information gathering and rapid response to criminality will improve significantly,” he said.
The senator also dismissed fears that governors would abuse state police, insisting that constitutional safeguards and oversight by the National Police Council, National Assembly and State Houses of Assembly would prevent excesses.
“No governor will employ people from his community and ask them to oppress their own people. There are oversight mechanisms that will check abuse,” he said.
He explained that although the bill had passed both chambers of the National Assembly, it still requires approval by at least 24 State Houses of Assembly before it can be transmitted to the President for assent as part of the constitutional amendment process.
Plang added that the reform would improve Nigeria’s police-to-population ratio through fresh recruitment across the states while creating employment opportunities for thousands of young Nigerians.
Commenting on the recent xenophobic attacks against Nigerians in South Africa, Plang urged both governments to pursue diplomacy rather than retaliation.
He said, “It is unfortunate that brothers are turning against one another. There should be immediate engagement between the Nigerian and South African governments. Rather than retaliation, both countries should sit down and resolve these issues as brothers.”
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Tinubu’s Remarks On Flyovers Not Directed At Oborevwori – Waive
Member representing Ughelli North, Ughelli South and Udu Federal Constituency in the House of Representatives, Rt. Hon. (Revd.) Francis Ejiroghene Waive, has said President Bola Tinubu’s recent remarks cautioning state governments against constructing unnecessary flyovers were not directed at Delta State Governor, Rt. Hon. Sheriff Oborevwori.
Waive, in a statement, argued that the flyovers completed and those under construction in Delta State were necessitated by persistent traffic congestion in their respective locations, adding that the projects were undertaken after due consideration of the state’s infrastructure needs.
According to him, the Federal Government had, on several occasions, acknowledged Delta State’s strides in road infrastructure and flyover construction, alongside other developmental achievements, before similar projects gained momentum in other states.
He maintained that Governor Oborevwori had pursued infrastructure development without neglecting key sectors of the state’s economy, insisting that the administration had continued to invest in roads, bridges, healthcare, education and social welfare programmes.
“The flyovers constructed and those currently under construction by Governor Sheriff Oborevwori are absolutely necessary. Deltans can testify that they are all located in areas where severe traffic gridlock is a regular occurrence,” Waive said.
The lawmaker dismissed criticisms of the projects by opposition figures, describing them as politically motivated and disconnected from the realities on the ground.
He expressed confidence that the governor’s performance would earn him another term in office, saying residents of the state remained committed to the continuation of the administration’s M.O.R.E. Agenda in synergy with President Tinubu’s Renewed Hope Agenda.
Waive urged Governor Oborevwori to sustain the pace of infrastructure development through the construction of more roads, bridges and flyovers, while expanding social investment programmes aimed at improving the welfare of the people.
He also congratulated the governor in advance on what he described as his expected victory in the 2027 governorship election, expressing optimism that the administration would continue to deliver democratic dividends across the state.
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