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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.

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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.

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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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I’ve never lied against anyone, says Dele Farotimi after regaining freedom

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A human rights advocate, Dele Farotimi, has been released from the correctional centre in Ekiti State after meeting his bail conditions.

Farotimi was released on Tuesday morning.

Last week Friday, at a magistrate court in Ado-Ekiti, the state capital, granted Farotimi bail conditions, including a N30 million bond, two sureties, one of whom must be a property owner, a submission of Farotimi’s passport and a prohibition of Farotimi granting media interviews once released.

However, addressing media personnel after his release, Farotimi said he had never had any course to lie against anyone in his life, adding that whatever he had said about someone or an institution was true.

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“It is not ever an easy journey when you are fighting evil, but some years back, before I started this work, God told me that the truth is enough. It is the only weapon with which you can slay the monster called Nigeria, which is the truth. In my war against the evil empire that we all lived in, I have never lied against anyone. If I don’t know, I will say I don’t know,” he said.

Recall, on July 2, Farotimi released a book titled ‘Nigeria and Its Criminal Justice System’.

Months after the 116-page book’s release, renowned legal luminary Afe Babalola accused Farotimi of defamation, and this led to the human rights lawyer being arrested in a Gestapo-like manner at his Lagos office by a group of policemen attached to the Ekiti State Police Command on December 3.

Farotimi was then subsequently transported to Ekiti State.

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Apart from the defamation charges initially brought against Farotimi at an Ekiti State Magistrate Court by Babalola’s team, Kayode Egbetokun, the Inspector General of Police also filed 12 additional charges against the lawyer at an Ekiti Federal High Court on December 6.

Apart from the defamation charges initially brought against Farotimi at an Ekiti State Magistrate Court by Babalola’s team, Kayode Egbetokun, the Inspector General of Police also filed 12 additional charges against the lawyer at an Ekiti Federal High Court on December 6.

The PUNCH reports that Farotimi was arraigned in court on charges bordering on defamation and cyberbullying, stemming from a petition by legal luminary and Senior Advocate of Nigeria, Aare Afe Babalola, who alleged that Farotimi defamed him in his book.

According to the police, Farotimi, in the book, accused Babalola and other SANs of corrupting Justices of the Supreme Court.

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Doctors demand 70-year retirement age in new FEC memo

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The Medical and Dental Consultants’ Association of Nigeria has revealed that the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, is set to submit a memo to the Federal Executive Council regarding their demands to harmonise the retirement age for medical consultants to 70 years.

Additionally, Pate and the Minister of Education, Dr. Tunji Alausa, plan to submit a joint memo to the Presidential Committee on Salaries, advocating the universal application of the Consolidated Medical Salary Structure for medical lecturers.

MDCAN recently embarked on a seven-day warning strike on November 18 to push for these demands.

The strike, however, was suspended after six days, following government intervention in a dispute over the Vice-Chancellor position at Nnamdi Azikiwe University, which addressed one of the association’s core concerns.

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The association has reiterated its demand for the harmonisation of medical consultants’ retirement age to 70 years and for the universal application of CONMESS to all medical and dental officers.

Speaking with our correspondent on Tuesday, MDCAN President, Prof. Muhammad Muhammad, confirmed progress on the memos.

“We have seen the draft of the memo and included our input, but I am unsure of its current stage with the ministers. They are in the process of submitting it to the Federal Executive Council for consideration,” he said.

“The Minister of Health and the Minister of Education will jointly submit the memo on salary harmonisation to the Presidential Committee on Salaries.

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We urge them to fulfil their commitments from the conciliation process to resolve these issues before our next meeting in January 2025.”

MDCAN’s next meeting is scheduled to take place from January 20 to 25, 2025, where further actions may be determined.

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Ex-Presidents’ wives lament disrespect after husbands’ tenure

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Wives of former presidents of African countries have lamented that they suffer systemic neglect, find themselves abandoned, stripped of their resources and dignity and relegated to obscurity after their husbands leave office or pass away.

The ex-presidents’ wives rendered these lamentations when they converged on Conakry, Republic of Guinea, for a conference aimed at having a formidable Former Presidents’ Wives Coalition.

From one former President’s wife to the others who spoke, it was similar tales of struggle and loss that they suffered, attributing it to a systemic issue that required urgent attention.

Championing the cause, Andre Toure, widow of Guinea’s late President Sekou Toure, said the coalition aimed to revive the aspirations of former Presidents’ wives and ensure they do not fade into oblivion after their public service.

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“The coalition is to challenge the stigma and neglect faced by former Presidents’ wives, advocating their dignity and respect in society; to create a historical narrative that honours their contributions by establishing a museum dedicated to their lives and legacies, thus ensuring their stories are documented and remembered,” Toure said in a statement made available to The PUNCH.

Toure said the coalition’s vision is shared by former Presidents’ wives, Fatmata Momoh (Sierra Leone); and Isabel Vieira (Guinea-Bissau).

“We are here to combat the unfortunate reality that many former Presidents’ wives face after their husbands leave office.

“These women, who once held esteemed positions, often find themselves abandoned, stripped of their resources and dignity, and relegated to obscurity.

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We are united by our shared experiences and our commitment to change this narrative.

“We are not just figures from the past; we have played significant roles in our nation’s histories, and we deserve recognition and respect. But, we are treated with indifference and disrespect after our husbands’ political careers end,” Toure said.

The tales of the struggle and loss of the widow of late President Samuel Kedo were also relayed at the conference.

Though she noted that the coalition’s impact waned over time due to disappointments and lack of sustained commitment from potential allies, she said the former Presidents’ wives were now dedicated to empowering their members and advocating for their rights.

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‎‎As part of the efforts, Toure said the coalition would embark on a tour across various African nations, introducing their initiative to other former Presidents’ wives and seeking support from international partners.

‎‎She said, “The coalition’s mission is not only about advocacy; it’s a call for international partners, governments, and civil society to recognise the vital roles these women have played and to support their initiatives aimed at creating a more equitable and dignified existence for former Presidents’ wives across Africa.

“Their journey is a collective effort to reshape the narrative around women in leadership roles and to ensure that the sacrifices and contributions of these women are honoured and preserved for future generations.”

Credit: PUNCH

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