Connect with us

News

NNPC Targets 2mbpd Crude Oil Production By Dec 2024, Reports N3.3trn Net Profit

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Attempted suicide: OAU considers waiver for extra-year students

Published

on

The management of Obafemi Awolowo University, Ile-Ife, Osun State, has disclosed its commitment to assist extra-year students struggling with their studies by considering a waiver for them.

The move is in response to a recent suicide attempt by a 200-level student who attempted suicide following academic struggles.

PUNCH Metro exclusively obtained an internal memo on Wednesday, dated November 1, 2024, from the university’s Senate Division.

The memo revealed that a special Committee of Deans meeting was convened to address the case of the affected student and thereafter came up with compassionate measures.

Advertisement

The memo, signed by the Deputy Registrar, M.S. Oluwajoba, revealed that the student, whose name was not stated, had transferred from the Faculty of Pharmacy to the Department of Biology Education, and reportedly attempted suicide on October 16.

The incident prompted the Dean of the Faculty to take up the matter to the higher authorities.

The memo seen by our correspondent was titled, “Decision Extract: Re: Special Meeting of Committee of Deans held on Wednesday, October 16, 2024,” and directed to all deans.

It partly read, “The Dean, Faculty of Education reported a case of a suicide attempt by a Part II student who transferred from the Faculty of Pharmacy to the Department of Biology Education on Wednesday, October 16, 2024. After due deliberation on the matter, the Committee decided that: Members of staff should continue as usual to offer support to our students.

Advertisement

“The departmental and the Faculty Boards of Examiners are advised and encouraged to provide an enabling environment for students’ support.

“Staff and Part Advisers should kindly cooperate in this regard.

“The above information supersedes the earlier circulated decision extract.”

An earlier circular from the office, dated October 17, 2024, had said any student who had only one or two courses to pass to graduate, having attempted those courses in the previous semesters, “should be considered to graduate on compassionate grounds provided such assistance SHALL NOT change the candidate’s class of degree.”

Advertisement

When contacted, the Public Relations Officer of the university, Abiodun Olanrewaju, confirmed the decision of the institution, noting this was to prevent further suicide attempts.

In an interview with our correspondent on Wednesday, the varsity spokesperson said, “We want to reduce to the barest minimum the commission of suicide due to academic stress or rigour especially by those in the final year who are repeating one or two courses and they are being delayed by that.

“So, the human face there is, given the situation and circumstance of the country, we should just let them go. It doesn’t cost the university anything, and so that it will not be that somebody commits suicide because of extra academic years.”

Our correspondent however gathered from a top official that the decision “is not official” but considered “in the wisdom of the university” given the sensitivity of the situation.

Advertisement
Continue Reading

News

Okpebholo fires perm secs, dissolves boards

Published

on

Twenty-four hours after his swearing-in, Edo State Governor, Monday Okpebholo, on Wednesday, approved the dissolution of the executive of all boards, agencies and parastatals in the state public service with immediate effect.

The directive affected all permanent secretaries appointed outside the civil service.

The governor also ordered contractors in the state to return to sites, asking them to immediately fix all failed portions within the Benin metropolis.

In the same vein, he ordered the immediate and indefinite suspension of the collection of all revenues in the state, especially in motor parks, until further notice.

Advertisement

In a statement by his Chief Press Secretary, Fred Itua, the governor ordered all affected appointees to hand over all government properties in their possession to the most senior public officers in their respective ministries, departments and agencies.

The statement read, “It is hereby announced for the information of the general public that the Governor of Edo State, Senator Monday Okpebholo, has approved the dissolution of executives of all boards, agencies and parastatals in Edo State Public Service with immediate effect.

“In addition, all permanent secretaries appointed from outside the state public/civil service and all political appointees are hereby relieved of their appointments.

“Accordingly, all affected appointees are to hand over all government properties in their possession to the most senior public officer in their respective ministries, departments and agencies.”

Advertisement

In another statement, the governor ordered the state Commissioner of Police to arrest anyone who flouted the order on revenue collection suspension.

The statement read, “The Edo State Governor, Senator Monday Okpebholo, has ordered the immediate and indefinite suspension of the collection of all revenues in Edo, especially in motor parks and others, until further notice.

“The governor said he would review the issues surrounding the collections soon and decide on the way forward.

“The collection of revenues in the state has been suspended indefinitely. Anyone seen collecting revenues on behalf of the state government will be arrested.

Advertisement

“The Commissioner of Police is hereby ordered to arrest anyone who flouts the order and collects any kind of revenues on behalf of the state government.

“The governor will soon address the issues and concerns raised. He will issue new directives soon. Until then, no one is authorised to collect revenues on behalf of the state government.”

Speaking during an inspection tour of the Upper Mission Extension Road by Aduwawa junction and the Ramat Park Axis in Benin City, Okpebholo said his administration, in line with the Renewed Hope agenda of President Bola Tinubu, remained committed to restoring the hope of Edo people.

Decrying the bad state of the roads, the governor assured residents that work would commence immediately.

Advertisement

He said he was in a hurry to bring the dividends of democracy to the people, by providing motorable roads.

He added, “During the campaigns, I promised that I am going to hit the ground running. Today, I ordered contractors back to the sites. We have no time to waste.

“We promised our people that we would fix and construct the roads. There is only one dry season in a year. This is the time to immediately move to sites and fix the roads.

“So, Edo people should expect good things to happen. We will fix our roads and ensure that our people enjoy the dividends of democracy.”

Advertisement

Some of the areas work is expected to commence immediately include the 7.5km Temboga Road, Lucky Way Junction by Aduwawa, and Ramat Park/Slope Axis.

Similarly, other parts of the state capital to experience immediate mobilisation of contractors are Eyaen Road and Obadan Junction, along the Benin/Auchi road.

Continue Reading

News

Shettima, Ganduje, Other APC Leaders Campaign For Aiyedatiwa In Ondo

Published

on

Vice President Kashim Shettima, the Chairman of the All Progressives Congress (APC), Abdullahi Gnaduje and other leaders of the party including state governors were all in Akure, the Ondo State capital on Wednesday to campaign for Governor Lucky Aiyedatiwa ahead of the governorship election in the state on Saturday.

Shettima, who stood in for President Bola Tinubu at the rally, appealed to electorates in Ondo State to cast their votes en masse for the APC on Saturday to allow continuity of progressive governance.

Asides Vice President Shettima and Ganduje; governors of Lagos, Ogun, Ekiti states; minister of interior, Olubunmi Tunji-Ojo; minister of youths development, Ayodele Olawande, senate leader, Sen. Opeyemi Bamidele are among the party leaders present at this rally.

The chairman of APC National Campaign Council, Ondo Governorship Election, Lagos State governor, Babajide Sanwo-Olu appreciated the people of Ondo State, appealing to them to vote for the party in Saturday’s election.

Advertisement

Ganduje on his part also wants Ondo people to vote for continuity and political uniformity in the South-West region.

The contestant, Governor Aiyedatiwa promised to continue in the footsteps of development laid down by past eminent leaders of the state.

He expressed assurance that the APC will win the election in all the 18 local government areas of the state.

The highpoint of the rally was the presentation of the APC flag to Governor Aiyedatiwa and his running mate, Olayide Adelami by the national chairman.

Advertisement

Governor Aiyedatiwa has been to all the 18 local government areas of Ondo State to campaign before concluding it in Akure, the state capital.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News