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

Shettima becomes 1st VP to lead Nigeria’s delegation to UN Assembly in 25 yrs

Published

on

President Bola Ahmed Tinubu has decided not to attend the 79th United Nations General Assembly (UNGA) session in New York this year.

The president has thus directed Vice President Kashim Shettima to lead Nigeria’s delegation.

President Tinubu, who returned to the country last Sunday after his trip to China and the United Kingdom, according to a statement yesterday by his spokesman, Bayo Onanuga, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.

“At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.”

Advertisement

“The high-level General Debate, with the theme ‘Leaving no one behind: Acting together for the advancement of peace, sustainable development and human dignity for present and future generations,’ will run from Tuesday, September 24, through Saturday, September 28, 2024,” the statement added.

Since return to democratic governance in 199, Shettima will be the first Vice President to Nigeria’s delegation to UNGA.

Only Goodluck Jonathan represented Nigeria as Acting president in September 2010 at the 65th UNGA, while late President Umaru Musa Yar’adua was away in Saudi Arabia due to his ill health.

Advertisement
Continue Reading

News

Plateau Assembly approves N5.8bn for LG election

Published

on

The Plateau State House of Assembly, on Thursday, approved N5.8bn for the conduct of the local government election in the state slated for October 9, 2024.

The approval by the House followed a communication from Governor Caleb Mutfwang, which was read at plenary by the Assembly Speaker, Gabriel Dewan.

The Speaker stated that the request was necessary as there was no budgetary allocation for the LG elections in the 2024 budget.

A member of the State Assembly, who declined to be named because he was not authorised to speak for the Assembly, confirmed the development to The PUNCH in Jos on Thursday.

Advertisement

The lawmaker said, “Governor Mutfwang, at Tuesday’s plenary, sought the House’s approval for N5.7bn as the 2024 supplementary, which was increased after upward review by the legislators.”

He continued, “The House leader, Joseph Bukar, presented the bill during our plenary. While soliciting the support of members for speedy passage, he said PLASIEC was running out of time in preparation for the election.”

“In their individual contributions, Hon. Kalamu Dal suggested a downward review of the budget size, while Hon. Daniel Nanbol urged for a critical review and deliberations. Afterwards, members approved a revised sum of N5.8bn, as opposed to the N5.7bn requested.”

The increase, as explained by Bukar, was due to an increase in security allocation for the election, from N2.7m to N4.2m. “So, that is what happened, and that is where we are at the moment regarding the forthcoming LG election,” the lawmaker concluded.

Advertisement
Continue Reading

News

Enugu, Kwara tighten security ahead of LG polls

Published

on

Security measures have been intensified in Enugu and Kwara states ahead of their Local Government elections scheduled for Saturday, September 21, 2024.

In Enugu State, the Police Command has pledged to ensure the safety of lives and properties during the elections.

However, the peace accord signing for the elections was marred by the absence of major parties like the Peoples Democratic Party, All Progressives Congress, and Labour Party.

Only representatives from the All Progressives Grand Alliance and Accord attended but chose not to sign the accord, citing the lack of participation from the leading parties.

Advertisement

Enugu State Commissioner of Police, Kanayo Uzuegbu, said all wards and flashpoints had been identified, and security personnel would be on high alert to prevent any disruptions.

The Chairman of the Enugu State Independent Electoral Commission, Prof. Chris Ngwu, said the commission was fully prepared for the elections with the support of the state government in procuring necessary materials.

In Kwara State, security agencies have been actively coordinating to ensure a smooth electoral process.

Over 3,000 personnel from the Nigeria Security and Civil Defence Corps have been deployed across the state.

Advertisement

The Kwara State Independent Electoral Commission has completed arrangements for a trouble-free election.

Kwara State Police Public Relations Officer, Toun Ejire-Adeyemi, reported that a strategic meeting with heads of various security agencies, including the Nigerian Army, Navy, Air Force, and others, had been held to ensure coordinated efforts for maintaining law and order.

The Commissioner of Police, Victor Olaiya, guaranteed maximum security for the election period.

The NSCDC Commandant, Dr. Umar Mohammed, announced the deployment of 3,000 personnel to various polling units and emphasised their role in preventing violence, ballot snatching, and other disruptions.

Advertisement

Meanwhile, the Chairman of the Benue State Independent Electoral Commission, Telumun Tombowua, announced on Thursday that eight political parties will participate in the upcoming LG elections in the state, scheduled for October 5, 2024.

Addressing journalists in Makurdi, Tombowua said the election would be conducted fairly and transparently.

He emphasised that the law establishing the BSIEC does not permit the use of Bimodal Voter Accreditation Machines for this election.

Regarding the APC, Tombowua confirmed that the National Working Committee of the party had requested the commission to work with the seven-man caretaker committee appointed to oversee party affairs in the state.

Advertisement

He noted that while 14 parties had initially shown interest, only eight completed the necessary processes and submitted their candidates.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News