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NNPC Grows Profit To N674bn, Assets Hit N16.3trn

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The Group Chief Executive
Officer, Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has announced that the NNPC as a corporation grew its profit after tax and assets from N287 billion and N15.86 trillion in 2020, to N674 billion and N16.3 trillion in 2021, respectively.
Kyari, who disclosed this at a press conference in Abuja, said the 2021 profit was contained in the Group Audited Financial Statement of the oil firm for the year ended December 31, 2021.
He also disclosed that all major trunk lines conveying crude oil to export terminals were currently shut down in order to avert further oil theft in the Niger Delta.
He, however, stated that efforts by the oil firm, security agencies and surveillance contractors were paying off, as about 400,000 barrels of crude would be added to the country’s output in the next few days.
The NNPC boss said, “In September 2021, Mr. President graciously approved the publication of the 2020 NNPC Group Audited Financial Statement, in which NNPC declared a profit after tax of N287bn for the first time in its 44 years.
“Despite our challenging operating environment, we strongly believe that NNPC has the potential to sustainably deliver better value to its esteemed shareholders.
“Today I am happy to announce that the Board of NNPC Limited has approved 2021 audited financial statements, and NNPC progressed to a new performance level, from N287 billion profit in 2020 to a N674 billion profit after tax in 2021, climbing higher by 134.8 per cent year-on-year profit growth.”
He continued ed, that “the group’s financial position recorded an increase in total assets from N15.86 trillion in 2020 to N16.27 million in 2021, while our total liabilities decreased by 8.3 per cent from N14.68 trillion in 2020 to N13.46 trillion in 2021.
“Our shareholders fund position grew to N2.81 trillion, representing 144 per cent year-on-year. The performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil and products’ theft among others.”
In the main drivers of the profit, Kyari said, “Our core business is upstream, gas and power. So the key drivers to this performance are coming from the upstream and the gas and power.”
Commenting on the amount of crude oil being lost to theft and why it had been difficult to contain oil theft, the NNPC helmsman stated that though oil production had slumped, not all reported volumes were stolen.
“Today, our production is around 1.2 million barrels per day. We have proven capacity and this was seen in 2020, where our production, without any intervention, peaked at 2.49 million barrels per day.
“That means we have capacity, without doing anything extra, to produce up to 2.49mbpd. But since COVID-19 abated and, of course, the issues around the acts of vandals returned, we saw this gradual decline in our production to the point of this 1.2mbpd production currently.
“That means that you can easily produce up to 2.49mbpd but you couldn’t do it because of the acts of vandals. Now, this doesn’t mean that the difference between 2.49mbpd and 1.2mbpd is stolen. No. It is far from this.
“As we speak now, all our major trunk lines are shut down. That means you are not flowing crude oil into these lines, but you could have done it and it doesn’t mean the product is stolen. When the lines are running, you can lose a substantial part of that volume.
“And we believe that when they are running, you can lose up to 200,000 barrels to theft. But in actual losses today, our budget level plan is to produce at 1.8mbpd. So, if you are doing 1.2mbpd, it technically means you are losing the difference between 1.2mbpd and 1.8mbpd.
“And this is around 600,000bpd as opportunity lost, not stolen. So, once you bring back the line and you are not able to secure it, you’ll still get some of the oil flowing into the terminals but you’ll lose some part of it”, he said.
Kyari insisted that the above scenario did not mean that 600,000bpd of oil was stolen, describing it as opportunity lost because of the shutdown of production facilities.
“But I’m happy to also say that the interventions that we have seen in terms of the security measures we have taken, in collaboration with the government security agencies, with the private surveillance and security contractors, and the investments that we have done, we believe that in the next couple of days we will be able to bring back the Trans Niger Pipeline,” he said.
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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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