NNPC Publishes Audited Financial Statement for 2019
So, I also believe that with what the new GCEO is trying to do, the refineries are a priority. IPMAN Publicity Secretary, Chinedu Ukadike, told our correspondent in an interview that the revamp of the refineries would ensure enough fuel supply in the country. With technocrats in place, Ukadike believed that refineries would work, urging the NNPC to ensure zero tolerance for corruption. The PUNCH reported in June that the Federation Account Allocation Committee revealed that NNPC owed the Federal Government N6.57tn as of May 2025.
- To the decline in the production and price of crude oil due to global impact of Covid-19.
- The administration is fully committed to transparency and accountability, and as such, any government official, including the Director-General of Protocol, is always ready to provide explanations to anti-graft agencies whenever necessary to give clarifications on their activities and official engagements.
- So, I also believe that with what the new GCEO is trying to do, the refineries are a priority.
- Members of the public should note that the Government of Kano State has absolutely nothing to hide.
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“The group’s working capital remained below the line at N4.56 trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed. The group’s working capital remained below the line at N4.56trillion in 2020 asagainst N4.44trillion in 2019, the AFS further revealed. “Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated. Mr. Umar Ajiya, Chief Financial Officer of the Company, in his remark, stated that the AFS is a testament to the Company’s commitment to transparency and accountability.
- However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance.
- Among the highlights of the 2020 audited report is the Corporation’s group profit which rose from a loss position of N1.7billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years, the corporation said.
- “Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7 per cent compared to that of 2019, its total current liabilities increased by 11.4 per cent within the same period.
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The government of Kano state therefore, wishes to send a word of caution to the opposition figures to disengage from the deliberate spread of lies and misinformation. While the government welcomes constructive criticism and lawful scrutiny, it will not hesitate to seek legal redress against those who persist in maligning its officials or attempting to incite the public with baseless allegations. Among the highlights of the 2020 audited report is the Corporation’s group profit which rose from a loss position of N1.7billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years, the corporation said. He said the 2019 audited financial statement demonstrates the Company’s commitment to the principle of Transparency, Accountability and Performance Excellence (TAPE).
Under the watch of the former GCEO, Mele Kyari, the company declared its 2023 audited financial statement in August 2024. In the 2023 report, NNPC declared a net profit of N3.3tn at the close of the financial year, which ended in December 2023. It was an increase of over N700bn (28 per cent) compared to the 2022 profit of N2.55tn. According to previous reports, NNPC’s profit after tax in June was N905bn, down from N1.05tn in May. The July figure marked a significant drop, even as oil production rose marginally from 1.68 million barrels per day to 1.7 mbpd. It was calculated that the state-owned energy company made a profit after tax of N2.89tn in April, May, June, and July.
It also disclosed that N4.23tn was remitted to the federation account in the first quarter of the year. The group’s working capital remained below the line at N4.56 trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed. The group’s working capital remained below the line at N4.56trillion in 2020 as against N4.44 trillion in 2019, the AFS further revealed. He attributed the decrease to decline in production and fall in the price of crude oil due to the global impact of COVID-19. Akinyelure added that the company’s shareholders have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.
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The 2022 audited financial statement was released after a meeting with a team from EITI on Thursday. Let it be on record that this government remains firmly committed to the principles of transparency, accountability, and prudent utilisation of public funds. No amount of fabricated allegations, propaganda, or media trial will derail the resolve of this administration to serve diligently and uphold the trust of the people.
The general administrative expenses also dropped by 22% to N696 billion in 2019 from the N894 billion recorded in the previous year. In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the the end of the year. “Gross revenues collected by Nigeria’s main revenue agencies surged in 2024, despite minimal remittances from NNPCL. FAAC data showed that gross revenues collected by the main revenue agencies (FIRS, NCS, NNPCL, and NUPRC) rose significantly from N16.5tn (seven per cent of GDP) in 2023 to N29.5tn (10.6 per cent of GDP) in 2024. “In line with the report we have, Area 5 of the refinery is ready; it has just a little logistics problem left.
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NNPC also remitted N7.97tn to the federation account as statutory payments between January and June. NNPC’s spokesperson, Garba Deen Muhammad, in a statement on Wednesday, said the release followed President Muhammadu Buhari’s directive for the corporation to meet its statutory requirements. She confirmed that NNPC Ltd is targeting 2 million barrels per day of crude oil production by the end of the year (2024). Checks by Advisors Reports based on available data indicated that the company posted its first-ever profit of ₦287 billion in 2020. Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd made this known in a statement obtained by Advisors Reports on the sideline of the world press conference held at the NNPC Towers in Abuja on Monday.
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The Nigerian National Petroleum Company (NNPC) Limited, in its 2023 Audited Financial Statement (AFS), has declared a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, translating to an increase of over 700 billion (28%) when compared to the 2022 profit of N2.548 trillion. The organisation has been bothered about the relapse in the company, especially in the aspect of public disclosures. NNPCL is a member of the Extractive Industries Transparency Initiative (EITI), a global body that promotes the open and accountable management of oil, gas and mineral resources.
“Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7 per cent compared to that of 2019, its total current liabilities increased by 11.4 per cent within the same period. The group working capital remained below the line at N4.56 trillion in 2020 as against N4.44 trillion in 2019,” it said. Analysis of the audited financial statement revealed that NNPC Group had a total current Nnpc Publishes 2020 Audited Financial Statements assets of N21.59 trillion and a total current liabilities of N49.35 trillion at the end of 2022. Similarly, the corporation’s group revenue for the 2020 financial year stood at N3.718 trillion as against N4.634 trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to the global impact of the Covid-19 pandemic. Mele Kyari, group managing director of the NNPC had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost cutting, automation of the system and renegotiation of contracts downwards by about 30 per cent, among other tough measures.
Members of the public should note that the Government of Kano State has absolutely nothing to hide. The administration is fully committed to transparency and accountability, and as such, any government official, including the Director-General of Protocol, is always ready to provide explanations to anti-graft agencies whenever necessary to give clarifications on their activities and official engagements. The government encourages lawful processes and remains confident that its officials can fully explain and defend their actions in line with due process and public service regulations.
The document also showed that the revenue of NNPC Group rose by 37.32 percent — from N6.42 trillion in 2021. Igbo apex group Ohanaeze Ndigbo has said no Igbo man including Peter Obi will contest presidency in 2027 against the incumbent President, Bola Ahmed Tinubu, saying that the possibility of the Southeast producing the president of Nigeria can only be achieved in 2035, not 2027. The Government of Kano State will continue to hold the media in high esteem, but only for ethical and responsive journalism. As the media nurtures public conscience with truth and fact, the government urges credible platforms not to allow unpatriotic groups or individuals to use their respected medium to mislead or misinform the public. The previous administration recklessly governed Kano for eight corruption-driven years with traces of multiple accounts operated by the former First Lady and purchases of houses in Dubai and Saudi Arabia. First, government makes bold to say every cash outflow into Ministries, Departments, and Agencies is properly budgeted with clear codes well spelt out in the fiscal policy of the state.
