NNPC complies with Buhari’s directive, publishes 2020 audited financial statements
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 Nnpc Publishes 2020 Audited Financial Statements N2.89tn in April, May, June, and July.
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It also complements the Group Managing Director, Mele Kyari’s effort to sustain the publication of thes Audited Financial Statement to keep stakeholders updated about the operations of the NNPC. In compliance with the president’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today (Wednesday). Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287 billion in 2020, the statement said. He said, “In compliance with the president’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements. “Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years. Among the highlights of the 2020 AFS is the Corporation’sgroup profit which rose from a loss position of N1.7billion in 2019 to a profit ofN287bn in 2020, for the first time in 44 years.
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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.
NNPC Consolidates on Gains, Publishes 2020 Audited Financial Statements
- However, the Corporation’s group revenue for the 2020 financial year stood at N3.718 trillion as against N4.634trillion 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.
- Further highlights of the AFS revealed that while the Corporation’s group financialposition increased in total current assets by 18.7% compared to that of 2019, itstotal current liabilities increased by 11.4% within the same period.
- Among the highlights of the 2020 AFS is the Corporation’s group profit, which rose from a loss position of N1.7billion in 2019 to a profit of N287 billion in 2020, for the first time in 44 years.
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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.
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- Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7% compared to that of 2019, its total current liabilities increased by 11.4% within the same period.
- He attributed the decrease to decline in production and fall in the price of crude oil due to the global impact of COVID-19.
- From a loss position of N803bn in 2018, the company said it reduced its loss to N1.7bn in 2019.
- Mele Kyari 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.
- Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7% compared to that of 2019, its total current liabilities increased by 11.4% within the same period.
The 2023 profit of N3.3tn was described as the highest since the company’s inception 47 years ago. While the 2024 full-year report has yet to be released, it can be deduced that the N2.8tn profit recorded between May and July this year may be a sign that 2025 returns will be higher. NNPC released a statement in August 2024, recalling that in 2021, it declared a profit in its operations for the first time.
Chief Pius Akinyelure, Chairman of the NNPC Ltd Board, in his comment on the sideline of the press conference, said that the excellent performance came as the fruit of the PIA 2021, the commitment of the Board, Management, and staff of the company. In 2022, the profit further increased to ₦2.548 trillion, and in 2023, the company declared a record-breaking profit of ₦3.297 trillion, marking the highest profit in its 46-year history. The profit was attributed to the “owners of the company” (N2.521 trillion) and “non-controlling interests” (N1.78 billion). The good people of Kano and indeed Nigerians are commending the Kwankwasiyya Gida-Gida administration for the restoration of hope by running a transparent and open government, which makes Governor Abba Kabir Yusuf arguably the most awarded and recognized Governor in the Fourth Republic. Kano State Government is aware of the nefarious activities of a particular opposition group seeking to pull the present administration down. The opposition party is struggling hard, using the digital space to overblow the matter to misinform the general public.
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The group’s working capital remained below the line at N4.56trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed. The corporation said the publication is in compliance with the President’s directive and that the NNPC has fulfilled an important statutory requirement by publishing its Audited Financial Statements today. The group’s working capital remained below the line at N4.56trillion in 2020 asagainst N4.44trillion in 2019, the AFS further revealed. The report was presented by the Corporation’s Chief Financial Officer (CFO), Umar Ajiya. He attributed the improved performance in the 2019 financial year to cost optimisation, contracts renegotiation and operational efficiency of the NNPC.
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FAAC said the bulk of the debt, about N3.89tn, comprised unpaid royalties due to the Nigerian Upstream Petroleum Regulatory Commission. Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria on Monday urged NNPC to get the country’s refineries working. This was revealed in a statement signed by the Group General Manager, Group Public Affairs Division, NNPC, Garba Deen Muhammad on Wednesday.
NNPC Consolidates on Gains, Publishes 2020 Audited Financial Statements
Mele Kyari 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. Similarly, the Corporation’s group revenue for the 2020 financial year stood atN3.718trillion as against N4.634trillion 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 theCovid-19 pandemic. Similarly, the Corporation’s group revenue for the 2020 financial year stood at N3.718trillion as against N4.634trillion 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, 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 percent, among other tough measures.
