On August 20, 2024, the Nigerian National Petroleum Company Limited (NNPCL) declared a net profit of N3.297 trillion for 2023, a significant increase from the previous year’s profit. The company also announced that N2.1 trillion would be distributed as dividends to its shareholders, marking a 28% increase compared to the 2022 dividends.
NNPCL’s Chief Financial Officer, Umar Ajiya, emphasized the company’s commitment to transparency and operational resilience, attributing the success to strategic foresight and adherence to the Petroleum Industry Act (PIA) 2021.
The company also provided updates on the Port Harcourt Refinery, with its Crude Distillation Unit (CDU) now operational. NNPCL continues to work on addressing current distribution challenges affecting petrol supply, particularly due to adverse weather conditions and infrastructure issues.
NNPCL’s impressive financial turnaround, from a loss of N803 billion in 2018 to a record profit in 2023, highlights its ongoing commitment to profitability and national energy security.
