“NNPC recovered from 43 years of perennial losses in 2019, recorded N674bn profit in 2021”- NNPC GCEO

Oredola Adeola

Mallam Mele Kyari, Group Chief Executive Officer(GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) claimed that the national oil company recorded a profit of N674 billion in 2021, after battling with perrenial losses for almost forty-three (43) years, which he said came to an end in 2019.

Kyari made this known on Friday during the final cutover ceremony of the company from a corporation to NNPC limited.

According to the GCEO, the changing performance narrative Year-over-Year(YOY) growth of NNPC moved from a estimated loss of N803.9 billion in 2018 to profit of N2.3bn in 2019, N287bn in 2020, and N674bn in 2021, with the assurance of achieving more in 2022.

Kyari also noted that the official cutover ceremony means that all assets & liabilities of the Corporation have been transferred to the new NNPCLimited.

He said, “The good thing is that the liabilities are far less than the assets. So it’s a very comfortable situation.”

Highlighting some of the achievements of the national oil company, the GCEO said the NNPCL has established a robust standard for transparency and accountability.

 He also noted that the company has world-class governance and compliance processes and has adopted automated processes in all its transactions.

Kyari however noted that NNPCL has crossed the N400bn per month subsidy payment, adding that the company pays  N202 per litre on every quantity of petrol consumed by every Nigerian daily.

He also confirmed that a daily average of 65 million litres of PMS is being evacuated into the market across all the depots and terminals nationwide.