NNPCL corrects Mele Kyari 2021 Profit after Tax N687trn gaffe

Oredola Adeola

The Nigerian National Petroleum Company (NNPC) Limited, has corrected the gaffe of its Group Chief Executive Officer (GCEO), Meles Gyari when he wrongly quoted N687 trillion as the company’s Profit after Tax figure as against N674 billion contained in the 2021 Annual Financial Statement, during an interview on Arise TV’s “The Morning Show” on Thursday.

Garba Deen Muhammad, Chief Corporate Communications Officer, NNPC Ltd, in a statement obtained by EnergyDay on Thursday made this clarification following the criticism that greeted the gaffe of the NNPC GCEO.

The NNPCL’s spokesman, however noted that the issue the GCEO discussed was the 2021 profit margin. He therefore emphasised that the accurate Profit after Tax figure for the Year 2021 was N674 billion, which has subsequently been communicated to the public via our official Twitter account on 05/10/2022.

EnergyDay’s check shows that in October, 2022, Mr Kyari actually declared a profit after tax of N674 billion for the financial year 2021, in a statement via the verified Twitter handle of the company on Tuesday, said the development followed the approval of the 2021 audited financial statements by the Board of the oil company.

In the said statement the NNPCL’s GCEO disclosed that the NNPC Limited had progressed to a new performance level from N287bn profit in 2020 to N674bn profit after tax in 2021, moving higher by 134.8% year on year profit growth.

According to him, the Board of NNPC approved 2021 audited fin. statements & NNPC has progressed to a new performance level, from N287bn profit in 2020 to N674Bn profit after tax in 2021, climbing higher by 134.8% YoY.

EnergyDay gathered that this is not the first time that the GCEO would be inflating figures relating to activities of the national oil companies.

Hameed Ali, Comptroller-General of Customs, in September, 2022 faulted Kyari over the inflated figures of the daily consumption of premium motor spirit (petrol) in the country that he quoted.

Speaking before the House of Representatives’ Committee on Finance at the hearing on the proposed 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper in Abuja, Ali had argued that the NNPC could not scientifically prove the 98 million litres per day consumption it was claiming, alleging that the nation’s oil company of inflating figures.

The Customs Chief said, “If we are consuming 60 million litres of PMS per day, by their own computation, why would you allow the release of 98 million litres per day?

” If you know this is our consumption, why would you allow that release?

“Scientifically, you cannot tell me that if I fill my tank today, tomorrow, I will fill the same tank with the same quantity of fuel. If I am operating a fuel station today and I go to Minna depot, lift petrol and take it to Kaduna, I may get to Kaduna in the evening and offload that fuel.

” There is no way I would have sold off that petrol immediately to warrant another load. So, how did you get to 60 million litre per day? That is my problem, “Ali, Comptroller-General of Customs told the 9th HoR members.