By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: NNPC Limited Reports Record Net Profit of N3.297 Trillion in 2023 Audited Financial Statement
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessEnergy & Oil

NNPC Limited Reports Record Net Profit of N3.297 Trillion in 2023 Audited Financial Statement

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: August 19, 2024
Share
3 Min Read
NNPC Ltd
NNPC Ltd
SHARE

The Nigerian National Petroleum Company (NNPC) Limited has announced a record-breaking net profit of N3.297 trillion for the 2023 financial year, marking a 28% increase over its 2022 profit of N2.548 trillion.

The 2023 Audited Financial Statement (AFS) was unveiled during a world press conference held at the NNPC Towers in Abuja on Monday.

Chief Financial Officer of NNPC Ltd, Umar Ajiya, highlighted the significance of the financial results, describing them as evidence of the company’s commitment to transparency, accountability, and operational excellence.

“Our fiscal performance reflects both strategic foresight and operational resilience. Despite the inherent challenges of our operational and economic environment, we have improved the productivity and financial performance of this great company,” Ajiya stated.

- Advertisement -

The 2023 financial performance underscores NNPC Ltd’s dedication to sustaining profitability and supporting Nigeria’s energy security, as mandated by the Petroleum Industry Act (PIA) 2021.

Ajiya also addressed the potential for an Initial Public Offering (IPO), indicating that such a move would be announced following decisions by the shareholders and Board. He further clarified that NNPC Ltd is not involved in subsidy payments but is managing the PMS importation shortfall between the company and the Federation.

Chairman of the NNPC Ltd Board, Chief Pius Akinyelure, attributed the company’s outstanding performance to the reforms introduced by the PIA 2021, coupled with the dedication of the Board, Management, and staff.

Akinyelure also announced that the company’s shareholders have approved a final dividend of N2.1 trillion, in line with the provisions of the PIA 2021.

- Advertisement -

Executive Vice President of Upstream, Mrs. Oritsemeyiwa Eyesan, expressed optimism about NNPC Ltd’s future production targets. She noted that with ongoing efforts to combat crude oil theft and pipeline vandalism, the company is on track to achieve a production target of 2 million barrels per day by the end of the year.

Addressing concerns over fuel queues in Lagos and the Federal Capital Territory (FCT), Executive Vice President of Downstream, Dapo Segun, appealed for patience from the public.

He assured that NNPC Ltd is collaborating with relevant stakeholders to resolve the distribution, evacuation, and logistics challenges that have contributed to the current situation.

NNPC Ltd’s financial trajectory has been on a remarkable upward trend in recent years. After recording a loss of N803 billion in 2018, the company reduced its losses to N1.7 billion in 2019.

It posted its first-ever profit of N287 billion in 2020, which then grew to N674.1 billion in 2021. The profit for 2022 stood at N2.548 trillion, leading to the unprecedented N3.297 trillion profit in 2023—the highest in the company’s 46-year history.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:NNPC Limited
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Justice Kudirat Kekere-Ekun Justice Kudirat Kekere-Ekun: The Next Potential Chief Justice of Nigeria
Next Article Actress Destiny Etiko Denies Allegations of Affair with Omotola Jalade’s Husband

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

NELFUND
NELFund Warns Students Against Fake Loan Portal, Urges Caution Over Fraudulent Links
Education
Tinubu and Saint Lucia’s Prime Minister Agree to Establish Formal Diplomatic Relations
International
Ali Bukar Dalori
Ali Bukar Dalori Assumes Role as APC Acting National Chairman After Ganduje’s Resignation
Politics
MI Abaga
MI Abaga Expresses Regret Over Past Support for APC
Celebrities
Senator Natasha Akpoti-Uduaghan
JUST IN: Court Grants Senator Natasha Akpoti-Uduaghan Bail on Self-Recognition
News Top stories
- Advertisement -
Ad imageAd image

You May Also Like

News

Anambra State Orders Investigation After Viral Video Shows Possible Anti-Touting Squad Excesses

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
News

Kano Governor, Emir Sanusi, and Jigawa Leaders Attend Alhaji Aminu Dantata’s Burial in Saudi Arabia

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
International

Two Firefighters Killed in Idaho Wildfire Ambush as Gunman Opens Fire

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?