NNPC declares N287bn net profit for 2020 — ‘first time ever’

The Nigerian National Petroleum Corporation (NNPC) has posted N287 billion profit after tax (PAT) for the year ended December 31, 2020.

President Muhammadu Buhari, who doubles as minister for petroleum resources, made the announcement in a statement on Thursday, saying that the declaration of profit is a first in the 44-year history of the oil company.

Buhari noted that NNPC losses were reduced from N803 billion in year 2018 to N1.7 billion in year 2019 and the eventual declaration of net profit in 2020.

“I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty Seven Billion Naira (N287 Billion) in Year 2020 by the Nigerian National Petroleum Corporation. This is sequel to the completion of the statutory Annual Audit exercise for Year 2020,” Femi Adesina, presidential spokesman, in a statement on Thursday, quoted Buhari as saying.

“This development is consistent with this administration’s commitment to ensuring prudent management of resources and maximization of value for the Nigerian people from their natural resources.

“I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.

“I congratulate the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people.”