‘We generated N674bn in 2021’ — NNPC clarifies Kyari’s statement on N687trn profit

The Nigerian National Petroleum Company (NNPC) Limited has clarified that its 2021 profit-after-tax (PAT) was N674 billion — not N687 trillion.

Last Thursday, Mele Kyari, group chief executive officer (GCEO) of NNPC Limited, spoke on the 2021 profit margin of the national oil company on Arise TV’s The Morning Show.

“I am sure you are aware that this conpany has broken even. We have [been] doing very well,” Kyari said.

“We have a profit level of N687 trillion in fiscal 2021.”

However, Garba Deen Muhammad, NNPC’s spokesperson, clarified that Kyari made an error and that the accurate PAT value had been released on the company’s official Twitter page in 2022.

PRESS STATEMENT

NNPC 2021 PROFIT: A CLARIFICATION

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On Thursday, 01/06/2023, the Group Chief Executive Officer (GCEO) of NNPC Ltd, Mr. @MKKyari, OFR, appeared on Arise TV's "The Morning Show".

Among the issues the GCEO discussed was the 2021 profit margin.

Inadvertently, N687… https://t.co/74wLbcXcuj

— NNPC Limited (@nnpclimited) June 8, 2023

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“Inadvertently, N687 trillion was mentioned as the company’s profit after tax figure as against N674 billion contained in the 2021 annual financial statement,” he said.

Quoting the company’s 2021 annual financial statement, he said the accurate profit-after-tax figure for 2021, “N674 billion, was communicated to the public via our official Twitter account on 05/10/2022”.

Meanwhile, the 2021 financial year made it the fourth consecutive time that the NNPC opened its book for public scrutiny. 

When the NNPC first published its account statement in 2018, it reported a loss of N803.9 billion.