NNPCL Responds to Allegations Regarding Fuel Subsidy Payment
The Nigerian National Petroleum Company Limited (NNPCL) has responded to concerns regarding recent reports about the reintroduction of petrol subsidies.
A statement released on Tuesday by its Chief Corporate Communications Officer, Olufemi Soneye in Abuja, refuted claims regarding subsidy payment. The company clarified that it was solely addressing the PMS importation shortfall between itself and the Federation.
The statement reveals that the company has released its 2023 Audited Financial Statement (AFS), reporting a net profit of ₦3.297tn at the end of the financial year in December 2023. This represents a significant increase of over ₦700bn (28 per cent) compared to the 2022 profit of ₦2.548tn.
The Chief Financial Officer of the Company, Umar Ajiya emphasised the significance of releasing the AFS as a demonstration of the Company’s dedication to transparency and accountability.
Our financial results demonstrate a combination of long-term planning and the ability to adapt to challenges. Despite the challenges of our operational and economic environment, we have successfully improved the productivity and financial performance of this company,” Ajiya stated confidently.
Ajiya emphasised that the posting of these remarkable returns showcases NNPC Ltd’s dedication to maintaining profitability and bolstering national energy security, in line with the provisions of the Petroleum Industry Act (PIA) 2021 and the expectations of the Company’s shareholders.
In addition, it was mentioned that NNPC Ltd. will make an announcement regarding its Initial Public Offer (IPO) once the shareholders and board reach a decision.
Earlier today, the Chairman of the NNPC Ltd. Board, Chief Pius Akinyelure, highlighted the outstanding performance achieved as a result of the PIA 2021 and the unwavering dedication of the Board, Management, and staff of the company. Akinyelure shared these remarks during a press conference held on Monday.
Akinyelure also mentioned that the company’s shareholders have given their approval for a final dividend of N2.1trn, in accordance with the provisions of PIA 2021.
During her remarks at the briefing, Oritsemeyiwa Eyesan, the Executive Vice President of Upstream, expressed optimism about the progress made in combating crude oil theft and pipeline vandalism. She stated that NNPC Ltd. has set a target of achieving a crude oil production of two million barrels per day by the end of the year.
The Executive Vice President, Downstream, Dapo Segun has appealed for understanding from Nigerians regarding the current fuel queues in parts of Lagos and the FCT. He assures that the company is actively working with relevant stakeholders to address the distribution, evacuation, and logistics challenges.