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Tag: Mele Kyari

  • NNPCL gives update on AKK gas pipeline project

    NNPCL gives update on AKK gas pipeline project

    The Nigerian National Petroleum Company Limited (NNPC Ltd) says it has so far spent over 1.1 billion dollars on the ongoing construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and Station project from its cash-flow.

    The NNPC Limited GCEO, Malam Mele Kyari said this on Monday while touring some of its project sites in Kogi, with newsmen and other stakeholders.

    Kyari was accompanied by some top officials of the NNPC Limited and Oilserv Limited, (Pipelines and Facilities), the contractor of the project.

    Kyari said the company would continue to fund the massive project which it was delivering in phases and has been active even though it did not have third party finance for the project.

    “So far, NNPC Ltd has funded over 1.1billion dollars on the project and to date none of the project activities is abandoned as reported and we reassure all stakeholders that we have a line of sight to project delivery on schedule.

    “NNPC Limited remains highly committed towards the delivery of strategic National infrastructure projects through responsive project delivery, active collaboration with government security agencies and communities as well as deployment of technology for delivering the project.

    “This is is one of the most massive projects of proportion value to our country for economic growth. It is a must-deliver project and we have continued to fund in spite of not having third party finance support, we will deliver this project.

    “We do not owe a dollar to our contractors, there are over 30 sites that are active today in this project, we are very hopeful and optimistic to deliver this project,” he assured.

    The GCEO decried the fact that due to insecurity, it had lost some site workers thereby expressed sadness over thier demise and consoled their families whom he said the company shared in their grief.

    He said 70 per cent of the welding work had been completed adding that once welding was completed, it could actually flow gas through the pipeline.

    He said on completion the pipeline would deliver two billon cubic feet of gas, powering industries, powering power plants and creating gas based industries.

    He said the entire welding work would be completed by the third quarter of 2023 then it would actually energise the pipeline.

    Kyari further said that the gas pipeline was projected to support power plants with a total of 3,645 Mega Watts, adding that it would soon begin constrution of Abuja- Kaduna power plants in ernest.

    Earlier, Mr Steve Nnorom, Project Manager, Oilserv Ltd explained that there were three schematic of the pipeline and station installations which included Brovo, Chalie and Alpha spread segment, that showed progress of the project.

    He said they were currently doing full auto welding, completed 73 per cent of its mainland welding works and had done 222 kilo metres remaining 27 kilo metres of welding work to complete.

    “We are crossing rivers, railway, existing pipelines. We have other sites where various work activities are ongoing, our target is that concurrently all works will be going on at different spread,” he said

    Nnorom, while noting that the project has been active and fully financed said that it has purely 100 per cent Nigerian workers.

  • NNPC Ltd. to begin oil drilling in Nasarawa State March 21

    NNPC Ltd. to begin oil drilling in Nasarawa State March 21

    The Nigeria National Petroleum Company Limited (NNPC Ltd) will begin drilling of the first oil well in Obi/Keana Nasarawa State on March 21.

    Malam Mele Kyari, Group Chief Executive Officer of NNPC Ltd., made the disclosure when he led Management of the Company on a courtesy visit to Gov. Abdullahi Sule on Thursday in Lafia.

    Kyari said that the company began exploration activities in the State in 2010 and has technically found petroleum environment in the State.

    “We have seen a great potential for finding hydrocarbon in Nasarawa State and to confirm this, we are going to start drilling on March 21.

    “We are very optimistic that it would be a successful exercise. It will not end there, once you find oil, you do further works to develop it not just for the benefit of the community around it but for Nasarawa State and the Country,” he said.

    Kyari pointed out that the exploration would not be limited to the current Obi/Keana location.

    “Once we test this prospect, it opens new roads and we have seen other great prospects across many parts of the State. This will herald history and bring value to all of us,” he added.

    The Group CEO thanked the government and people of Nasarawa State for the cooperation and support so far and called for its sustenance.

    “Peace and cooperation is essential in oil exploration and we have seen enormous cooperation in this respect – we have seen no danger, no risk to our operation from all stakeholders in our area of operation and we thank them for that,” he said.

    He said the company would continue to do its best to bring immediate value to the host community and ultimately to the wider society when oil was found in commercial quantity.

    Responding, Gov Sule thanked the NNPC Ltd. boss and his team for the visit and for what they were doing in the State.

    He also appreciated the people in the area for their support so far, while urging them to sustain the peace in the area and across the state.

    Sule identified insecurity as a major challenge to oil exploration in the country, calling on the people of the state to ensure they maintain peace and support the company for the project to succeed.

    He expressed optimism that the drilling of the oil well, named “Ebenyi-A” would be the first in the North Central zone of the country and would bring lots of benefits to Nasarawa State.

    In his remarks, Emir of Lafia, Retired Justice Muhammad Sidi-Bage, reassured the NNPC Ltd. on behalf of the people of utmost support towards the success of the project.

    “On behalf of our people, we want to say that you will find peace, we have been known for being peaceful, kind and loving. You will not have any reason to feel otherwise within the period of your operation in the state,” Sidi-Bage said.

    Also speaking, Sophia Mbakwe, Managing Director, NNPC Energy Services Limited, said the assurances from the government and stakeholders in Nasarawa State was critical to the operation of the company.

    “For the right to operate, we need the cooperation, support and blessing of the Governor and the community, and that we have gotten today.

    “The intent is that it’s going to benefit both parties and we want to go there to ensure no harm to people, no harm to the environment and be able to commence drilling as planned on March 21,” she said.

    The News Agency of Nigeria (NAN) reports that the Mr Muktar Zanna, Executive Director, Frontier Exploration Services of the company had led a team other Executive Directors of the Company on courtesy visit to various Taditional Rulers in the area with hydrocarbon prospects in the State to get their support.

    Some of the traditional rulers visited included Alh. Aliyu Dangiwa-Orume, Osuko of Obi; Alh. Abdullahi Agbo, Osana of Keana; Alh. Umar Apeshi, Osoho of Olosoho (Agwatashi), as well as Retired Justice Muhammad Sidi-Bage, Emir of Lafia.

    All the Traditional Rulers gave assurances of the peoples’ commitment to peace towards the operations of the company in the state.

  • NNPC reveals how petrol is smuggled by marine vessels to neighbouring countries

    NNPC reveals how petrol is smuggled by marine vessels to neighbouring countries

    The Nigerian National Petroleum Company Limited has revealed how Premium Motor Spirit (PMS), popularly called petrol, is being smuggled by trucks and marine vessels to neighbouring countries.

    In the words of NNPC Group Chief Executive Officer, Mele Kyari: “One thing that is also very practical is that Nigeria’s fuel is smuggled to other countries. This is not a secret. But it can only be done by either all of us in this room or people buying from us. So there’s no dispute about this that our fuel gets to other countries, including in marine containers. We have evidence now that some of our customers are actually taking investors to other countries and we will get to the root of this.

    “The appropriate government security agencies will deal with this. But this is the reality that we are dealing with. You do have cross-border smuggling, either in form of round-tripping or whatever name we call it, the product leaves our country and creates the challenges we see today.”

    Kyari stated this while explaining the fuel supply data for the country since January 2022, during a meeting with stakeholders in Abuja.

    Adding: “Anytime we go down below 60 million litres of evacuation consistently for more than three days, we’ll have a crisis across the country.

    “We know that there may be no valid so-called consumption figure, but we know the evacuation figure. Anytime the evacuation figure goes below 60 million litres daily, you’ll have a crisis. Remember, early in 2022 when we had the contaminated fuel, evacuation came down to 56 million litres on average and we had a crisis. We managed to ramp up by adding volumes to the market to fill the gaps. So we achieved normalcy.

    “I recollect, in October, when the flooding happened, trucks could not go to their destinations, particularly moving from the South into the North and our evacuation went below 60 million, and you can remember what happened.”

    "How petrol is smuggled by marine vessels to neighbouring countries"- NNPC reveals

    Kyari noted that since then, NNPC had done everything possible to keep the supply or evacuation above 60 million litres consistently.

    According to him, there was no shortage of fuel going into the market, rather the products might be in the wrong destination.

    “So the 66 or 67 million litres that you have always seen include all these, the cross-border smuggling volumes. And it means that anytime we don’t satisfy those markets, it will affect your domestic market. This is the reality that we are dealing with,” he asserted.

    Recall that recently the NNPC said it has released 67 million litres of PMS to marketers, which laid to rest the queues at Filling stations in most parts of Abuja, Niger, Nasarawa and other states.

    Virtually all the major Filling stations that used to have heavy queues before, were seen without queues on Wednesday, as most of them dispensed petrol to the cars sighted in their various outlets.

    TheNewsGuru.com (TNG) observed that the Nipco, NNPC, Salbas and a few other outlets on the busy Kubwa-Zuba Expressway were dispensing products to motorists and had no queues, which was not the case on Tuesday.

    Also, outlets in Nyanya, Nasarawa State, and Zuba, Niger State, sold products to motorists and had no queues on Wednesday, contrary to what was obtained the preceding day, where there were very limited filling stations in operation.

  • NNPC set to spud first Oil Well in Nassarawa State

    NNPC set to spud first Oil Well in Nassarawa State

    The Nigerian National Petroleum Company Limited (NNPC Ltd), is set to spud the first Oil Well in Nassarawa state in March 2023, in continuation of its oil exploration activities in the Country’s inland basins.

    The Group Chief Executive Officer of the Company, Malam Mele Kyari, disclosed this when the Governor of the State, Abdullahi Sule, led a delegation of prominent indigenes of the state on a courtesy visit to the NNPC Ltd. in Abuja.

    Kyari, in a statement on Friday by Mr Garbadeen Muhammad, Chief Corporate Communications Officer, NNPC Ltd., said that results of exploratory activities confirmed the presence of substantial hydro carbon resources in the state.

    He called for prompt action on the project as the global energy transition has led to a reduction in investment in fossil fuels.

    “This work must be done very fast because the whole world is walking away from fossil fuel due to energy transition.

    “The earlier you go to market, the better for you, otherwise, 10 years from now, no one will agree to put money in petroleum business except it comes from your cash flow,’’ he said.

    Kyari described community support and a conducive environment as key to a successful operation in the area in order to avoid the experience of the Niger Delta.

    In his response, the governor congratulated the GCEO on the successful commencement of oil production and the Kolmani Integrated development project which was inaugurated in Nov. 2022 by President Muhammadu Buhari.

    ‘’I want to congratulate you, the management of NNPC and the federal government for what you have done at Kolmani, for those who don’t know what you have done for Nigeria, you have written your name in gold,’’ Sule stated.

    He commended President Buhari for his support while assuring the NNPC of a conducive environment.

    The governor was accompanied on the visit by the Deputy Governor, Dr Emmanuel Akabe, National Chairman of the All Progressive Congress (APC), and first executive governor of the State, Dr Abdullahi Adamu, and his predecessor, Senator Tanko Almakura.

    Others are the Minister of Environment, Mr Mohammed Abdullahi, Emir of Lafia, Justice Sidi Muhammad, and Chairman, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mallam Isa Modibo, among others.

  • Kyari claims significant reduction in oil theft as group calls for probe

    Kyari claims significant reduction in oil theft as group calls for probe

    The Group Chief Executive Officer of the Nigeria National Petroleum Corporation Limited (NNPCL) Mele Kyari has claimed that the scale of oil theft in the Niger Delta, following the discovery of several illegal pipes, had significantly reduced.

    Kyari made the claim during his address on the second day of the PENGASSAN Energy and Labour Summit, on Tuesday in Abuja.

    According to him, cooperation with security agencies has significantly reduced oil theft and the country would have access to more crude and revenue, in the coming weeks.

    The new assertion made by the NNPCL’s boss comes barely two weeks after he told the Senate’s joint committees on Gas and Petroleum (Upstream and Downstream) that a reality test showed the country was losing up to 600 barrels of crude per day (bpd).

    “As a result of oil theft, Nigeria loses about 600,000 barrels per day, which is not healthy for the nation’s economy, and in particular, the legal operators in the field, which had led to a close down of some of their operational facilities,” Kyari had said.

    He also disclosed that oil theft in the country had been going on for over 22 years, but had assumed an unprecedented dimension and rate in recent times, adding that aerial surveillance carried out by the Corporation of the affected areas revealed that “the economic saboteurs carrying out their activities unchallenged and unperturbed”.

    Meanwhile, authorities say 395 illegal refineries have been deactivated, 49 trucks seized and 274 reservoirs and 1,561 metal tanks destroyed so far.

    A civil rights advocacy group, the Human Rights Writers Association of Nigeria (HURIWA), has alleged that there was a deliberate attempt to cover up the involvement of military personnel in oil theft in the Niger Delta region.

    HURIWA’s National Coordinator Emmanuel Onwubiko, corroborating the position of Human Rights Lawyer Femi Falana, described “as sacrilegious, contemptible and scandalous”, the justification by the military, of the destruction of a vessel loaded with stolen crude oil in the Niger Delta area and has called for a probe.

    The vessel with registration number L85 B9.50, was arrested two Thursdays ago, by a combined team from the Nigerian Navy and a private pipeline surveillance team, Tantita Security Services led by a former militant leader, Government Ekpemepulo, popularly known as Tompolo.

    The vessel was apprehended close to Escravos in Warri South West Local government area of Delta state with seven crew members onboard and about 600 cubic metres of illegally lifted crude oil.

    HURIWA called for the constitution of a judicial panel of inquiry on the oil bunkering vessel after the military claimed that the swift destruction was in line with the “rules of engagements”.

    Nigeria is also facing gas and revenue shortages as the Liquefied Natural Gas (NLNG) Limited declared force majeure on its 22 million tons per annum (mtpa) processing plant due to widespread flooding that has disrupted gas supply to the company.

    “The notice by the gas suppliers was a result of high floodwater levels in their operational areas, leading to a shut-in of gas production which has caused significant disruption of gas supply to NLNG,” NLNG’s General Manager, External Relations and Sustainable Development Andy Odeh said.

    He added that NLNG was determining the extent of the disruption in order to mitigate its impact on the economy.

  • OIL THEFT: Nigeria now Africa’s fourth largest oil producer

    OIL THEFT: Nigeria now Africa’s fourth largest oil producer

    Nigeria’s crude oil output hampered by theft has fallen from 1.4 million barrels per day (bpd) at the start of the year to 900, 000 bpd as of September 2022, plunging the country to fourth place among largest oil producers in Africa, behind Angola, Algeria and Libya.

    Historically, Nigeria has been the largest exporter of oil in Africa, even though a lack of infrastructure has long hindered Nigeria from being able to export at 100 per cent capacity. In recent times, oil production in the country typically varies between 1.4 and 1.6 million bpd.

    Theft of oil in Nigeria is not a new problem but has grown over the last two decades. Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari, claimed Nigeria was losing up to 600,000 barrels of crude oil per day.

    The implication of this startling revelation is that Nigeria is losing more than half of its production, as the unaccounted 600, 000 bpd is 67 per cent of the current 900, 000 bpd output, presenting a bleak future for the most populous country in Africa.

    Nigerian authorities are worried over this disturbing record as the National Assembly considers the country’s 2023 appropriation bill which is predicated on a daily oil production estimate of 1.69 million bpd, with a projected N1.92 trillion oil revenue.

    But Kyari has said that the country was not helpless and recent clampdown on oil bunkers was yielding progress. A total of over 3.76 million litres of crude oil and 458,000 litres of Automotive Gas Oil have been recovered, thereby denying oil thieves a total of over N2.1 billion worth of stolen crude oil and products.

    “What is most difficult to manage today and daring for us to live with is the issue of crude oil theft, (but) we’re not helpless and our efforts are paying off,” Kyari said.

  • Crude oil heist: What is NPPC Limited not telling Nigerians?

    Crude oil heist: What is NPPC Limited not telling Nigerians?

    Recently, the Group Chief Executive Officer of NNPC Limited, Mele Kyari announced the discovery of an illegal oil pipeline that is routed into the sea and used to steal crude oil from Nigeria.

    TheNewsGuru.com (TNG) reports that the discovery has been touted as the biggest crude oil heist in the country.

    Narrating how the illegal oil pipeline is routed to steal crude oil from the country, Kyari said “Oil theft in the country has been going on for over 22 years but the dimension and rate it assumed in recent times is unprecedented”.

    He added: “In the course of the clampdown within the last six weeks, 395 illegal refineries have been deactivated, 274 reservoirs destroyed, 1,561 metal tanks destroyed, 49 trucks seized.

    “The most striking of all, is the four-kilometre illegal oil connection line from Forcados Terminal into the sea which had been in operation undetected for nine solid years”.

    Kyari also said that while thieves often tap land-based pipelines to siphon oil undetected, an illegal line in the ocean is highly unusual and suggests a more sophisticated theft operation.

    However, checks by TheNewsGuru.com (TNG) indicate that a case of an illegal pipeline routed into the ocean has been reported as far back as 2017.

    The checks follow a documentary released by Channels TV, which unearthed Afremo A Platform, owned by the Shell Petroleum Development Company (SPDC), a local subsidiary of Shell, as the point from which crude oil is stolen from the country.

    TNG reports that the Afremo A Platform is located in the Forcados (Estuary and Afremo) Offshore Oil Field. Forcados Offshore Oil Field is operated by the SPDC. The Forcados export terminal typically exports around 250,000 barrels of crude oil per day.

    Afremo A Platform
    Afremo A Platform || Photo: Strides

    In 2017, ten (10) suspected oil thieves on board MT TECNE Vessel were arrested by the Nigerian Navy while they were siphoning crude oil into the vessel from the Afremo A platform. The suspects were one Nigerian, two Pakistanis, three Ghanians, one Indonesian, one Beninois and two Ukrainians. TNG gathers that the suspects were eventually handed over to the Economic and Financial Crimes Commission (EFCC) for prosecution.

    On their modus operandi, findings reveal that the vessel used in siphoning crude oil from the Afremo A Platform goes into the high sea during the day, and come late in the night to connect to the jacket to siphon crude oil.

    That same year, the suspects were arraigned in court and remanded in a prison in Port Harcourt, Rivers State by a Federal High Court Presided over by Justice J. K. Omotosho. Some suspects arrested and arraigned in court for siphoning crude oil from the Afremo A Platform were eventually jailed for 7 years.

    The foreigners are two Pakistanis: Mohammed Ejaz, Nasser Khan; two Ukranians: Oleksandr Nazarenko, Oleksandr Kashernvi; one Ghanaian: Romeo Annang, and one Indonesian: Fredrik Fatin Omenu. Their Nigerian counterpart: David Otuohi bagged same jail term with them.

    However, shockingly, they were given the option of N2 million fine. Meanwhile, the company involved in the crime: Asztral Shipping Corporation SA was wound up by the court while the vessel carrying the offensive crude oil: MT TECNE, a.k.a MT STAR (Vessel) was forfeited to the Federal Government.

    The questions Nigerians are asking are: “how come the NNPC is just announcing the discovery”, “why is the NNPC announcing the discovery as though it was made yesterday”, “who are the thieves”, “what happened to the suspects arrested”, “what about the option of fine”, “who are their sponsors”, “is the Afremo A Platform being used to siphon crude oil again in recent times”.

  • NNPC discovers illegal pipeline routed into the sea for crude oil theft

    NNPC discovers illegal pipeline routed into the sea for crude oil theft

    The Nigerian National Petroleum Company (NNPC) Limited has revealed the discovery of an illegal oil pipeline that is routed into the sea and used in stealing crude oil.

    TheNewsGuru.com (TNG) reports that the Group Chief Executive Officer of NNPC Limited, Mele Kyari made the disclosure at a meeting with Senate ad hoc committee on oil theft in Nigeria on Tuesday.

    Kyari said the discovery was made with the help of its private security partners, further disclosing that the illegal oil pipeline had probably operated for the last nine years.

    According to him, the illegal oil pipeline is about four kilometres long, stressing that the route did not get to its terminal.

    Speaking during the meeting, Kyari also disclosed that the company has deactivated 395 illegal refineries in its efforts to curb oil theft in the country.

    The NNPC GCEO, who raised an alarm over the scale of oil theft, and vandalism of assets in recent times described the crime as calamitous.

    “We have deactivated 395 illegal refineries, we have taken down 273 wooden boats, we have destroyed 374 illegal reservoirs, we destroyed 1,561 metal tanks.

    “We have sized over 49 trucks and burnt them down, we have discovered illegal oil pits of 898 so far, and 1,219 cooking sites have been taken down,” he said.

    He said crude theft by vandals has brought down Nigeria’s oil production to around 1.2 million barrels per day from 1.8 million.

    He said that It was not true that the difference between 1.2 million barrels and its potential budget level of 1.8 million barrels was been stolen.

    “To be very precise, we have never seen this level of escalations in our operations. The scale of oil theft, and vandals that we are seeing today is unprecedented, prices of crude oil is so high in the market today, for oil thieves to operate.

    ”But we have put a structure of security hovering around our partners, all the government security agencies, we have set up security private contractors.

    “Because the Brass, Forcados and the Bonny terminals,  all of them are practically doing zero production today, the combined effect is that you have lost 600,000 barrels per day, when you do a reality test.

    “But we hope to restore production to the Forcados terminal, this is as a result of the security intervention that is ongoing,” he said.

    The Chairman of the joint committee, Sen. Mohammed Nakudu (APC-Jigawa) urged the NNPC Group general manager to install trackers on trucks lifting crude from terminals, saying that there was technology to monitor ships laden with crude as done in other countries.

    He also urged him to be prepared for oversight in Port Harcourt and Warri Refineries, given the submission of NNPC that the refineries have been rehabilitated.

  • Why NNPC Ltd failed to achieve better performance in 2021 – Kyari

    Why NNPC Ltd failed to achieve better performance in 2021 – Kyari

    Malam Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd) has said the company could have achieved better performance in the year 2021.

    TheNewsGuru.com (TNG) reports that Kyari disclosed this at a news conference on Tuesday in Abuja while announcing a profit after tax of N674 billion declared by NNPC Limited for the financial year ended December 31, 2021.

    The profit represented a growth of 134.84 per cent when compared with N287 billion profit in 2020 which was recorded under the old Nigerian National Petroleum Corporation (NNPC).

    “NNPC progressed to a new performance level, from N287 billion profit in 2020 to a N674 billion profit after tax in 2021 climbing higher by 134.8 per cent year on year profit growth,’’ he said.

    Kyari also said that it recorded an increase in total assets from N15.86 trillion in 2020 to N16.27 trillion in 2021.

    Speaking on the Group’s financial position, Kyari said the corporation’s total liabilities decreased by 8.3 per cent to N13.46 trillion during the review period from N14.68 trillion in 2020.

    The GCEO said its shareholders funds position rose N2.81 trillion representing 144 per cent year-on-year.

    “The performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil and products theft, among others.

    “Details of the performance of NNPC and the respective subsidiaries as well as that of National Petroleum Investment Management Services (NAPIMS) will be published on our website www.nnpcgroup.com for stakeholder’s perusal.

    “We look forward to achieving greater performance to support our growth aspirations and to create more value for our stakeholders as we drive full commercial operations under NNPC Ltd.,’’ he said.

    He recalled that in Sept. 2021, President Muhammadu Buhari approved the publication of the 2020 NNPC Group Audited Financial Statement, in which NNPC declared a profit after tax of N287 billion for the first time in 44 years.

    Kyari said that in spite of the challenging operating environment, it strongly believed that the corporation had the potential to sustainably deliver better value to it esteemed shareholders.

    He said it sought to become a dynamic global energy company of choice to its customers, partners and over 200 million shareholders comprising of all Nigerians.

    Kyari noted that the corporation in 2019 rolled out deliberate policies and initiatives aimed at reducing costs and eliminating losses while adopting technology to entrench transparency, accountability and performance excellence (TAPE) across its various functions.

    He said the NNPC had recorded significant improvement over the past three years, turning up the curve from losses to profits.

  • BREAKING: NNPC Limited declares profit after tax of N674 billion

    BREAKING: NNPC Limited declares profit after tax of N674 billion

    The Nigerian National Petroleum Company (NNPC) Limited has declared a profit after tax (PAT) of N674 billion for the year ended 2021, with the company’s profit after tax shot up by 134.8% company to year 2020.

    TheNewsGuru.com (TNG) reports that this is contained in the approved 2021 audited financial statements of the NNPC Limited as disclosed by its Group Chief Executive Officer, Mele Kyari on Tuesday.

    “Today I’m happy to announce that the Board of NNPC has approved 2021 audited financial statements and NNPC has progressed to a new performance level, from N287 billion profit in 2020 to N674 billion profit after tax in 2021, climbing higher by 134.8% YoY profit growth,” Kyari disclosed.

    The N674 billion profit posted by NNPC Limited in the 2021 financial period represents an increase of N387 billion or 134.8 per cent when compared to the N287 billion recorded in 2020.

    The 2021 financial year made it the fourth consecutive year that the NNPC will be making its Audited Financial Statement public.

     

    Details shortly…