NNPCL revenue hits N45tn as profit soars to N5.4tn

The Nigerian National Petroleum Company Limited (NNPCL) has reported a profit after tax of N5.4 trillion for 2024—more than double the N2.2 trillion posted in 2023.

Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, announced the figures yesterday during the presentation of the company’s 2024 Financial Statement in Abuja.

According to him, NNPCL’s revenue surged to N45.1 trillion, up from N23.9 trillion the previous year.

Dividends stood at N4.3 trillion, while earnings per share rose to N27.07.

Ojulari attributed the performance to operational efficiency, downstream market reforms, cost discipline, and the impact of the naira float.

“Financially, we have never been stronger or better positioned for tomorrow,” he said.

In 2024, the company operated 1,096 retail outlets, produced 202.3 mb/d of crude, and delivered 1.04 bscf of natural gas.

Ojulari said expanding gas production, alongside new gas sales and supply agreements, would further strengthen NNPCL’s future earnings.

He added that the company is scaling up investments in Compressed Natural Gas (CNG).

The GCEO disclosed that NNPCL is conducting a thorough technical and financial review of Nigeria’s refineries to ensure any rehabilitation plan is commercially viable.

“This time, we are taking the time to do a rigorous review to ensure sustainability,” he said, adding that only partners with proven refinery expertise would be engaged.

He declined to give a timeline for refinery restart but said a clear roadmap is expected by mid-2025.

Ojulari reaffirmed NNPCL’s target of attracting $30 billion in new investments and raising crude oil production to 2 million barrels per day by 2026.

He projected that 2025 could close with 1.7 mb/d output.

He also noted that a series of Final Investment Decisions (FIDs)—mainly in the gas sector and some upstream regions—are expected before the end of 2025.