Financial Energy Review
……….by James Ikenna…..
The Nigerian National Petroleum Corporation (NNPC) in a move to reposition for the transformation into new NNPC limited as contained in the Petroleum Industry Act (PIA), is celebrating its first ever profit since the establishment of the state oil firm 44 year ago.
This is understandable given that the corporation ever before now; until the coming of the present Group Managing Director (GMD), Mallam Mele Kyari, had kept it’s books out of the preying eyes of the public.
This favourable financial outing by NNPC for the year 2020 was announced by President Muhammadu Buhari who doubles a the substantive Minister of Petroleum Resources on Thursday.
This feat, Buhari said, is in fulfillment of an earlier pledge by the Federal Government to publicly announce the financial position of the NNPC.
“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.
“The 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 Year 2020 for the first time in its 44-year history.
“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.” Buhari said.
