Financial Energy Review
Photo: GCEO NNPC Ltd, Mr. Mele Kyari (2nd from left) receives a plaque from the Senate President, Senator Godswill Akpabio during the NNPC Management’s visit to the Senate Leadership at the National Assembly Complex, in Abuja today. Standing on the Senate President’s left is the Deputy Senate President, Senator Barau Jibrin and on the GCEO’s right is the Senate Majority Leader, Senator Opeyemi Bamidele.
…..As Akpabio Pledges Parliament Support to NNPC Ltd*…..
The GCEO of NNPC Ltd, Mr. Mele Kyari has said the Company has already made a robust plan for the supply of petroleum products especially Premium Motor Spirit (PMS), also known as petrol, sufficient enough to last beyond the ember months and the new year festivities.
Kyari disclosed this when he led an NNPC Ltd delegation on a courtesy visit to the Senate President, Senator Godswill Akpabio, at the National Assembly in Abuja, on Wednesday.
“By the creation of the National Assembly, NNPC Ltd is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security. We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period.” the GCEO added.
While lauding the National Assembly for its critical role played in the enactment of the Petroleum Industry Act (PIA) 2021, Kyari said that singular legislative endeavour had given birth to a new commercially-oriented National Oil Company (NOC) that is governed by the Company & Allied Matters Act (CAMA) principles.
Speaking further, Kyari stated that with the passage of the PIA 2021, NNPC Ltd’s profitability margins have significantly risen, growing from a loss position of $803billion in 2018 to a profit position of N274bilkion in 2021.
Kyari said while the NNPC Ltd is targeting a profit increase of N2trillion when the 2022 Audited Financial Statements (AFS) are released, adding that since July this year, the Company has started paying dividends to its shareholders.
He said currently, the NNPC Ltd is involved in the entire value-chain of the entire oil and gas business and controls over 30% of the nation’s petroleum retail market.
While identifying crude oil theft and pipeline vandalism as major challenges to the Company’s business, Kyari said the recent collaboration with the nation’s security services as well as third-party security contractors have been yielding results, mostly in the area of increased crude oil production.
The GCEO said NNPC Ltd is investing in several gas and power projects across the country, aimed at supporting the Federal Government’s power generation and industrialisation aspirations.
He said the NNPC Ltd is working assiduously to revamp local refining of petroleum products and collaborating with indigenous refiners to ensure Nigeria becomes a net exporter of petroleum products.
In his response, the Senate President Godswill Akpabio assured the GCEO of the 10th Senate’s support, saying that the Nigerian Senate appreciates the Kyari-led Management for its commitment to ensure robust petroleum products supply during the yuletide period and also emplace the NNPC Ltd on the path of profitability.
“Nigerians always want to hear good news. We are glad that you have made robust plans to provide sufficient products supply this coming festive period and beyond,” Akpabio stated.
The Senate President also lauded the rehabilitation of the nation’s three refineries, saying that their restreaming will cause a multiplier effect on Nigeria’s economy, in line with this administration’s Renewed Hope Agenda,” Akpabio observed.
