Latest news with #NNPCLimited
Zawya
22-07-2025
- Business
- Zawya
Nigeria: NNPC reports $591mln profit for June, remits $4.5bln in five months
The Nigerian National Petroleum Company (NNPC) Limited has disclosed that it remitted N6.96 trillion to the Federation Account within the first five months of 2025. The NNPC Monthly Report Summary for June, released on Monday, showed that the company posted a Profit After Tax (PAT) of N905 billion in June, down from N1.054 trillion recorded in May. Despite the decline in monthly profit, the company confirmed a cumulative statutory remittance of N6.961 trillion from January to May 2025, a rise from the N5.583 trillion recorded between January and April. The report indicated a gradual rebound in upstream activities, with daily crude oil and condensate production rising to 1.68 million barrels per day (bpd), the highest output since January. It also showed that the NNPC's June revenue stood at N4.571 trillion, down from N6.008 trillion in May, reflecting fluctuations in the global oil market. 'Crude oil and condensate production increased slightly, rising from 1.629 million bpd in May to 1.68 million bpd in June. 'Natural gas production also rose to 7.581 billion standard cubic feet per day (scf/d) in June, up from 7.352 billion scf/d in May, indicating a steady recovery in output,' the report indicated. Fuel supply also witnessed an improvement during the period under review, with petrol availability at NNPC retail stations climbing to 71 per cent in June from 62 per cent in May. The report further noted progress on major gas infrastructure projects, stating that the Ajaokuta–Kaduna–Kano (AKK) pipeline had reached 83 per cent completion, up from 81 per cent, while the OB3 pipeline remained at 96 per cent. 'Upstream pipeline availability slightly dipped from 98 per cent in May to 97 per cent in June,' it added. It highlighted that technical milestones had been achieved on key projects, including the successful crossing of the River Niger segment of the AKK pipeline, which significantly de-risked the project's completion. It also revealed that a technical review had commenced on the OB3 River Niger crossing, aimed at applying insights from the AKK's progress. According to the report, reviews are still ongoing on the Port Harcourt, Warri, and Kaduna refineries. As part of its Corporate Social Responsibility initiatives, NNPC said it conducted a Financial Literacy Programme in June for over 67,000 National Youth Service Corps (NYSC) members across Nigeria, bringing the total number of trainees under the scheme to 870,383. It added that all production, sales, and financial figures were provisional and would be reconciled with relevant stakeholders. According to the report, this performance underscores NNPC's continued role as a critical revenue contributor to the Nigerian government amid ongoing economic reforms and fiscal challenges. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
11-04-2025
- Business
- Zawya
Reclaiming NNPC: A necessary reset to rescue Nigeria's oil industry
THE recent overhaul of the NNPC Limited board and management by President Bola Ahmed Tinubu is not merely an administrative reshuffle—it is a decisive intervention in the national interest, aimed at rescuing the country's most strategic public enterprise from systemic rot and institutional capture. The necessity of these appointments stems from the deeply troubling legacy of the previous management, under which NNPC allegedly degenerated into a citadel of opacity and operational inefficiency, despite the transformative intent of the Petroleum Industry Act (PIA) 2021. Previously, NNPC Limited failed to meet even the most basic standards of corporate governance and transparency expected of a commercially oriented national oil company. Year after year, billions of dollars in crude oil revenues were either unremitted, underreported, or misapplied under various opaque arrangements. The so-called fuel subsidy regime, for which NNPC served as the primary disbursing agency, became a fiscal sinkhole—characterised by gross overstatements, nonexistent verification mechanisms, and allegations of fictitious volumes and round-tripping. Meanwhile, critical investment decisions stalled, upstream output declined, and the country was left unable to take full advantage of high oil prices due to mismanagement and leakages. The transition of NNPC into a limited liability company was supposed to signal a new era of commercial discipline and accountability. Instead, the nation saw the entrenchment of old habits under a new corporate guise. The company evaded scrutiny by withholding audited statements, failing to engage meaningfully with shareholders—the Nigerian people—and resisting structural reforms under the guise of national security or market sensitivity. Related AfCFTA and Nigeria's port infrastructure An age of modern legends Silverbird Man of the Year Award as affirmation of Oyebanji's exemplary leadership This undermined investor confidence, constrained capital inflow into the sector, and left Nigeria's oil and gas value chain in a state of arrested development. At this critical juncture where Nigeria must stabilize its fiscal base, accelerate gas commercialisation, attract investment, and align with global energy transition trends, NNPC cannot continue to be a drain on the treasury or a bastion of unaccountability. The new board and management, appointed with careful consideration of technical competence, ethical standing, and regional representation, bring with them a renewed mandate: to clean house, rebuild trust, and reposition NNPC as a truly performance-driven national oil company. This moment marks the beginning of a long-overdue shift—from rent-seeking to value creation, from secrecy to transparency, and from institutional stagnation to strategic renewal. It is a necessary turning point for NNPC, and by extension, for Nigeria's economic future. Mohammed is a finance and public affairs analyst
