The Nigerian National Petroleum Company Limited (NNPCL) has appealed for understanding from Nigerians, saying it is working with relevant stakeholders to address fuel scarcity in the country.
Fuel queues recently resurfaced in Abuja, Lagos State, and other parts of the country as many filling stations ran out of stock, leading to closures and long lines at the few stations still dispensing Premium Motor Spirit (PMS), otherwise known as petrol.
Speaking at a press conference in Abuja on Monday, August 19, 2024, the NNPCL Executive Vice President, Downstream, Dapo Segun, said the company is working with relevant stakeholders to address the distribution, evacuation, and logistics challenges.
The NNPCL further declared a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, saying this represented an increase of over N700 billion (28 per cent) when compared to the profit of N2.548 trillion recorded in 2022.
The Chief Financial Officer of the company, Umar Ajiya, said the release of the 2023 Audited Financial Statement (AFS) was a testament to the company’s commitment to transparency and accountability.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
NNPCL posts N3.3trn ‘highest-ever’ profit, N2.1trn dividend for 2023
He added that the NNPCL will announce its Initial Public offer (IPO) once the shareholders and board make a decision.
Ajiya also debunked claims on subsidy payment, saying the NNPCL was only taking care of petrol importation shortfall between it and the federation.
Also speaking at the event, the Chairman of the NNPCL Board, Pius Akinyelure, said the performance came as the fruit of the 2021 Petroleum Industry Act (PIA) and the commitment of the board, management, and staff of the company.
Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1 trillion in line with 2021 PIA provisions.
On her part, the NNPCL Executive Vice President, Upstream, Oritsemeyiwa Eyesan, said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPCL is targeting 2 million barrels per day crude oil production by the end of the year.
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