Nigeria's State-Owned Oil Firm Makes First Profit in 44 Years
President Muhammadu Buhari, who doubles as petroleum resources minister, has announced that the Nigerian National Petroleum Corporation (NNPC) has made a profit for the first time in its 44-year history, generating an income of U.S.$698 million, after tax, in 2020.
It is not yet clear how the NNPC made a profit, at a time when Nigeria's oil-dependent economy was devastated because of a sharp crash in global oil prices caused by the Covid-19 pandemic. Group Managing Director of the NNPC, Mele Kyari, said the oil company saw opportunities to cut cost, improve efficiency as well as lower borrowing rates, he said explaining the profit figure, without providing details.
Anti-corruption campaigners have long asked for NNPC to be more transparent, and last year it published audited 2019 accounts of 20 of its subsidiaries in what it said was a historical first - its first audited financial reports in 43 years.
-
Nigeria:
Buhari Elated As NNPC Breaks Jinx, Declares N287bn Profit, First in 44 Years
This Day, 27 August 2021
President Muhammadu Buhari yesterday hailed the Nigerian National Petroleum Corporation (NNPC) for declaring a Profit after Tax (PAT) of N287 billion for the year 2020, the first… Read more »
-
Nigeria:
NNPC Declares N287bn After Tax Profit in 2020 - Buhari
This Day, 26 August 2021
President Muhammadu Buhari on Thursday disclosed that the Nigerian National Petroleum Corporation (NNPC), for the first time in its 44 years history, declared an after tax profit… Read more »
-
Nigeria:
Buhari Announces U.S.$698 Million Profit By State Oil Firm
Premium Times, 26 August 2021
Mr Buhari said the net profit of N287 billion in 2020 was the first in the 44-year history of the state oil company. Read more »
-
Nigeria:
First Time in 44 Years, Buhari Announces N287bn NNPC's Profit After Tax
Daily Trust, 27 August 2021
For the first time in the history of the Nigerian National Petroleum Corporation (NNPC), President Muhammadu Buhari announced that the corporation generated a profit after tax of… Read more »
-
Nigeria:
NNPC Declares N287bn Profit in 2020
This Day, 26 August 2021
President Muhammadu Buhari Thursday disclosed that the Nigerian National Petroleum Corporation (NNPC) for the first time in its 44-year history has declared a Profit After Tax… Read more »
InFocus
-
President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law, weeks after the National Assembly passed the bill. The bill's eventual passage on July 15, 2021, was dimmed by a controversy over the allocation of 3% revenue to host communities in the Niger Delta, while a fund for the exploration of oil in frontier basins, mostly in northern states, received 30%. The governors want a 5% share of oil profits for host communities and insisted that the Nigerian National Petroleum
Read more »
-
Nigeria's economy grew 0.5% in the first quarter, lifted by higher crude production and oil prices, as well as manufacturing production increasing for the first time in a year, according to the country's National Bureau of Statistics report. The report highlights two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020. The NBS has said that the non-oil sector, which the government
Read more »
-
The Nigerian Senate has passed a long-awaited oil industry reform bill that will overhaul nearly every aspect of oil and gas production. The Petroleum Industry Bill has been two decades in the making to overhaul the way Nigeria will share its oil resources with international oil companies and aim to attract new investment in oil and gas. In the bill, the Senate approved a funding mechanism of 30 percent of NNPC's profit from oil and gas for frontier basins. This fund is for oil exploration in
Read more »
-
The Nigerian National Petroleum Corporation has said that it is currently considering a stake in a number of privately-owned refineries which produces in excess of 50,000 barrels of oil per day. This is in line with the Nigeria government's policy directive that states the mandatory participation of the corporation in such entities, to safeguard national energy security, writes Emmanuel Addeh for This Day. The corporation has also said it wants a 20% stake in the
Read more »
(file photo).
