The positive effect of passage of the Petroleum Industrial Act (PIA) has started manifesting in the Nigeria Oil and Gas sector especially in the helm of the affairs of the country’s energy company Nigerian National Petroleum Company (NNPCL). The eventual approval by the Nigeria past administration to reposition the nation’s oil firm into a profit making organ of the government led to the first declaration of an audited report of the company since its establishment on April 1, 1977. The Nigerian National Petroleum Corporation (NNPC) made history in June 2020 with the publication of its first audited financial statements after 43 years of its operation.

Owing to the need to reposition the corporation as a global competitive company among its contemporaries, the former administration of President Mohammadu Buhari directed the management of then NNPC to register the company as a limited liability company and company was official incorporated on September 22, 2021, with the registration number: RC 1843987.

 “In September 2021, Mr. President graciously approved the publication of the 2020 NNPC Group Audited Financial Statement, in which NNPC declared a profit after tax of 287 Billion Naira for the first time in its 44 years. Despite our challenging operating environment, we strongly believe that NNPC has the potential to sustainably deliver better value to its esteemed shareholders.

Today I am happy to announce that the Board of NNPC Limited has approved 2021 audited financial statements, and NNPC has progressed to a new performance level, from 287Billion Naira profit in 2020 to a 674Billion Naira profit after tax in 2021, climbing higher by 134.8% YoY profit growth, “Mallam Mele Kolo Kyari, GCEO NNPC Limited 

According to the audited report as released the Mallam Kyari in his twitter handle, the Group Financial position recorded an increase in Total Assets from N15.86 trillion in 2020 to N16.27 trillion in 2021, while our Total Liabilities decreased by 8.3% from N14.68 trillion in 2020 to N13,46trilion in 2021. Our shareholder’s fund position grew to N2.81trillion, representing 144% YoY growth.

“The performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil and products theft among others,” he posited