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The Nigerian National Petroleum Company Limited (NNPC) has announced that it has surpassed its profit projections for the year, even as it continued to rally stakeholders’ support for its initiatives for energy sustainability.
Chief corporate communications officer (CCCO), Olufemi Soneye, who made this known on Monday at the NNPC Energy Relations Stakeholder Engagement, held in Abuja, also highlighted efforts made to save the naira with $3 billion forex liquidity injected into the economy.
The state-owned energy company organised the event to promote stakeholder relationships for the benefit of the oil and gas industry and Nigerians.
Various stakeholders at the meeting included the National Association of Petroleum Explorationists (NAPE), the Green Clean Energy and Gas Practitioners Association of Nigeria (GCEGPAN) and the Oil Producers Trade Section (OPTS).
Speaking at the event, Soneye said the NNPC remained committed to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain.
Soneye said under the visionary leadership of the group chief executive officer, Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector, leading to the firm’s emergence as a profitable business.
Recall that in 2023, the NNPC delivered a revenue of N23.9 trillion, an increase from N8.82 trillion in 2022
The firm also recorded a surge in profit of N3.29 trillion, the highest in the company’s 46-year history and gross profit of N7.04 trillion.
Its operating profit also rose to N4.34 trillion as net profit margin of 14 per cent was recorded while operating profit margin was 18 per cent in 2024.
Soneye said the NNPC has galvanised the push for the country’s energy sufficiency in line with the provisions of the Petroleum Industry Act, 2021.
According to him, the restart of the Port Harcourt Refinery is one of the critical moves recently made by the company.
Soneye said, “In a historic achievement, NNPC, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround. The company has already exceeded its profit projections for 2024, a testament to the transformative reforms he has implemented.”
The CCCO also highlighted the firm’s effort to push the adoption of Compressed Natural Gas (CNG) as alternative fuel.
He said the Port-Harcourt-based refinery “marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.
“NNPC has also championed the adoption of Compressed Natural Gas (CNG) as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.”
Another achievement the company has made is facilitating funds for the Dangote Refinery and Petrochemical when it was battling liquidity challenges.
The COO said, “A strategic decision to secure a $1 billion loan backed by NNPC’s crude was instrumental in supporting the Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery.
“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.”
In order to save the naira, the NNPC had facilitated a fundraising for the government to defend the currency through the African Export-Import Bank backed $3bn Project Gazelle.
Soneye said, “Kyari facilitated the $3bn Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis.
“As a responsible energy company, NNPC Ltd continues to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.
“Energy relations are the backbone of NNPC Ltd’s operations and strategic aspirations as an integrated energy company. In a rapidly evolving global energy landscape, fostering strong relationships with stakeholders across the value chain is not just a priority but a necessity for achieving our objectives and ensuring energy for today and tomorrow.”
Soneye said energy relations are more than a strategic tool adding that they are “integral to our mission to deliver energy for today and tomorrow, driving value for our stakeholders and empowering our nation.”
He said that energy security plays a critical role in the core mandate of the NNPC as provided in the Petroleum Industry Act, 2021.
Also speaking, the vice president of NAPE, Ehi Bazuaye commended the NNPC for engaging stakeholders in its operations adding that this would create value for Nigerians and other stakeholders.
Representing the president of the association, Bazuaye said, “This collaboration will foster trust across the value chain and achieve sustainable growth despite world challenges.
“As Nigeria moves towards a diversified and energy-secure future, I encourage NNPC to remain at the forefront of driving conversations that promote inclusivity, accountability and collaboration, especially as the global energy direction continues to shift.”
He said NAPE is committed to fostering knowledge sharing and bridging the gap between policymakers and industry players.
He explained that the NNPC has been a key partner in NAPE’s mission of promoting the study of petroleum geosciences for the benefit of members and stakeholders.
The NAPE VP said, “One of the things that NNPC has played a key role and continues to play a key role is to help students in the school. A few weeks ago, NNPC with its Joint Venture (JV) partner donated about five workstations to us for some universities and that is some kind of engagement that we have seen with NNPC.
“NNPC has been able to help us penetrate those schools that otherwise we could not penetrate especially during the last year. We will continue to work with NNPC, and we will want this partnership to continue.
“Being a non-profit organisation, we have always depended on the NNPC as part of our stakeholders to support our activities and NNPC has never been lacking in that.”
He said the NNPC has played a leadership role in improving the country’s oil production despite the divestment of oil majors.
OPTS Chairman for PIA and Strategy, Eddison Akingba speaking for oil producers said it is vital to collaborate with the NNPC to drive growth in the oil and gas sector.
OPTS is an association of about 30 oil producers including International Oil Companies (IOCs) and indigenous firms under the Lagos Chamber of Commerce and Industry (LCCI).
Akingba said, “We cannot progress without the right stakeholder mentality. We know that the oil and gas industry is in a steady decline. The government is doing everything possible via directives and incentives to the various producers.
“Partnering with NNPC, we think there is an opportunity to put them on the part towards a greater and sustainable oil and gas development. NNPC is at the centre of the oil and gas industry and wherever NNPC channels, that is where channels, that is where the oil and gas industry will go.”
Akingba said the bulk of Nigeria’s foreign exchange depends on the oil and gas industry adding that it is imperative to work with NNPC to make the oil and gas sector better.
He noted that “Collaborating with the NNPC, we think there is an opportunity for us to bring all the other stakeholders on board that with their actions and inactions have a direct impact on investors confidence.”
The assistant national chairman GCEGPAN, David Audu said the NNPC is key to Nigeria’s successful transition to cleaner and sustainable energy.
Audu who represented the chairman said through the collaboration with the NNPC, the association has explored innovative technologies and investment opportunities in the renewable energy sector.
He said, “We are working with a central body like NNPC to make sure that we are able to secure the energy future of this country. There is a lot more that should and can be done.
“I think working together we can achieve a lot. I encourage all of us to hold their stake.”
GCEGPAN also expressed delight in NNPC’s moves to diversify Nigeria’s energy mix.
“GCEGPAN is an advocate of a clean, green and sustainable environment through the promotion of alternative energy sources,” he added.
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