Thursday, November 27, 2025
31.8 C
Lagos

NNPC Declares ₦5.4tn Profit After Tax

NNPC Limited has announced its financial performance for the full year ended 2024, reporting a Profit After Tax of ₦5.4 trillion on revenue of ₦45.1 trillion. The results, shared during its earnings call with analysts, underscore a year of strong operational delivery.

Building on this performance, the Company unveiled its strategic roadmap to drive sustained growth and support Nigeria’s energy transition through 2030. The plan prioritises increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain.

2024 Financial Highlights

NNPC Limited’s results demonstrate strengthened financial resilience and enhanced operational efficiency:

  • Revenue: ₦1 Trillion, 88% year-on-year growth
  • Profit After Tax: ₦4 Trillion, 64% year-on-year growth
  • Earnings Per Share: ₦07, 64% year-on-year growth

“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Bashir Bayo Ojulari, Group Chief Executive Officer. “They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”

A Roadmap for Sustained Growth and Energy Security

NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. Key strategic targets include:

  • Increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
  • Growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030 and completing major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration.
  • Mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.

“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”

NNPC Limited is Nigeria’s leading oil and gas company. Founded in 1977, the organisation underwent a major transformation in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021.

Today, NNPC Limited plays a pivotal role across the entire oil and gas value chain, from exploration and production to refining and distribution, driving growth and energy security for Nigeria and the continent.

 

 

spot_img
spot_img
spot_img

Hot this week

Stanbic IBTC Unveils Digital Lending Suite to Enhance Access to Credit

Stanbic IBTC Bank, a member of Standard Bank Group,...

Ecobank Unveils SME Bazaar: A Festive Marketplace for Local Entrepreneurs

Ecobank Nigeria, a member of Africa’s leading pan-African banking...

Nuclear is Critical in Nigeria’s ESG Transition

Nigeria is entering a period of profound demographic and...

Sovereign Trust Insurance Secures Board’s Approval to Raise N5bn Capital

Sovereign Trust Insurance Plc notifies its shareholders and the...

Stanbic IBTC Pension Managers Highlights Innovation at ART X Lagos

As ART X Lagos celebrated its tenth year, exploring...

Topics

Portugal Football Club Signs on 19-Year-Old Nigerian- born Yaqub Usman-Malah

L-R: President, Brito Sport Club, Jose de Castro Dias and Nigerian-born young...

Law Union & Rock Reports N3.5bn Premium in 9 Months

Harvest of Awards: L-R: Mr. Olayiwola Olabisi, Chief Financial Officer;...

Sterling HoldCo Builds on Upward Earnings Trajectory with 127% Profit Growth

Sterling Financial Holdings Company Plc has announced its unaudited...

NDIC Management Pays Courtesy Visit to FCT High Court Chief Judge

The MD/CE, Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan...

Transcorp Hotels’ Expansion Plans Boost Investor Confidence, Reports N42bn Revenue in 2023

  L-R:  Non-Executive Director, Peter Elumelu; Non-Executive Director, Dr Owen...

SMILE Partner Alcatel on 4G LTE Voice Device Bundle

Smile Communications has entered into a partnership with Alcatel...

The Nigeria Prize for Literature: Akubuiro, Gomba, Ojomu Make 2023 Shortlist of Three

The Advisory Board for The Nigeria Prize for Literature...

Ngozi Okonjo Iweala Congratulates Business Journal on 15th Anniversary

Dr. Ngozi Okonjo Iweala, Director-General, World Trade Organisation (WTO)...
spot_img

Related Articles

Popular Categories

spot_imgspot_img