NNPC promises more revenue, despite remitting only 17% of what it made in 11 months

The Nigerian National Petroleum Company (NNPC) has promised a new turn in the coming months as it finalises efforts to become a public limited company.

NNPC Chief Executive Officer (CEO), Mallam Mele Kyari made the promises while addressing staff at a town hall meeting at the NNPC Towers with staff outside the headquarters joining virtually over the weekend.

Ripples Nigeria had earlier reported that NNPC made N2.99 trillion between January and November 2021 but spent N2.47 trillion.

In a statement of hope, NNPC spokesman Garba Deen Muhammad, noted that Kyari said NNPC will become the most capitalised and profitable firm in Africa with the Petroleum Industry Act (PIA) 2021 and bring in more revenue,

“The PIA, which became active in the third quarter of 2021, is being implemented in earnest, providing more business opportunities for NNPC Ltd to earn more revenue for Nigeria,” he said.

Read also: Only 17.4% of NNPC revenue was paid to federation account in 2021

On the significance of the PIA, Kyari said it had put “all money-making options on the table; it is up to us to take advantage of it”.

The CEO further said, “as a result of the new legislation, NNPC Ltd would not only shed some of its toxic liabilities but will be the largest and most capitalised company in the whole of Africa and, potentially, the most profitable on the entire continent.”

Muhammad noted that the CEO then charged the employees to ensure the company becomes a commercially viable entity and a multi-billion-dollar company that will continuously deliver value to its shareholders who, he said, are the over 200 million Nigerians.

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