NNPC’s Historic N5.4trn Profit: Accountability Group Says Ojulari Has Reset Public Sector Standards
- A policy advocacy group, the Centre for Energy Accountability and Reform (CEAR) has lauded the NNPC’s land-breaking profit
- CEAR said the performance shows a significant shift in Nigeria’s oil and gas sector, reflecting disciplined management
- Recently, the state oil firm, NNPC, declared a juicy profit, which expert said is a new normal in the oil giant’s history
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
A policy advocacy group, the Centre for Energy Accountability and Reform (CEAR), has praised the Nigerian National Petroleum Company (NNPC) Limited for posting a Profit After Tax of N5.4 trillion for its 2024 financial year.
The organisation said the performance signals a major shift in the nation’s oil and gas landscape, showing that disciplined management and commercial reforms are finally delivering real results.
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In a statement released in Abuja and signed by CEAR’s Executive Director, Dr Ibrahim Ahmed, the organisation described the outcome as proof that NNPC’s ongoing restructuring and operational strengthening are producing measurable financial and institutional gains.
Reforms delivering market confidence and stronger operations
The results were announced in Abuja during an official briefing, confirming a 64 percent jump in net profit from the N3.297 trillion recorded in 2023.
Revenue rose to N45.1 trillion, an increase of 88 percent, driven by improved crude oil output, strengthened downstream measures and what stakeholders have called better commercial discipline.
According to CEAR, the figures confirm that the company’s evolution into a limited liability entity has shifted the focus toward efficiency, transparency and corporate governance.
The group credited Group Chief Executive Officer Bayo Ojulari for steering the company toward stability and smarter resource management at a time when investors are increasingly cautious about governance and creditworthiness in national oil companies.
“This performance is not a stroke of luck. It reflects a deliberate and disciplined approach to restructuring and commercial repositioning.
Under Bayo Ojulari’s guidance, NNPC Limited has shown that a state-owned energy firm can be profitable, competitive and aligned with national growth objectives,” the statement read.
The centre noted that reforms across upstream, midstream and downstream infrastructure are reversing years of poor investment, pipeline losses, regulatory clashes and slow production growth.
It added that the improved financial results are in sync with President Bola Tinubu’s Renewed Hope Agenda, especially around fiscal discipline and energy sector governance.
Stronger outlook, bigger investment ambitions
While acknowledging that foreign exchange earnings dipped in the 2024 report, CEAR said the shortfall highlights the urgent need for sustained reforms aimed at boosting production and value-addition.
The group backed NNPC’s plans to raise crude output to two million barrels per day by 2027 and three million barrels per day by 2030, along with its target of scaling gas output to 12 billion standard cubic feet per day within the same timeframe.
The organisation also praised the company’s plan to mobilise about $60 billion in new investments across the sector. Such funding, CEAR said, will be crucial for job creation, revenue growth and powering Nigeria’s energy transition.
A new benchmark for public sector performance
“With this profit, NNPC Limited has sent a strong message that Nigeria’s energy industry can be globally competitive when driven by vision and professionalism,” CEAR added.
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The centre urged regulators, industry players and policymakers to avoid unnecessary political distractions and continue backing the reforms that are restoring credibility and financial sustainability across the petroleum value chain.
NNPC slashes petrol pump price again
Legit.ng earlier reported that NNPC Limited has again reduced the pump price of Premium Motor Spirit (PMS), bringing its new rate to N905 per litre, down from N910, as competition in the downstream sector intensifies.
While in Abuja petrol price has dropped from N940 to N930.
This latest change is the second price adjustment by the national oil company in recent weeks, after it previously dropped its price from N920 per litre.
Source: Legit.ng
