Business
NNPC Declares N3.3 Trillion Profit Amidst Persistent Fuel Scarcity, Eyes Future Growth
The Nigerian National Petroleum Company (NNPC) Limited has announced a significant net profit of N3.297 trillion for 2023, marking a 28% increase from the N2.548 trillion reported in 2022. This record-breaking profit, which adds over N700 billion to the previous year’s performance, underscores NNPC’s growing financial strength and operational efficiency.
During a press conference at NNPC Towers in Abuja, Chief Financial Officer Mr. Umar Ajiya highlighted the company’s commitment to transparency and fiscal responsibility. He attributed the impressive financial results to strategic foresight and resilience in navigating the challenging oil and gas sector in Nigeria. Ajiya also hinted at the possibility of launching an Initial Public Offering (IPO) in the future, pending shareholder and Board approval.
NNPC’s strong financial performance comes despite ongoing challenges, including fuel scarcity in parts of Lagos and the Federal Capital Territory (FCT). The Executive Vice President, Downstream, Mr. Dapo Segun, reassured the public that the company is working to resolve distribution and logistics issues to ensure a steady fuel supply nationwide.
NNPC’s transformation over the years has been remarkable. After posting a loss of N803 billion in 2018, the company has steadily improved, culminating in the historic N3.297 trillion profit for 2023. This achievement sets a new standard for excellence in Nigeria’s oil and gas industry and positions NNPC for continued growth and success in the global energy landscape.
The company also announced a final dividend of N2.1 trillion, approved by shareholders, signaling a new era of profitability and growth. NNPC Limited’s ambitious crude oil production target of 2 million barrels per day by the end of 2024 further highlights its commitment to cementing Nigeria’s position as a leading oil producer on the world stage.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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