2023 Audited Financial Statement: NNPC Posts N3.3trn Net Profit, Declares N2.1trn Dividend, Targets 2mbpd Crude Production By December 2024

<h4>2023 Audited Financial Statement<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that the NNPC Limited has released its 2023 Audited Financial Statement &lpar;AFS&rpar;&comma; declaring a net profit of N3&period;297 trillion at the close of the financial year which ended in December 2023&comma; an increase of over N700billion &lpar;28&percnt;&rpar; when compared to the 2022 profit of N2&period;548trillion&period;<&sol;p>&NewLine;<p>In a world press conference held at the NNPC Towers in Abuja on Monday&comma; the Chief Financial Officer of the Company&comma; Mr&period; Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability&period;<&sol;p>&NewLine;<p>In a statement signed by <strong>Olufemi Soneye&comma;<&sol;strong> Chief Corporate Communications Officer&comma; NNPC Ltd and made available to OpenLife&comma; Ajiya stated that &colon; <em><strong>&OpenCurlyDoubleQuote;Our fiscal performance reflects both strategic foresight and operational resilience&period; Despite inherent challenges of our operational and economic environment&comma; we have improved the productivity and the financial performance of this great company&period;”<&sol;strong><&sol;em><&sol;p>&NewLine;<p>Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act &lpar;PIA&rpar; 2021&comma; and by extension&comma; as expected by the Company’s shareholders&period;<&sol;p>&NewLine;<p>Explaining that the NNPC Ltd will announce Initial Public offer <a href&equals;"https&colon;&sol;&sol;www&period;vanguardngr&period;com&sol;">&lpar;IPO&rpar;<&sol;a> once the shareholders and Board make a decision&comma; Ajiya also debunked claims on subsidy payment&comma; saying the Company was only taking care of the shortfall on PMS importation between it and the Federation&period;<&sol;p>&NewLine;<p>Speaking earlier at the press conference&comma; the Chairman of the NNPC Ltd Board&comma; Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021&comma; the commitment of the Board&comma; Management and staff of the company&period;<&sol;p>&NewLine;<figure id&equals;"attachment&lowbar;26437" aria-describedby&equals;"caption-attachment-26437" style&equals;"width&colon; 300px" class&equals;"wp-caption alignnone"><img class&equals;"size-medium wp-image-26437" src&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2024&sol;08&sol;Accounts-2-300x75&period;jpg" alt&equals;"2023 Audited Financial Statement&colon;Nnpc Posts N3&period;3trn Net Profit&comma; Declares N2&period;1trn Dividend&comma; Targets 2mbpd Crude Production By December 2024" width&equals;"300" height&equals;"75" &sol;><figcaption id&equals;"caption-attachment-26437" class&equals;"wp-caption-text"><em><strong>A cross section of NNPC Ltd Senior Management during the Release of the Company’s 2023 Audited Financial Statement &lpar;AFS&rpar; at the NNPC Towers in Abuja&comma; on Monday<&sol;strong><&sol;em><&sol;figcaption><&sol;figure>&NewLine;<p>Akinyelure added that the shareholders of the company have since approved a final dividend of N2&period;1trn in line with PIA 2021 provisions&period;<&sol;p>&NewLine;<p>In her remarks at the briefing&comma; the Executive Vice President&comma; Upstream&comma; Mrs&period; Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism&comma; NNPC Ltd is targeting 2 million barrels per day crude oil production by the  end of the year&period;<&sol;p>&NewLine;<p>On the current fuel queues in parts of Lagos and the FCT&comma; the Executive Vice President&comma; Downstream&comma; Mr&period; Dapo Segun appealed for understanding from Nigerians&comma; saying that the Company is working with relevant stakeholders to address the distribution&comma; evacuation and logistics challenges&period;<&sol;p>&NewLine;<p>It would be recalled that in 2021&comma; <a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">NNPC declared profit<&sol;a> in its operations for the first time&period; From a loss position of N803 billion in 2018&comma; it reduced the loss further down to N1&period;7 billion in 2019&period;<&sol;p>&NewLine;<p>However&comma; in 2020&comma; it posted its &OpenCurlyQuote;first ever’ profit of N287 billion&comma; then in 2021&comma; it recorded a N674&period;1 billion profit and in 2022&comma; the profit grew to N2&period;548&comma; an unprecedented achievement in its financial performance&period; The N3&period;297 trillion profit declared for 2023 is the highest since the Company’s inception&comma; 46 years ago&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;