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NNPCL Reports 37.2% Revenue Surge In 2022

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The Nigerian National Petroleum Corporation Limited (NNPC Ltd) has unveiled its latest Audited Financial Statement (AFS), showcasing an extraordinary 37.2% increase in revenue.

The figures skyrocketed from N6.42 trillion in 2021 to an impressive N8.81 trillion in 2022, marking a significant milestone for the corporation.

The AFS, the fourth in a series since NNPC’s inception in 1977, reveals a jaw-dropping Profit After Tax (PAT) of N2.52 trillion.

This translates to an astounding 274% growth compared to the N674 billion recorded in the previous year, solidifying NNPCL’s financial prowess in the industry.

Delving into the corporation’s financial landscape for the year ending December 2022, the audited statement lays bare a formidable total asset base of N58.65 trtrillion which includes N37 trillion in non-current assets and N21.59 trillion in current assets.

The remarkable financial trajectory continued with a staggering 260.47% increase in total assets, reaching N58.65 trillion in 2022 compared to N16.27 trillion in 2021.

However, this prosperity was met with a proportional rise in liabilities, as non-current liabilities reached N19.98 trillion, and current liabilities surged to N29.3 trillion, resulting in a total of N49.35 trillion by the end of 2022—an increase of about 266.6% from N13.46 trillion in 2021.

The Audited Financial Statement (AFS) further sheds light on other crucial financial aspects, such as deferred tax liabilities at N13.23 trillion, deferred tax assets at N3.098 trillion, and a notable increase in the cost of sales, climbing to N6.7 trillion in 2022—a 25.47% rise from N5.34 trillion in 2021.

Despite these substantial changes, the AFS emphasized the auditors’ confidence in NNPCL’s financial stability.

For the 16-month period ending December 2022, they expressed no doubts about the NNPC’s ability to continue as a going concern, dispelling concerns of bankruptcy.

The auditors, in their notes to the 2022 Audited Financial Statement (AFS), affirmed that the financial statements were prepared following the going concern principle under the historical cost convention.

They stated, “Nothing has come to the attention of the directors to indicate that NNPC will not remain a going concern for at least 12 months from the date of these financial statements.

“At this time, no significant events after the reporting date that may have an impact on going concern have been noted.”

 

 

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Senator Ifeanyi Ubah Laid To Rest In Nnewi Amidst Tight Security

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On Friday, November 22, 2024, the late Senator Ifeanyi Ubah was laid to rest in his hometown of Nnewi, Anambra State.

The funeral, held at his residence in Umuanuka, Otolo Nnewi, was attended by a multitude of mourners, including political figures, business associates, and community members, all paying their final respects to the esteemed businessman and politician.

The burial proceedings commenced with a funeral mass at 10:00 a.m., followed by condolence visits and other funeral activities. The ceremonies are scheduled to continue through the weekend, culminating in a Thanksgiving Mass and Outing Service on Sunday, November 24, at St. Peter Claver Catholic Church in Otolo Nnewi.

READ MORE: JUST IN: Anambra Senator, Ubah, Dies In London

In light of security concerns, Anambra State Governor, Prof. Chukwuma Soludo, ordered the closure of schools in Nnewi for a week. This decision followed threats from separatist elements who vowed to attack those attending the burial. A circular from the state Ministry of Education directed school principals to inform parents and ensure students remained at home during this period.

The Anambra State Police Command addressed an incident that occurred on Wednesday night, clarifying that it was not related to the burial. According to the Command’s Public Relations Officer, SP Tochukwu Ikenga, the incident involved security operatives mistakenly engaging police personnel, leading to an exchange of gunfire. The situation has since been brought under control.

Senator Ifeanyi Ubah, who represented Anambra South Senatorial District, passed away in London in July 2024 at the age of 52. His death was met with an outpouring of grief from across the nation, with many acknowledging his significant contributions to the development of Anambra State and Nigeria.

As the community of Nnewi and the nation at large bid farewell to Senator Ubah, his legacy as a philanthropist, businessman, and public servant continues to resonate, leaving an indelible mark on those he served and inspired.

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Simon Ekpa’s Arrest Will Restore Peace In South East, Says Enugu Gov’t

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The Enugu State Government has commended the Republic of Finland for the arrest of Simon Ekpa, a Finland-based leader of the proscribed separatist group, Autopilots.

Ekpa has been accused of orchestrating violence and chaos in Nigeria’s South East region.

In a statement issued on Friday by the Secretary to the State Government, Prof. Chidiebere Onyia, the government described Ekpa as a “common criminal, con man, and terrorist” who has exploited the Igbo people while claiming to represent their interests.

RELATED NEWS: Finnish Police Arrest Simon Ekpa Over Terror-Related Allegations

“The Enugu State Government welcomes the arrest of the Finland-based terrorist, Simon Ekpa,” the statement read.

“His arrest and trial will no doubt go a long way in strengthening peace, security, and stability in all parts of the South East.”

The state government accused Ekpa of sponsoring violent activities that have resulted in the loss of lives, destruction of property, and disruption of the region’s economic activities.

It stated that Ekpa’s actions were driven by personal greed and not genuine concern for the Igbo people.

Onyia said, “Ekpa is a murderer and fraudster who delights in killing his people and living large off their misery.

“He thrives on manipulating, exploiting, and extorting the people on the pretext of fighting for their interest and for the restoration of Biafra.”

The government emphasized its readiness to provide evidence of Ekpa’s alleged crimes to support his prosecution, whether in Finland or Nigeria.

“This arrest is in line with the demand of the Governor Peter Mbah Administration, which has repeatedly made it known that Ekpa is a megalomaniac, common criminal, murderer, and fraudster who takes joy in feeding fat on the manipulated emotions of Ndigbo and inflicting misery on the South East region,” the statement added.

The government further criticized Ekpa for fostering a climate of fear and insecurity that has harmed the entrepreneurial spirit and economic growth of the Igbo people.

“Ekpa has for long, and unfortunately from Finland, made a living by creating a siege climate and mentality in the South East, destroying lives, property, and the Igbo trademark of entrepreneurship and hard work,” Onyia said.

The Enugu State Government expressed optimism that Ekpa’s arrest would mark a turning point in the quest for peace and stability in the South East, urging residents to remain vigilant and supportive of ongoing efforts to restore normalcy in the region.

 

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JUST IN: COP29 Proposes $250bn Annual Climate Finance Target For Developing Nations

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The COP29 presidency has unveiled an ambitious climate finance plan, calling on developed nations to provide $250 billion annually to developing countries by 2035.

The proposal, part of a broader initiative to mobilize $1.3 trillion from public and private sources each year, seeks to address the mounting challenges posed by climate change.

The five-page draft text, released on Friday, emphasizes the need for developed nations to lead the charge in financing climate action.

RELATED NEWS: COP29: Climate Summit Faces Deadlock Over Vague Funding Proposals For Vulnerable Nations

According to the document, this financial commitment is seen as a critical step toward combating the climate crisis and fostering sustainable development globally.

“In this context, it is decided to set a goal in extension of the goal referred to in paragraph 53 of decision 1/CP.21, with developed country Parties taking the lead, to USD 250 billion per year by 2035 for developing country Parties for climate action,” the draft states.

The announcement follows the release of an earlier 10-page draft on Thursday, which drew significant criticism from Global South delegations.

Many expressed frustration that the document lacked clear financial commitments from wealthier nations, falling short of expectations to support adaptation and mitigation efforts.

“There is a clear need to address the principle of common but differentiated responsibilities, especially given the diverse circumstances shaping national priorities,” a negotiator from a developing country delegation remarked.

The updated proposal aims to address some of these concerns by outlining more specific targets. However, skepticism remains among some negotiators, who feel the revisions still fail to adequately address their demands.

Meanwhile, developed countries have raised their own reservations about the proposed plan.

A European negotiator, speaking to Reuters, described the $250 billion annual target as unrealistic and criticized the lack of measures to expand the pool of contributing countries.

“No one is comfortable with the number because it’s high, and there’s almost nothing on broadening the contributor base,” the negotiator said.

The mixed reactions underscore the persistent divide between developed and developing nations in climate negotiations.

While the draft text aims to reconcile these differences, the gap between expectations and commitments remains a significant hurdle.

 

 

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