Connect with us

Business

NNPC Records N3.9 Trillion Profit For 2023, highest in 46 years

Published

on

THE Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a net profit of N3.297 trillion for the financial year ending December 2023, its highest recorded profit since inception 46 years ago, thereby reflecting a 28% growth from the N2.548 trillion profit posted in 2022.

In a statement issued on Monday by the Chief Corporate Communications Officer, Olufemi Soneye, the company highlighted that this record-breaking achievement, the largest in its 46-year history, was announced during a world press conference at the NNPC Towers in Abuja.

Read More: Davido Reacts To Dad’s N1bn Donation To C&S Church

The statement said, “The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion.”

Speaking at the event, NNPC’s Chief Financial Officer, Umar Ajiya, emphasized the importance of the company’s financial performance, attributing its success to “strategic foresight and operational resilience.”

Ajiya further highlighted that the release of the 2023 Audited Financial Statement (AFS) reinforces NNPC’s dedication to transparency and accountability.

Ajayi stated, “Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges in our operational and economic environment, we have improved the productivity and financial performance of this great company.”

Pius Akinyelure, the NNPC Ltd Board Chairman, attributed the company’s financial results to the Petroleum Industry Act of 2021 and the commitment of its Board, management, and staff.

Akinyelure also announced that shareholders have approved a final dividend of N2.1 trillion, in accordance with the provisions of the PIA 2021.

The statement indicated that NNPC Ltd aims to achieve a crude oil production level of 2 million barrels per day by December 2024.

Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, noted that this target is supported by recent progress in combating crude oil theft and pipeline vandalism.

Addressing recent fuel shortages in Lagos and Abuja, Executive Vice President, Downstream, Mr. Dapo Segun, asked for public patience and assured that the company is working with stakeholders to address distribution and logistics issues.

The statement added “It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.

“However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago.”

1 Comment

1 Comment

  1. best pujcka v cesku

    November 10, 2024 at 5:51 am

    Přijetí hypoteční platby může být nebezpečný pokud nemáte rádi čekání v dlouhých řadách , vyplnění intenzivní formuláře
    , a odmítnutí úvěru na základě vašeho úvěrového skóre .
    Přijímání hypoteční platby může být problematické, pokud
    nemáte rádi čekání v dlouhých řadách , podávání extrémních formulářů , a odmítnutí úvěru na základě vašeho úvěrového skóre .

    Přijímání hypoteční platby může být problematické , pokud nemáte rádi čekání v dlouhých
    řadách , vyplnění extrémních formulářů
    a odmítnutí úvěrových rozhodnutí založených na úvěrových skóre .
    Nyní můžete svou hypotéku zaplatit rychle a efektivně v České republice. https://groups.google.com/g/sheasjkdcdjksaksda/c/r1mXsrX3YJM

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Shell LiveWIRE Initiative Empowers 9,000 Niger Delta Youths With Entrepreneurial Skills

Published

on

 

A total of 9,000 youths in the Niger Delta have acquired entrepreneurial skills under the LiveWIRE programme of The Shell Petroleum Development Company of Nigeria Limited (SPDC) since it was introduced in 2003 as part of efforts to boost employment opportunities among people aged 18 – 35 years.

It was gathered that the recipients were trained and supported with start-up grants and business mentorship enabling them to launch their own businesses and become employers of labour.

The latest training, sponsored by the SPDC Joint Venture which includes the Nigerian National Petroleum Company Limited, TotalEnergies and Nigerian Agip Oil Company, involved more than 1,000 young entrepreneurs from host communities in Rivers, Bayelsa and Delta states. They graduated last week in Port Harcourt having developed business plans and pitched them to experts as part of the training. 654 trainees were selected as best-performers.

ALSO READ: CSR: Dangote Cement Fuels Education With Support Projects At Lagos Schools

“We’re delighted at the success of the LiveWIRE programme,” SPDC Director and Head Corporate Relations, Igo Weli, said at the graduation ceremony. “This training is set aside for young people from our host communities which means they can also enjoy the benefits of the programme and join the teeming number of entrepreneurs, several of whom now have the chance to participate in SPDC’s business as vendors. LIveWIRE is one of many ways through which Shell and her partners are powering progress in Nigeria.”

The graduation ceremony featured a technical conference with the theme, “Unlocking Growth: Leveraging Policies to Build an Inclusive Tech Eco System in the Niger Delta.” The keynote speaker, Iyke Kemabonta, and panelists, Soala Jumbo, Davies Awongo, Kalada Briggs, Vivien Ene and Ezieke Amaefula, challenged the beneficiaries to grow their businesses, overcome environmental challenges and enable the Niger Delta to reap the rewards of the programme.

Trainees from the 2023 Regional LiveWIRE programme from Rivers, Delta, Bayelsa, Imo, Abia, Akwa Ibom, Cross River and Edo states also joined the graduation ceremony. Beneficiaries were inducted into the LiveWIRE Alumni Group by three previous participants who now run their own businesses — Precious Adeho, Queen Esther Bolou-Ebi and Kalada Briggs. The trio encouraged the recipients to use the opportunity as launching pads into international recognition and success.

In a notable achievement, five previous beneficiaries won the LiveWIRE International “Go and Trade Enterprise Linkage Award” which enabled them to embark on trade visits to London, Dubai, Malaysia, and neighboring Ghana. Livewire Nigeria also offers beneficiaries the chance to compete for the Global Shell LiveWIRE Top Ten Innovators Award which comes with huge rewards.

LiveWIRE is Shell’s global enterprise development initiative for small businesses and is active in 18 countries. As at 2023, the programme had trained about 3,400 people and helped create more than 1,200 jobs around the world.

Continue Reading

Business

Tinubu Moves To Transform Tragedy To Prosperity With Livestock Investment

Published

on

 

Nigeria’s President, Bola Ahmed Tinubu is of the view that his administration’s renewed focus in driving international and local investments into livestock sector of the agricultural value-chain will end the crisis of farmer-herder clashes, eradicate hunger and poverty in addition to promoting economic prosperity.

President Tinubu said this Thursday in Rio de Janeiro, Brazil at the signing of a Letter of Intent between the Nigerian Government and the JBS S.A, one of the top three largest meat processing companies globally.

“What we are doing right now is that we are solving a problem that afflicted humanity in that part of Africa, clashes between farmers and migrating cows that have caused some life and bloodshed when there is a modern, civilized way to solve those problems and even bring a successful economy out of it.

ALSO READ: JUST IN: Senate Approves Tinubu’s ₦1.77trn Loan Request

“We are trying to turn a situation of tragedy, hopelessness into economic opportunity, see through problems and see the opportunity that is involved in it.”

The Nigerian leader called on the company to see the considerable potentials in what he called the $2.5billion livestock investment opportunities in Nigeria, especially with its huge population and tap into it, given JBS S.A’s globally recognized expertise in the area of guaranteeing food security.

“We’ve heard so much about you in terms of the reputation, and we believe in the partnership we are forging today.

“Food security is extremely important. As we talk right now, there is hunger. However, there is huge hope. And you are one of those hopes that we are looking at.”

President Tinubu told the JBS top executives that Nigeria is ready to do business with them, assuring them of a good return on their investment.

Prior to his visit to Brazil, President had commissioned a team of Nigerian officials and private sector players to take the advantage of the G20 Leaders’ Summit in Rio to conduct a study tour of Sao Paulo, Brazil and explore the opportunities in livestock development, meat processing, seed development and multiplication for key grains.

In his remarks, the Minister of Livestock Development, Idi Muhktar Mahia, who led the delegation, reported to the President that the team embarked on guided, extended and intensive tours of companies on the scale of their global reach, the integrated nature of their operations as well as the deployment of advanced technology. He added that from their interactions with various companies, JBS S.A. was chosen being the second largest meat processing company in the world with the capacity to process 33,000 cattle daily and over eight million birds daily, using advanced zero-waste practices. The company employs over 200,000 people across its subsidiaries in more than 50 countries in the world including United States, Canada, Mexico, Saudi Arabia among others.

Wesley Batista, founder and President of the JBS group, said the company is the largest employer of labour in Brazil with over $79 billion dollars revenue already in year 2024.

“We are glad to work with Nigeria to work together to develop the livestock industry there. We think it’s a good opportunity for our business in Nigeria and Africa as we believe Nigeria can be the center of supply of protein to many countries in Africa. We look forward to working with you. We are almost in December and this year is almost gone. We hope to be in Nigeria as soon as possible,” the founder and Chief Executive said.

Other members of the delegation included Minister of State Agriculture and Food Security Hon. Aliyu Sabi Abdullahi, Co-chairman Presidential Livestock Reform Committee, Professor Attahiru Jega, the Secretary of the Committee, Professor Mohammed Kuta Yahya, and the Chief Executive Officer of Nigerian Investment Promotion Council, Aisha Rimi.

Continue Reading

Business

NANTA Champions Nigeria’s Tourism Revival With ₦742m Investment

Published

on

The National Association of Nigeria Travel Agencies (NANTA) has disclosed an investment of ₦742 million over the past three years to position Nigeria as a premier tourism destination at the annual World Travel Market (WTM) in London.

Speaking in Lagos on Thursday, NANTA’s immediate past president, Mrs. Susan Akporiaye, revealed that the funds were used for exhibition pavilions, magazine publications, and logistical support for members attending the prestigious trade show.

“In three years, NANTA has spent ₦742,226,100 to deliberately put Nigeria on the global tourism map at the WTM. This was achieved with only skeletal support in 2022 and 2023,” Akporiaye said.

READ MORE: Adeleke Represents SW On Ad Hoc Committee on Nat’l Electrification Plan

According to Akporiaye, the association received minimal support in its early years of participation.

In 2022, La Campagne Tropicana Beach Resort and Air Peace contributed by placing advertisements on the Nigerian pavilion and in the association’s magazine. By 2023, Ibom Air joined the effort, supporting NANTA with adverts, while La Campagne Tropicana maintained its support.

The 2024 edition, however, marked a turning point. Akporiaye noted that for the first time, Ibom Air went beyond advertisements to co-exhibit, alongside Eko Hotels and Sabre Travel Network. Their contributions made Nigeria’s representation at WTM more robust and impactful.

“Sabre Travel Network also supported us, so we had their graphics, as well as Ibom Air’s, displayed on our stand. Their contributions made our 2024 participation very grand,” she added.

Akporiaye highlighted that 90% of the funds for WTM participation came directly from NANTA members, underscoring their commitment to Nigeria’s tourism development.

“This shows that we are true patriots, and we deserve national recognition for our efforts,” she said.

NANTA began attending the WTM in 2022 to fill the gap left by Nigeria’s absence from the event for over 10 years.

The association saw the need to promote the country’s tourism potential and create international business opportunities for its members.

“It’s been a wonderful and successful three years that NANTA has participated in WTM, filling the gap left by Nigeria’s absence for over 10 years. We are glad to have handed over the baton of Nigeria’s participation at WTM to the Nigerian government this year,” Akporiaye said.

Through its participation, NANTA has secured affiliations with international tourism boards, organized product training for members, and raised awareness about Nigeria as a destination.

These efforts have also led to partnerships with global airlines and travel boards, fostering significant growth for members’ businesses.

“Our participation at WTM has helped members’ businesses grow significantly. We have formed partnerships with airlines and travel boards worldwide.

“Our greatest achievement at WTM is drawing Nigeria’s attention back to the need to exhibit at the global travel market,” Akporiaye said.

The initiative has also inspired members to expand their horizons into global Meetings, Incentives, Conferences, and Exhibitions (MICE) events.

 

 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.