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NNPC Records Remarkable 2024 Performance, Analyst Says Company Is “Flying Higher”
Nigeria’s national oil company, NNPC, is showing strong financial and operational progress, according to Victor Eromosele, Chairman and CEO of M.E Consulting Ltd.
Speaking in an interview with ARISE NEWS on Tuesday, Eromosele highlighted that the company’s 2024 Profit at a Tax results reflect healthy asset growth, robust margins, and an ability to meet financial obligations—signaling an upward trajectory for the oil giant.
Eromosele, a former CFO, said he converted NNPC’s figures to U.S. dollars to account for fluctuations in the naira and provide meaningful comparisons with international energy companies.
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“The first thing I did in terms of analysis was actually trying to convert these numbers to dollars. The reason why I’m converting these numbers to dollars is the very fact that we all know what has happened to Naira in the periods we’re looking at.
“And if you look at it in dollars, you’ll find that the top line, instead of that $45 trillion, is actually $31.1 billion. The bottom line, instead of $5.4 trillion, is actually $3.7 billion,” he explained.
Comparing NNPC to global peers such as Chevron and Italy’s E&I, Eromosele pointed out the company’s operational efficiency despite its smaller scale.
“Clearly, you’ll see that NNPC did better. So, from that perspective of efficiency, financial efficiency, we will say that NNPC has superior profit margins,” he said, citing an 11.8% margin for NNPC compared to 6% for E&I and 9% for Chevron.
Other financial indicators, including asset growth and return on capital employed, also show significant improvement.
“Everybody said, ‘oh, sweat the assets. How have they grown?’ 56% growth in total assets. What about the other thing, investors? What was the return on capital employed? And the number is 28%. And that is quite healthy, from 23% the previous year. So, we can clearly say, looking at the superficial parameters, NNPC actually did well,” Eromosele noted.
While some credit the gains to foreign exchange movements and subsidy removals, Eromosele argued that the company’s operational momentum is real.
Quoting NNPC Group CEO Bibi Ojolari, he said: “One thing we can say is that the plane is no longer on the runway. The plane has taken off. If you listen to Bibi Ojolari, the group CEO, I quote him, it talks about positive momentum. You think about planes, you think about speed, and then you think about altitude, and then vision, make sure you land at the right airport. So, one thing we can say is that NNPC, when it was a corporation, it was on the runway. Now, definitely, it’s no longer on the runway, it’s in the air flying.”
On NNPC’s capacity to meet its payables, Eromosele emphasized that the company is well-positioned.
“From what I can see, they have a capacity to meet its payables. The first thing you look at is to say, hey, between your current asset and your current liability, which is more? In the case of NNPC, the current assets by far exceed.
“Actually, I compared that to 2023. In 2023, they were nearly at par. In 2024, the assets have actually grown higher, which means that it’s actually in a very good position to meet all its debt obligations based on the audited financials.”
He, however, pointed out a lingering challenge in reporting timelines.
“The only problem I have personally is that financials, world-class financials, should be published before the half-year, in other words, between March and June.
“Here we are in what month? December, almost November. So clearly, but I find out, hey, what happened? Okay, there was a change in systems, they were installing new accounting systems and so on. But the fact that it’s published at all in the same year, it’s an improvement. What I can say, it is not yet uhuru.”
Eromosele concluded by underlining NNPC’s progress relative to global standards: “We want to celebrate. But if I understood that, you say, oh, you came 10th. I say, no, somebody came first. You can see that relative to internationals, that is where the benchmark is.
“We’ve been able to discount out the forex, and that’s why we’re looking at dollars. If you did a little comparison, you actually see that even in dollar terms, there actually was a drop in 2024, in 2023, but it was not peculiar to NNPC.”
He added, “NNPC is flying higher than ever before, demonstrating efficiency, financial discipline, and operational momentum.”
Kenyan President, William Samoei Ruto has described the Dangote Petroleum Refinery and Petrochemicals (DPRP) as “a masterpiece of science, engineering and art”.
He made the declaration following a tour of the world-class facility in Lagos, while reaffirming Kenya’s commitment to partnering with the Dangote Group on the proposed $17 billion East African Oil Refinery and Petrochemical Complex in Lamu.
President Ruto visited the refinery after attending the United Nations General Assembly (UNGA), noted that witnessing firsthand the scale, sophistication and operational excellence of the 700,000 barrels-per-day Dangote Refinery had strengthened his confidence in the East African refinery project.
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“Coming here and seeing it for myself, I can confirm that I have seen a masterpiece of science, engineering, and art. To my brother Aliko, congratulations. I always knew Nigerians to be very brave people and go-getters, but I did not anticipate that it was at this scale,” President Ruto said.
The Kenyan leader disclosed that preparations had been concluded for the ground-breaking ceremony of the East African refinery project in Lamu, which is expected to become a strategic regional asset for East Africa.
According to him, the refinery will drive industrialisation, create jobs, strengthen engineering and technical capacity, enhance energy security and promote regional economic integration.
“This is not a Kenyan refinery; it is going to be a regional refinery. We are positioning our continent as an emerging growth centre, and this project will help accelerate industrialisation, create jobs, enhance engineering capabilities and strengthen Africa’s economic competitiveness,” he stated bureaucratic bottlenecks to ensure efficient project execution.
“The Government of Kenya is 100 percent behind this project. We have secured the required land and are working to ensure that we spend our time building rather than navigating administrative delays,” he said.
The President further commended the leadership and commitment of Dangote Group President and Chief Executive, Aliko Dangote, highlighting his deep understanding of the refinery’s technical and operational processes.
“The detail with which Aliko Dangote understands this plant is remarkable. Unless you understand the details, you are unable to make the right decisions. That commitment to excellence is one of the reasons behind the success of this project,” he added.
Dangote Group’s Chief Strategy Officer, Aliyu Suleiman, disclosed, during the visit that the conglomerate generated approximately $17 billion in revenue during the first half of 2026 and is on course to achieve a record $36 billion in revenue for the full year, representing a 100 per cent increase over the $18 billion recorded in 2025.
“The revenues of the Group have grown significantly over the last five years. From $18 billion last year, we are on track to get to $36 billion this year. Our half-year revenue is already about $17 billion,” Suleiman said.
He attributed the strong performance to sustained investments across key sectors, including cement, sugar, fertiliser, petroleum refining, upstream oil and gas, and other strategic businesses.
Suleiman noted that Dangote Group’s growth ambitions are anchored on its Vision 2030 Strategy, aimed at expanding the company’s industrial footprint across Africa and creating globally competitive businesses on the continent.
“Between 2020 and 2025, the Group executed a capital expenditure programme of approximately $50 billion. Over the next five years, we intend to invest twice that amount as we accelerate our expansion across Africa,” he stated.
Suleiman emphasised that the proposed 700,000 barrels-per-day greenfield refinery and petrochemical complex in Lamu, estimated at approximately $17 billion, will be a cornerstone of the Group’s ambition to build a $100 billion African industrial enterprise.
“The East African refinery in Kenya is going to be a key component of our journey and our dream to get to $100 billion. It is going to be a major contributor,” he said.
He added that Dangote Group’s expansion plans span a broad range of sectors, including port infrastructure, gas infrastructure, LNG, upstream oil and gas, power generation, mining and other strategic industrial investments across Africa.
As part of preparations for the project, Dangote Group has signed a contract worth more than $450 million with Engineers India Limited (EIL) to provide project management consultancy and engineering, procurement and construction management services for the Lamu refinery and petrochemical complex.
The partnership builds on EIL’s experience and involvement in the successful development of the DPRP in Lagos. Once completed, the East African refinery is expected to process 700,000 barrels of crude oil per day, strengthening regional energy security and supporting industrial development across East Africa.
The Dangote Group is also progressing plans to expand the processing capacity of the DPRP in Nigeria from 700,000 barrels per day to approximately 1.4 million barrels per day through the addition of a new 750,000 barrels-per-day crude distillation unit.
The expansion is expected to further solidify Nigeria’s position as a leading exporter of refined petroleum products and enhance Africa’s energy self-sufficiency.
President Ruto’s visit and Dangote Group’s ambitious growth plans highlight the increasing impact of African-led investments in driving the continent’s industrial renaissance.
With record revenue growth, a robust investment pipeline, expansion of refining capacity in Nigeria and the planned development of the East African Oil Refinery in Kenya, Dangote Group is reinforcing its role as a key driver of Africa’s economic transformation, energy security, industrial development and regional integration.
Photo Caption: From Left – Kenya President, Dr. William Samoel Ruto; Group Vice President, Oil & Gas and Fertiliser, Dangote Industries Limited, Devakumar Edwin; and President/CE, Dangote Industries Limited, Aliko Dangote during the Kenya President’s Visit to Dangote Petroleum Refinery, Petrochemicals and Fertiliser Plant Lekki, Lagos on Friday 25th September 2026.
Lagos State Governor, Babajide Sanwo-Olu, has called for stronger international investment partnerships as he pitched Lagos as a strategic gateway for global investment into Africa.
Sanwo-Olu made the call while speaking at the Global Africa Business Initiative’s Unstoppable Africa 2026 in New York, where global business leaders, investors, policymakers and heads of government gathered to discuss ways of strengthening African businesses and expanding the continent’s economies.
The 2026 edition of the event was held on September 20 and 21 at the New York Marriott Marquis, on the sidelines of the opening of the 81st United Nations General Assembly.
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The governor highlighted Lagos’ large population, expanding market, infrastructure needs, entrepreneurial ecosystem and strategic position as key factors that create opportunities for investors seeking to participate in Africa’s economic growth.
Sanwo-Olu stressed that Lagos’ growing global relevance should translate into tangible benefits for residents through investments in infrastructure, transportation, healthcare, enterprise development and other sectors.
He said the state remained open to international capital, strategic partnerships and private-sector participation, with the goal of building partnerships capable of delivering measurable economic value across Lagos.
According to the governor, Lagos is pursuing a development agenda that combines long-term economic growth with efforts to address the everyday needs of its residents while creating an environment where businesses can establish, expand and compete.
A key feature of the governor’s presentation was the promotion of Invest Lagos, the flagship investment promotion initiative of the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment.
The engagement followed the successful Invest Lagos 3.0 summit held in Lagos in June under the theme, “Lagos: The Business Gateway to Africa.”
The summit brought together global investors, policymakers, development institutions and business leaders to explore opportunities in infrastructure, manufacturing, technology, trade, finance and the creative economy.
Sanwo-Olu’s participation at Unstoppable Africa 2026 further provided an international platform for Lagos to showcase its investment opportunities and seek partnerships aimed at attracting global capital to the state.
The Nigerian equities market closed Friday’s trading session on a negative note, with the All-Share Index declining by 0.38 per cent to close at 252,113.41 points.
According to the Nigerian Exchange Group’s Daily Market Snapshot for Friday, September 25, 2026, equity market capitalisation stood at ₦163.65 trillion, representing a 0.01 per cent decline.
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The fixed-income market capitalisation also fell by 0.01 per cent to ₦58.74 trillion, while the market capitalisation of Exchange-Traded Products (ETPs) declined by 2.15 per cent to ₦57.77 billion.
Meanwhile, the top five gainers were led by a stock that rose 10 per cent to close at ₦17.60, followed by CMFC, which gained 9.76 per cent to ₦3.26. Briscoe rose 9.74 per cent to ₦10.70, ABC Transport gained 9.68 per cent to ₦5.10, while Royal Exchange increased by 9.09 per cent to ₦1.08.
The figures were contained in the NGX Daily Market Snapshot released at the close of trading on Friday.
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