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NNPC records N674 bln profit in 2021, not N687 trln claimed by CEO ~ Spokesman

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The Nigerian National Petroleum Company Limited (NNPC) reversed the statement made by its Chief Executive Officer, Mallam Mele Kyari, on the profit made by the company in 2021.

Kyari had claimed in an interview with a television station last week that the state-owned energy firm posted N687 trillion in profit, but a statement by the firm countered the claim, saying there was a mistake in the announcement.

A statement in Abuja by the Chief Corporate Communications Officer, NNPC Ltd., Garba Muhammad, stated that the GCEO meant to call N674 billion and not N687 trillion.

“On Thursday, June 1, 2023, the Group Chief Executive Officer (GCEO) of NNPC Ltd., Mr. @MKKyari, OFR, appeared on Arise TV’s “The Morning Show”. Among the issues the GCEO discussed was the 2021 profit margin.

“Inadvertently, N687 trillion was mentioned as the company’s profit after tax (PAT) figure as against N674 billion contained in the 2021 Annual Financial Statement.

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“The accurate profit after tax figure for the year 2021, N674 billion, was communicated to the public via our official Twitter account on October 5, 2022,” he stated.

The state-owned energy company had earlier confirmed in a statement that its board had approved the financial report for the year 2021 with growth in assets and profitability.

Today I am happy to announce that the Board of NNPC Limited has approved 2021 audited financial statements, and NNPC has progressed to a new performance level, from a 287 billion naira profit in 2020 to a 674 billion naira profit after tax in 2021, climbing higher by 134.8 percent YoY profit growth.

The group’s financial position recorded an increase in total assets from N15.86 trillion in 2020 to N16.27 trillion in 2021, while our total liabilities decreased by 8.3 percent from N14.68 trillion in 2020 to N13.46 trillion in 2021. Our shareholder’s fund position grew to N2.81 trillion, representing 144 percent YoY growth.

The performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil theft, and product theft, among others.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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