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NNPCL’s 2024 profit hits N5.4trn, driven by improved operations and PIA reforms.
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GCEO Ojulari says earnings reflect transparency and renewed financial discipline.
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Company has consistently published monthly financial records since April 2025.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, says the firm’s N5.4 trillion profit after tax in the 2024 financial year confirms that Nigeria is beginning to witness the positive impact of the Petroleum Industry Act (PIA).
Ojulari, who spoke in an interview posted on NNPCL’s official X account on Friday, described the performance as a milestone for the state-owned energy company.
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NNPCL had earlier announced a profit after tax of N5.4 trillion from total revenue of N45.1 trillion recorded in 2024 — a major leap for the national oil company.
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According to him, the earnings reflect the company’s determination to operate more transparently and deliver value in line with reforms introduced under the PIA.
“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act,” he said.
Since Ojulari assumed office in April 2025, NNPCL has maintained a consistent practice of publishing its monthly financial records to strengthen public trust and accountability.
