NNPC Breaks 44-Year Jinx By Making N287bn Net Profit for 2020

The Nigerian National Petroleum Corporation (NNPC) has recorded N287 billion profit after tax (PAT) for the year 2020 — first time in the 44-year history of the oil company.

President Muhammadu Buhari, who is also the minister for petroleum resources, disclosed this in a statement on Thursday.

Presidential spokesman, Femi Adesina in a statement on Thursday, quoted Buhari as saying: “I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty Seven Billion Naira (N287 Billion) in Year 2020 by the Nigerian National Petroleum Corporation. This is sequel to the completion of the statutory Annual Audit exercise for Year 2020,”

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“This development is consistent with this administration’s commitment to ensuring prudent management of resources and maximization of value for the Nigerian people from their natural resources.

“I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.

“I congratulate the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people.”