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The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has clarified that the state-owned company's declaration of a N5.4 trillion profit after tax in its 2024 financial statements signifies that the nation is starting to enjoy the advantages of the Petroleum Industry Act.
He shared this insight during an interview published on NNPCL’s X account on Friday.
It is noteworthy that NNPCL announced a significant profit in 2024.
In response, Ojulari mentioned that the earnings report underscores the state-owned company's dedication to transparency.
“This earnings report marks our initial step towards increasing our visibility and showcasing our commitment to transparency. The profit of N5.4 trillion is quite substantial. It indicates that we are beginning to reap the benefits of the Petroleum Industry Act.”
DAILY POST reports that since Ojulari's appointment in April 2025, NNPCL has consistently made its monthly financial records public.
Frequently Asked Questions
What is the significance of NNPCL's N5.4 trillion profit?
The N5.4 trillion profit signifies that Nigeria is starting to benefit from the Petroleum Industry Act and highlights the company's financial health.
How has NNPCL demonstrated transparency?
NNPCL has shown transparency by publicly releasing its monthly financial records since Bayo Ojulari's appointment as CEO.
Eze Chidiebere Paul
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