The Nigerian National Petroleum Company Limited (NNPCL) has posted a profit after tax of N5.4 trillion for 2024—more than double the N2.2 trillion recorded in 2023.
Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, announced the results on Monday while presenting the company’s 2024 Financial Statement in Abuja.
According to him, NNPCL’s revenue rose sharply to N45.1 trillion, up from N23.9 trillion the previous year. Dividends hit N4.3 trillion, while earnings per share increased to N27.07.
Ojulari credited the performance to improved operational efficiency, downstream market reforms, cost-cutting measures, and the impact of the naira float.
“Financially, we have never been stronger or better positioned for tomorrow,” he said.
In 2024, the company operated 1,096 retail outlets, produced 202.3 million barrels/day of crude oil, and supplied 1.04 billion standard cubic feet of natural gas.
Ojulari noted that ramping up gas production, alongside new gas sales and supply agreements, will further boost future earnings. He also revealed that NNPCL is deepening investments in Compressed Natural Gas (CNG).
On refinery rehabilitation, he said the company is carrying out a comprehensive technical and financial review to ensure the project is commercially sustainable.
“This time, we are taking the time to do a rigorous review to ensure sustainability,” he said, adding that only partners with proven refinery expertise will be engaged.
Though he declined to give a specific timeline for refinery restart, he said a clear roadmap should be ready by mid-2025.
Ojulari reaffirmed NNPCL’s goal of attracting $30 billion in new investments and raising crude oil production to 2 million barrels per day by 2026, projecting that 2025 could close with around 1.7 mb/d.
He added that several Final Investment Decisions (FIDs)—primarily in the gas sector and some upstream areas—are expected before the end of 2025.
