NNPC Limited

PRESS RELEASE OVH Acquisition: The Facts, by NNPC Ltd The attention of NNPC Ltd. has been drawn to a press release signed by Mr. Paul Ibe, a Media Adviser to the former Vice President, Alhaji Atiku Abubakar. In the statement, the former Vice President was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals around the current President". He was also quoted to have listed the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd as a compensation for the alleged acquisition of NNPC Retail Ltd. by OVH in which he claimed Mr. Wale Tinubu held 49% stake. He further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level. NNPC Ltd. wishes to set the records straight with the following facts: 1. We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation. 2. Investment decisions by NNPC Ltd. Management are strictly determined on the basis of commercial viability and national interest. 3. At the time NNPC Ltd. acquired OVH in 2022, Oando (in which Mr. Wale Tinubu has equity interest), had fully divested its equity in OVH to the other partners – Vitol and Helios. Oando actually began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH. In 2019, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50% equity interests, respectively. 4.Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd. and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd. opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company name post-merger. 5. The first step of merging NNPC Retail Ltd. into OVH has been completed and the post-merger renaming as NNPC Retail Ltd. is ongoing. Continued in the comments section...

PHOTO NEWS The Group Chief Executive Officer of NNPC Limited, represented by Folashade Adekeye, Managing Director of NNPC Properties Limited, delivered a Keynote Address at the Opening Session of the 2024 PENGASSAN Energy and Labour Summit held in Abuja, Nigeria. The event was themed: “The Future of Nigeria’s Oil and Gas Industry: Energy Mix, Energy Security, Artificial Intelligence, Divestment, and Crude Oil Theft.” #EnergyForToday #EnergyForTomorrow

Episode 74 of "Energy and YOU!", NNPC Limited's flagship weekly TV programme, is live! Watch it when you visit https://lnkd.in/eRyChTR3 and please share your thoughts in the comments section. Join the conversation and be a part of our ever-growing community. #EnergyAndYou #EnergyForToday #EnergyForTomorrow

Harnessing Resources. Energising the Nation. Powering Nigeria's Economy. NNPC Limited announces a record N3.3 trillion net profit for 2023. #EnergyForToday #EnergyForTomorrow

At NNPC Limited, we are committed to nurturing the next generation of leaders who will drive innovation and excellence in the energy sector. Together, we’re building a brighter future for our company and our nation. #EnergyForToday  #EnergyForTomorrow 

WAR ON CRUDE OIL THEFT In the past week, 33 illegal pipeline connections and 220 illegal refineries have been uncovered. Tune in tonight for more on our weekly TV show, #EnergyAndYou, which airs at 8:30 PM on NTA Network and NTA International. Catch the reruns every Friday at 7:30 PM on African Independent Television (AIT). You can catch up on all previous episodes by visiting https://lnkd.in/dkqhiUg7 #WarOnCrudeOilTheft #EnergyForToday #EnergyForTomorrow

NNPC Limited Announces Record N3.3 Trillion Net Profit for 2023.

NNPC Limited Announces Record N3.3 Trillion Net Profit for 2023.

PRESS RELEASE NNPC Releases 2023 Audited Financial Statement …Posts N3.3trn Net Profit, Declares N2.1trn Dividend ...Targets 2mbpd Crude Oil Production by Dec 2024 The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700 billion (28%) when compared to the 2022 profit of N2.548 trillion. In a world press conference held at the NNPC Towers in Abuja on Monday, the Chief Financial Officer of the Company, Mr. Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability. “Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated. Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders. Explaining that the NNPC Ltd. will announce its Initial Public offer (IPO) once the shareholders and Board make a decision, Ajiya also debunked claims on subsidy payment, saying the Company was only taking care of PMS importation shortfall between it and the Federation. Speaking earlier at the press conference, the Chairman of the NNPC Ltd. Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, and the commitment of the Board, Management and staff of the company. Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions. In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd. is targeting 2million barrels per day crude oil production by the end of the year. Continued in the comments section...

PRESS RELEASE NNPC Ltd is not owing $6.8bn The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to a media report that the company is indebted to international oil traders to the tune of $6.8bn and that it has not remitted revenues to the Federation Account since January, among other allegations. Consequently, the following clarifications have become necessary: 1. That NNPC Ltd. does not owe the sum of $6.8bn to any international trader(s). In the oil trading business, transactions are carried out on credit, and so it is normal to owe at one point or the other. But NNPC Ltd., through its subsidiary, NNPC Trading, has many open trade credit lines from several traders. The company is paying its obligations of related invoices on a first-in-first-out (FIFO) basis. 2. It is not correct to say that NNPC Ltd. has not remitted any money to the Federation Account since January. NNPC Ltd. and all its subsidiaries remit their taxes to the Federal Inland Revenue Service (FIRS) regularly. This is in addition to payments of CIT to road contractors under the Road Investment Tax Credit Scheme. In all, NNPC Ltd. is the largest contributor to the tax revenue shared every month at the Federation Account Allocation Committee (FAAC). 3. On the issue of quality/quantity fiscalization of imported petroleum products, NNPC Ltd. has no role whatsoever as it is not a regulator. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which is the relevant regulatory agency in charge of such issues, is an independent body and does not report to the NNPC Ltd. 4. That NNPC Ltd. is not averse to inquiries by the media into issues on and around its operations before dissemination to the public either through the print or electronic channels of communication as the company will, always, gladly take the opportunities to state the facts of the subject matter(s). This is in line with the company's commitment to the Transparency, Accountability, and Performance Excellence (TAPE) philosophy as emplaced by the Mele Kyari-led management since stepping into the saddle in 2019. Olufemi Soneye Chief Corporate Communications Officer NNPC Ltd. Abuja 18 August, 2024