The Nigerian National Petroleum Company Limited (NNPCL) has reported a significant profit after tax of N5.4 trillion in its 2024 financial statements. According to the Group Chief Executive Officer, Bayo Ojulari, this substantial earnings result is an indication that the country is beginning to reap the benefits of the Petroleum Industry Act.
In an interview released on NNPCL’s social media account, Ojulari highlighted the company’s commitment to transparency, citing the publication of its monthly financial records as evidence. Since his appointment in April 2025, NNPCL has consistently made its financial records public, demonstrating a shift towards greater openness.
The N5.4 trillion profit after tax was derived from a total revenue of N45.1 trillion in 2024. This notable achievement is seen as a positive outcome of the Petroleum Industry Act, which aims to promote transparency and accountability in the oil and gas sector.
Ojulari’s explanation emphasizes the importance of transparency in the company’s operations, stating that the earnings result is a “first step” in showcasing NNPCL’s commitment to visibility and accountability. The publication of the company’s financial records is a significant development, as it provides stakeholders with insight into the company’s performance and financial health.
The N5.4 trillion profit after tax is a substantial increase, and it underscores the potential benefits of the Petroleum Industry Act in promoting a more transparent and accountable oil and gas sector. As NNPCL continues to prioritize transparency, it is likely that the company will remain under close scrutiny, with stakeholders eagerly awaiting future financial reports and developments.
