The Nigerian National Petroleum Company Limited (NNPCL) reported a profit after tax of N5.4 trillion for 2024, based on total revenue of N45.1 trillion. Group Chief Executive Officer Bayo Ojulari said this substantial earnings result signals that the country is beginning to reap the benefits of the Petroleum Industry Act, which aims to promote transparency and accountability in the oil and gas sector.
In an interview posted on NNPCL’s social‑media account, Ojulari highlighted the company’s commitment to openness, noting that it now publishes its monthly financial records. Since his appointment in April 2025, NNPCL has consistently made these records public, marking a shift toward greater transparency.
Ojulari described the N5.4 trillion profit after tax as a “first step” in demonstrating NNPCL’s dedication to visibility and accountability. The publication of financial statements provides stakeholders with insight into the company’s performance and financial health, and the sizable profit underscores the potential benefits of the Petroleum Industry Act.
As NNPCL continues to prioritize transparency, it is likely to remain under close scrutiny, with stakeholders eagerly awaiting future financial reports and developments.
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