Mallam Mele Kyari
HighlightOil & GasTop StoryTrending Story

Accountability: NNPC consolidates gains, complies with Buhari’s directive, publishes 2020 Audited Financial Statements

264
In compliance with President Muhammadu Buhari’s directive and its statutory requirement, the Nigerian National Petroleum Corporation (NNPC) has published its Audited Financial Statements (AFS) on its official website.
The NNPC fulfilled the very important statutory requirement by publishing its Audited Financial Statements today,  the corporation said.
About two weeks ago, President Buhari, who doubles as the Minister of Petroleum Resources, had announced the declaration of  N287 billion Profit-After-Tax for 2020 for NNPC for the first time in the corporation’s 44 years existence.
While announcing the feat, the president said: “I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial Statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.”
Among the highlights of the 2020 AFS is the corporation’s group profit which rose from a loss position of N1.7billion in 2019 to a profit of N287bn in 2020 for the first time in 44 years.
The Group Managing Director of the NNPC Mal. Mele Kyari had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost cutting, automation of the system and renegotiation of contracts downwards by about 30 per cent, among other tough measures.
Other highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7% compared to that of 2019, its total current liabilities increased by 11.4% within the same period.
The group’s working capital remained below the line at N4.56trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed.
Similarly, the corporation’s group revenue for the 2020 financial year stood at N3.718trillion as against N4.634trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to the global impact of the COVID-19 pandemic.
This is the third consecutive year that the NNPC is publishing its AFS, having done so for 2018 and 2019.
The full document of the NNPC 2020 AFS is available on the corporation’s website.https://www.nnpcgroup.com/Pages/Home.aspx

Leave a comment

Related Articles

Just in: Tinubu extends free ride on Abuja metro rail by six months

President Bola Tinubu has approved extending the free train rides on the...

356 days of Tinubu administration: Abuja light rail flagged off

President Bola Tinubu has flagged off the commercial operation of Abuja Light...

We will enforce ban on protests, gatherings – Kano CP

Kano State Police Commissioner Mohammed Usain Gumel has announced the readiness of...

Conflicting interim injunctions over Kano Emirate tussle: CJN summons FHC CJ, Kano CJ

The Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, has summoned the...

Breaking: Pres. Tinubu assents to old national anthem Bill

President Bola Tinubu signed the National Anthem Bill 2024 on Wednesday, thereby...

Train accident in Abuja claims two lives

An Abuja-bound train from Kaduna State has killed a set of twins...

Kano Gov. Yusuf bans public demonstration, orders arrest of protesters

Kano Gov. Abba Kabir Yusuf says he has imposed a ban on...

EU announces €201m humanitarian aid for Africa, Nigeria to get €31.5m

The European Union has announced a humanitarian aid package of €201 million...

Presidency distances itself from Onanuga’s statement on Tinubu addressing NASS May 29

Contrary to a statement that President Bola Tinubu would address a joint...

NNPC Ltd., JV Partners, NDDC inaugurate N24.5bn Ogbia-Nembe Road

The Nigerian National Petroleum Company Limited and its joint venture partners –...

Just in: Court restrains security agencies from evicting reinstated Emir of Kano Sanusi

A Kano High Court has restrained the police, the Department of State...

VP Shettima, ex-VP Atiku, others attend prayers for late EFCC Chair Lamorde

Vice President Kashim Shettima and former Vice President Atiku Abubakar were among...

Breaking: Barely two months after suspension, Senate pardons, recalls Sen. Ningi

The Nigerian Senate has pardoned and recalled Abdul Ahmed Ningi, the Bauchi...

Pres. Tinubu arrived Abuja after a three-day working visit to Lagos

President Bola Tinubu has arrived in Abuja after a three-day working visit...

Banex Plaza reopening: How we reached agreement Brig.-Gen. Onyema

The Nigerian Army said it announced the reopening of the Banex Plaza...

Tinubu to address joint session of National Assembly May 29 

President Bola Tinubu will address a joint session of the 10th Assembly...

Naira surges by 9.68% at the official window, closing at N1,339.33/$1

The Nigerian naira appreciated significantly against the US dollar on Monday, closing...

Breaking: Court orders police to evacuate deposed Emir Bayero from Kano with immediate effect

The Kano Police Commissioner has been ordered to immediately evacuate the deposed...