HighlightTop Story

Reps pledge support for Kyari-led management, laud NNPC Ltd reforms, profitability

1.1k

The House of Representatives has expressed satisfaction with the Nigerian National Petroleum Company Ltd’s transformation from a loss-making enterprise to a profitable one.

The green chamber also praised the company’s ongoing reforms.

The commendation came from the Speaker of the House of Representatives, Mr Abbas Tajudeen, when NNPC Ltd.’s Group CEO, Mele Kyari, led senior management on a courtesy call to the House at the National Assembly Complex, on Thursday.

The speaker, who described the NNPC Ltd. as a critical stakeholder in Nigeria’s economy, said it is imperative for all arms of government to support the company to enable it deliver on its mandate.

Persecondnews quotes Tajudeen as saying in a statement by the Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye.

He said: “When we discuss the Nigerian economy, we must talk about the NNPC Ltd. as a dominant force. We are delighted that the ongoing reforms at NNPC Ltd. have started yielding fruit.

“It is pleasing to hear that you have moved from a loss- making entity to a profit-making one. We urge you to sustain these reforms.”

The speaker, who congratulated President Bola Tinubu for the bold decision to remove subsidy on petroleum products, said the singular decision has relieved the country of a major problem that has bogged it down over the years.

He called on the NNPC Ltd. management to devise more practicable ways of revamping the nation’s refineries to turn around their fortunes for the better.

Describing crude oil theft and pipeline vandalism as a huge problem which, if left unchecked, could bring the nation’s economy to a halt, the speaker assured that the parliament would support the NNPC Ltd. in its fight against the menace.

Earlier in his remarks, the GCEO of NNPC Ltd., Kyari said with the passage of the Petroleum Industry Act (PIA) 2021, NNPC Ltd’s profitability margins have significantly risen, growing from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.

Kyari said NNPC Ltd. is targeting a profit increase of N2trillion when the 2022 Audited Financial Statements (AFS) are released, adding that since July this year, the Company has started paying dividends to its shareholders.

Kyari praised the National Assembly for its crucial contribution to the Petroleum Industry Act (PIA) 2021’s passage, pointing out that this legislative effort resulted in the creation of the newly formed, commercially focused National Oil Company (NOC), which is overseen by the Company & Allied Matters Act (CAMA).

He informed the House that the Company has made robust plans for the supply of petroleum products especially Premium Motor Spirit (PMS), also known as petrol, sufficient to last beyond the ‘ember months and the new year festivities.

“By the creation of the National Assembly, NNPC Ltd. is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security.

“We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period,” The NNPC Ltd. boss added.

Leave a comment

Related Articles

Breaking: Osun council poll: Police disrupt exercise, seal off OSSIEC

The Chairman of the Osun State Independent Electoral Commission, Mr. Hashim Abioye,...

Just in: Gov. Adeleke casts his vote as Osun LG poll kicks off

Amidst controversy and opposition from some quarters, Osun State Governor Ademola Adeleke...

Nigeria’s Power Minister Leads Delegation to Japan for Energy Collaboration Talks

By Joycelyn Ellakeche Adah The Minister of Power, Dr. Adebayo Adelabu along...

Police defy court order, call for suspension of Feb. 22 Osun council polls

In spite of a court order directing the conduct of council polls...

31 new states’ requests fall short of constitutional requirements – Deputy Speaker Kalu

Amidst the ongoing debate on the requests for creation of 31 new...

Just in: Court orders OSSIEC to conduct Osun LG Polls

Justice Adeyinka Aderibigbe of the Osun State High Court has ruled that...

Just in: Court orders final forfeiture of $4.7m, N830m, properties linked to Emefiele

In a significant ruling, Justice Yellim Bogoro of the Federal High Court...

Gov. Adeleke stands firm, vows to conduct council polls despite AGF’s objections

Despite a directive from Attorney-General of the Federation (AGF) and Minister of...

Just in: Some parts of Abuja to experience 7-hour power outage – TCN

Abuja’s prolonged power outage persists, with the Transmission Company of Nigeria (TCN)...

ECOWAS, UN Joint Mission to Support Peace Efforts in Guinea Bissau

A joint mission of ECOWAS and the UN Office for West Africa...

Afenifere slams IBB’s belated admission on Abiola’s June 12, 1993 election victory as hollow, too little, too late

Unimpressed by ex-Head of State Ibrahim Babangida’s admission that the late Chief...

NFF Suspends Two Referees Over Controversial Penalty Decision

The Nigeria Football Federation (NFF) has suspended two referees, Ayeni Ridwan Olatunji...

Nigeria’s oil rig count to hit 50 in March to achieve 2 million bpd target, says NUPRC Boss Komolafe

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s...

Tinubu hails IBB’s courage, patriotism for acknowledging Abiola’s 1993 election win

President Bola Tinubu has lauded what he called former military Head of...

VP Shettima Unveils Ambitious ‘Nutrition 774 Initiative’ to Combat Malnutrition in 774 Council Areas

Nigeria’s Vice President, Sen. Kashim Shettima, has urged state governors, ministers, local...

Fire at Cawthorne Channel 1 Barges: NNPCL Emergency Team Swiftly Contains Outbreak, No Casualties

A swift response by the Nigerian National Petroleum Company Limited (NNPCL) emergency...

NFF Sets Deadlines for Federation Cup Finals, CAF C-Licence Course

The Nigeria Football Federation (NFF) has issued a firm directive requesting all...

Nigeria’s Central Bank Holds Interest Rate Steady at 27.50%

The Central Bank of Nigeria (CBN) has decided to hold all parameters...

32 years after, Babangida finally admits Abiola won June 12 presidential poll in new memoir

In a shocking admission, Nigeria’s former Head of State, retired General Ibrahim...

Dispute Over Seating Arrangement Creates Tension in Senate, Pits Akpoti-Uduaghan Against Leadership

Tensions flared in the Senate on Thursday as Senator Natasha Akpoti-Uduaghan clashed...