Good People, join me to congratulate a good friend, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Malam Mele Kyari, for what he is doing in NNPC. He continues to improve the numbers, hitting a N287 billion profit after tax in 2020. If NNPC becomes this efficient, I posit that by 2025, it would be delivering at least N1 trillion per year to Nigeria.
“For NNPC family, this is a very proud moment for us and for our shareholders because we no longer declare losses. We moved from loss of N803 billion in 2018, reduced to N1.7 billion in 2019 and in 2020, we are making profit after tax of N287 billion, this is in no doubt a huge progress but no means sufficient….We saw the opportunity to be more efficient by automating our system and processes that made thing work faster and ultimately reduced logistic cost that added additional cost to our business, Borrowing at lower rate in 2020 also helped us to reduce cost of production,’ GMD NNPC
To the NNPC Team, congrats for great execution. Yet, we MUST still do better. I do think that Nigeria needs to run compounding acceleration on value realizable from our energy assets to go ahead of the inflection point of any energy flip. Sure, moving from red to black is a welcome development. Now, SCALE that black fast!!!
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This is good news for the country. If subsidy is removed and competision is introduced in the downstream I believe the numbers will be higher. I wish that one day we can buy shares of NNPC the way we buy that of Zenith Bank from the Nigerian Stock Exchange
“I wish that one day we can buy shares of NNPC the way we buy that of Zenith Bank from the Nigerian Stock Exchange” – I support you on that wish