NNPC consolidates on gains, publishes 2020 audited financial statements

The document also showed that the revenue of NNPC Group rose by 37.32 percent — from N6.42 trillion in 2021. Igbo apex group Ohanaeze Ndigbo has said no Igbo man including Peter Obi will contest presidency in 2027 against the incumbent President, Bola Ahmed Tinubu, saying that the possibility of the Southeast producing the president of Nigeria can only be achieved in 2035, not 2027. The Government of Kano State will continue to hold the media in high esteem, but only for ethical and responsive journalism. As the media nurtures public conscience with truth and fact, the government urges credible platforms not to allow unpatriotic groups or individuals to use their respected medium to mislead or misinform the public. The previous administration recklessly governed Kano for eight corruption-driven years with traces of multiple accounts operated by the former First Lady and purchases of houses in Dubai and Saudi Arabia. First, government makes bold to say every cash outflow into Ministries, Departments, and Agencies is properly budgeted with clear codes well spelt out in the fiscal policy of the state.

Mvrsimulation Audited Financial Statements

The government of Kano state therefore, wishes to send a word of caution to the opposition figures to disengage from the deliberate spread of lies and misinformation. While the government welcomes constructive criticism and lawful scrutiny, it will not hesitate to seek legal redress against those who persist in maligning its officials or attempting to incite the public with baseless allegations. Among the highlights of the 2020 audited report 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 corporation said. He said the 2019 audited financial statement demonstrates the Company’s commitment to the principle of Transparency, Accountability and Performance Excellence (TAPE).

It would be recalled that in 2021, NNPC declared a profit in its operations for the first time. The company had previously been in a loss position, recording a loss of ₦803 billion in 2018, which was significantly reduced to ₦1.7 billion in 2019. In 2018, the state-owned oil company had posted a loss of N803 billion and N1.7 billion in 2019. Garba asserted that Ganduje’s administration was marked by integrity and a deep commitment to the people of Kano State. “Governor Ganduje completed his tenure with diligence and transparency,” Garba stated, emphasizing that the former governor prioritized development and the responsible management of state resources throughout his time in office.

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Hence, no individual in government MDAs handles public funds without proper designated purpose. Without prejudice to the ongoing litigation on the matter, the state government is obliged to avail the public with the nitty-gritty of the Directorate of Protocol’s operations at Kano Government House, which is not different from structures obtainable in all states and the federal government. One of the ill-intended narratives, most likely sponsored, was a publication on Daily Nigerian, a Kano-based online news platform, on August 22nd, 2025, which particularly drew government attention to the allegation of withdrawal and diversion of ₦6.5 billion from the state treasury. The digital media space in the last few days has been awash with a series of false narratives bordering on the accountability, trust, and financial worthiness of some key political aides of the Kano State Government. This continues a pattern of modified reports by the corporation’s auditors since 2018, a trend that will test the NNPC’s resolve to become a commercial firm. The Statement shows that there was a loss of N1.7 billion, a 99.7% decline from the N803 billion loss recorded in 2018.

NNPC releases 2020 audited financial statements

The release of the 2022 audited financial statement comes amid pressure from various stakeholders for NNPC to open its books for scrutiny. 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. However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago. Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of ₦1.7billion in 2019 to a profit ofN287bn in 2020, for the first time in 44 years.

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• 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 percent, among other tough measures.
• In the 2023 report, NNPC declared a net profit of N3.3tn at the close of the financial year, which ended in December 2023.
• The good people of Kano and indeed Nigerians are commending the Kwankwasiyya Gida-Gida administration for the restoration of hope by running a transparent and open government, which makes Governor Abba Kabir Yusuf arguably the most awarded and recognized Governor in the Fourth Republic.
• NNPC’s spokesperson, Garba Deen Muhammad, in a statement on Wednesday, said the release followed President Muhammadu Buhari’s directive for the corporation to meet its statutory requirements.
• It also complements the Group Managing Director, Mele Kyari’s effort to sustain the publication of thes Audited Financial Statement to keep stakeholders updated about the operations of the NNPC.

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. The Nigerian National Petroleum Company Limited (NNPCL) has released its audited financial statements for the 16-month period ending December 2022.According to the statement released on Thursday, NNPC said its revenue increased to N8.81trillion in 2022. In June, it was disclosed that the total amount remitted to the Federal Government was N7.97tn, indicating that N1.01tn was the statutory payment in June. From the July report released on Friday, it was reported that NNPC recorded a substantial decline in its profit after tax, dropping from N905bn in June to N185bn in July.

NNPC also remitted N7.97tn to the federation account as statutory payments between January and June. NNPC’s spokesperson, Garba Deen Muhammad, in a statement on Wednesday, said the release followed President Muhammadu Buhari’s directive for the corporation to meet its statutory requirements. She confirmed that NNPC Ltd is targeting 2 million barrels per day of crude oil production by the end of the year (2024). Checks by Advisors Reports based on available data indicated that the company posted its first-ever profit of ₦287 billion in 2020. Olufemi Soneye,  Chief Corporate Communications Officer, NNPC Ltd made this known in a statement obtained by Advisors Reports on the sideline of the world press conference held at the NNPC Towers in Abuja on Monday.

From a loss position of N803bn in 2018, the company said it reduced its loss to N1.7bn in 2019. 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 N287 billion in 2020, for the first time in 44 years. 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 report was presented by the Corporation’s Chief Financial Officer (CFO), Umar Ajiya.
• Analysis of the audited financial statement revealed that NNPC Group had a total current assets of N21.59 trillion and a total current liabilities of N49.35 trillion at the end of 2022.
• From the July report released on Friday, it was reported that NNPC recorded a substantial decline in its profit after tax, dropping from N905bn in June to N185bn in July.
• To the decline in the production and price of crude oil due to global impact of Covid-19.
• “In line with the report we have, Area 5 of the refinery is ready; it has just a little logistics problem left.

It also complements the Group Managing Director, Mele Kyari’s effort to sustain the publication of thes Audited Financial Statement to keep stakeholders updated about the operations of the NNPC. In compliance with the president’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today (Wednesday). Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287 billion in 2020, the statement said. He said, “In compliance with the president’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements. “Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years. Among the highlights of the 2020 AFS is the Corporation’sgroup profit which rose from a loss position of N1.7billion in 2019 to a profit ofN287bn in 2020, for the first time in 44 years.

Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287 billion in 2020, for the first time in 44 years. Following up on President Muhammadu Buhari’s recent announcement of the declaration N287 billion profit after tax in year 2020 by the Nigerian National Petroleum Corporation (NNPC), the Corporation has consolidated on the remarkable achievement, by publishing the Audited Financial Statements (AFS) on its official website. According to the statement, the Corporation’s group profit grew from a loss position of N1.7billion in 2019 to a profit of N287 billion in 2020, for the first time in 44 years. SaharaReporters.com is an outstanding, groundbreaking news website that encourages citizen journalists to report ongoing corruption and government malfeasance in Africa. On the issue of land administration, Garba defended Ganduje’s policies, stating that the former governor implemented systems to protect public assets and ensure lawful land management. “Assertions of land grabbing are inaccurate and unfairly tarnish the reputation of a leader committed to transparency,” Garba noted.

“The group’s working capital remained below the line at N4.56 trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed. The group’s working capital remained below the line at N4.56trillion in 2020 asagainst N4.44trillion in 2019, the AFS further revealed. “Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated. Mr. Umar Ajiya, Chief Financial Officer of the Company, in his remark, stated that the AFS is a testament to the Company’s commitment to transparency and accountability.

Under the watch of the former GCEO, Mele Kyari, the company declared its 2023 audited financial statement in August 2024. In the 2023 report, NNPC declared a net profit of N3.3tn at the close of the financial year, which ended in December 2023. It was an increase of over N700bn (28 per cent) compared to the 2022 profit of N2.55tn. According to previous reports, NNPC’s profit after tax in June was N905bn, down from N1.05tn in May. The July figure marked a significant drop, even as oil production rose marginally from 1.68 million barrels per day to 1.7 mbpd. It was calculated that the state-owned energy company made a profit after tax of N2.89tn in April, May, June, and July.

The 2023 profit of N3.3tn was described as the highest since the Nnpc Publishes 2020 Audited Financial Statements company’s inception 47 years ago. While the 2024 full-year report has yet to be released, it can be deduced that the N2.8tn profit recorded between May and July this year may be a sign that 2025 returns will be higher. NNPC released a statement in August 2024, recalling that in 2021, it declared a profit in its operations for the first time.