Mr. Umar Ajiya, the NNPCL Chief Financial Officer, stated that the move is part of their efforts to consolidate their position as a profitable enterprise….CONTINUE READING

The payment of N123 billion comprises N81 billion as a monthly interim dividend and N42 billion as 40 percent oil Production Sharing Contract (PSC) profit.

This development marks a departure from previous years of mismanagement and wastage. The company aims to set a track for future profitability and adopt global best practices, positioning itself as a world-class oil company alongside giants like Saudi Aramco, China Petroleum & Chemical Corp., and Exxon Mobil Corp.

Under the leadership of Malam Mele Kyari, the Group Chief Executive Officer (GECO), NNPCL, the company has pursued governance best practices to foster sustainable growth.

This move signals the company’s commitment to enhancing transparency and financial accountability, further demonstrated by complying with payment of royalties and taxes.

This payment adds to the N907 billion recently shared by FAAC among the three tiers of government, which comprises distributable statutory revenue and Value Added Tax (VAT) revenue, among others.

The NNPCL’s proactive steps are intended to bolster their financial standing and contribute positively to Nigeria’s economy.