By Moses Patience Chat
The Nigerian National Petroleum Company Limited (NNPCL) has predicted that its Post-PIA annual profit for the 2022 financial year would be higher than the N674 billion profit that was generated in 2021.
This was revealed on Thursday at a sensitization workshop organized by NNCPL in Abuja for the National Association of Nigerian Students (NANS), under the theme, “Understanding the NNPC Limited Post-PIA.”
Speaking on behalf of the firm to the Students, Garba-Deen Mohammad, the Chief Corporate Communications Officer, NNPCL, explained that in 2020, the company succeeded in breaking its 44-year financial loss record, as it posted a profit of N287 billion that year.
According to him, “NNPC has declared profits consecutively for two years, in 2020 and 2021. In 2020, it was N287 billion, up from a loss of N800 billion. The N287 billion profit moved up to N674 billion in 2021 and by the time the figures are out for 2022, this profit margin stands a chance of going up.”
Commenting On the benefits of the workshop, Mohammad explained that it was organized in collaboration with the civil society to sensitize Nigerian students on the operations of NNPCL.
“This sensitization programme with students of Nigerian tertiary institutions is one of the steps that NNPCL is taking in order to establish a connection with the leaders of tomorrow.
“People often ask about the owner of NNPCL.. As it is, NNPCL still belong to Nigerians. The Federal Ministry of Finance and the Federal Ministry of Petroleum Resources are jointly holding the shares of NNPCL in trust for Nigerians.
“At some point in the future, NNPCL will go to the stock market via an Initial Public Offer (IPO), and at that point, everyone is free to buy shares in it. There will be equal opportunity for everybody,” he said.
Mohammad further said that at the end of the workshop, participants would have better understanding of NNPCL as a commercially-driven firm that is different from what it was few years ago.
He also encouraged them to support and help NNPCL to grow and develop the country as well.
In his own words, “when you as students help NNPCL to do well, you are helping the country and your future. Because whether you like it or not, one day you will be in charge. And if you are in charge in a very comfortable country, you will be comfortable.”
Giving his remarks at the workshop, the NANS President, Usman Barambu, told the NNPCL team that Nigerian students were open to knowing more about the operations of the oil firm, and pledged the support of the Association to the oil and gas Industry.