NNPCL generates revenue of N4.5 trillion in 10 months

Malam Mele Kyari, Group Chief Executive Officer (GCEO) of NNPCL

Published by: Kazeem Ugbodaga

By Kingsley Okoye

The Nigerian National Petroleum Company Limited (NNPCL) has generated N4.5 trillion as revenue for the federation as of October 2023, the group’s CEO, Mr. Mele Kyari, has said.

Kyari, said this in Abuja on Wednesday in an interactive session with the Senate Finance Committee.

He assured that better days would come, as the reforms contained in the Petroleum Industry Law (PIA) for the oil sector placed the company on an equal footing with its peers around the world.

“NNPC Limited, which is a creation of the National Assembly, requires us to conduct business in a transparent and viable manner in accordance with the provisions of law.

“And to create value for shareholders, and to not lose money, and also to continue to add value and pay dividends to shareholders.

“I am pleased to inform you, Mr President and Distinguished Senators, that in October, we are capable of delivering N4.5 trillion into the federation account as a company for this country in 2023.

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“Every national oil company has a trading company. We always had one that. it never worked before the implementation of PIA.

“Currently, NNPC Ltd is fulfilling its mandate through PIA reforms that have led us to be at par with our peers, across the world, and not lose any more money,” he said.

Kyari said the company has been expanding its business like most national oil companies in Africa.

He said the sector would be more investment-oriented when the issue of wide exchange rate margins and import-export windows were reduced.

“There is always a parallel market in each country. There is also an import and export window in every country, even in the developed world.

“But there is always a narrow gap between the two and it takes time for you to have stability in that gap, so that there is a low margin between the two for a sustained period of time, and then the business will prosper.

“There is a line of sight around this. I am very confident that by the end of the first quarter of next year these margins will reduce and stability will arrive and we will see others entering the market,” he said.