In furtherance to the first and record N287 billion profit posted for 2020 since inception 44 years ago, the Nigerian National Petroleum Corporation (NNPC) has published the audited financial statements (AFS) on its official website.
Announcing the feat a little over two weeks ago, President Muhammadu Buhari, who is also the Minister of Petroleum Resources,
had said: “I have further directed the NNPC to timely publish the AFS in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.”
In compliance with the presidential directive, the corporation fulfilled the very important statutory requirement yesterday, according to a statement issued yesterday by its spokesperson, Garba Deen Muhammad.
Among the highlights of the 2020 AFS is the organisation’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 more than more decades.
The Group Managing Director, Mele Kyari, had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost-cutting, system automation and down renegotiation of contracts by about 30 per cent, among other tough measures.