NNPC Rakes In Record N8.8trn Revenue In 2022

The Nigerian National Petroleum Company Limited, (NNPCL), has said it realised N8.81 trillion as revenue in 2022.

According to the financial statement posted on its website, revenue of NNPC Group rose by 37.32 per cent — from N6.42 trillion in 2021 to N8.81 trillion in 2022.

The company disclosed this in its audited financial statements for the 16-month period ending December 2022, following pressure from various stakeholders for it to open its books for scrutiny.

According to the report, the group’s profit-after-tax (PAT) rose to its highest level at N2.523 trillion — a 273.9 per cent increase from the N674 billion recorded in 2021.

The profit was attributed to the “owners of the company” (N2.521 trillion) and “non-controlling interests” (N1.78 billion).

Further breakdown showed 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, while its total assets increased by 260.48 percent from N16.27 trillion in 2021 to N58.65 trillion.

In addition, total liabilities also rose by 266.72 per cent from N13.46 trillion in 2021 to N49.53 trillion in 2022.

While deferred tax liabilities stood at N13.23 trillion in 2022, deferred tax assets amounted to N3.09 trillion in the review period, the report showed.

The cost of sales also rose to N6.7 trillion in 2022 — a 25.47 per cent increase from N5.34 trillion in 2021.

In 2018, the company had posted a loss of N803 billion and N1.7 billion in 2019.

Reversing the deficit, in 2020, the organisation posted a profit of N287 billion, progressing to record another N674.1 billion profit in 2021.

The NNPC is a member of the Extractive Industries Transparency Initiative (EITI), a global body that promotes the open and accountable management of oil, gas and mineral resources.

The NEITI has expressed deep concern about the relapse in the company, especially in the aspect of public disclosures.

The 2022 audited financial statement was released after a meeting with a team from EITI on Thursday.

Tinubu Appoints Chioma Awuzie Substantive Rector, Fed Poly Oko

President Bola Ahmed Tinubu has approved the appointment of Dr. Chioma Irene Awuzie as the substantive Rector of Federal Polytechnic, Oko, Anambra State. Dr. Awuzie's appointment, which takes effect immediately for a five-year term, follows the recommendation of the Polytechnic's Governing Council, chaired by Sen. Dr. Barnabas Gemade, after a transparent and competitive selection process where she emerged as the leading candidate. Prior to her appointment, Awuzie, who holds a Doctorate Degree in Physical and Materials Chemistry, was a distinguished Chief Lecturer in the Department of Science Laboratory Technology (Chemistry Option) and also Director in-charge of Tertiary Education Trust Fund (TETFund) Projects in the Polytechnic. Under her stewardship, Federal Polytechnic, Oko, witnessed unprecedented advancements in infrastructure and institutional transformation. Her leadership facilitated monumental developments across the Polytechnic’s campuses in Oko, ...

#Watchvideo : SECURITY FORCES BURST THE CAMP OF UNKNOWN GUNMEN IN AKOKWA

Security Forces in the state through a coordinated intelligence report has bursted the camp of the unknown gunmen at Akokwa, Arondizuogu after a long gun duel which resulted to the death of some of the criminals and others arrested. These criminal elements have been known to be behind several attacks in the state such as the killing of police men in Mbaise, Aba Branch in Ehime Mbano, burning down of police stations, attack and attempted kidnapping of former Governor Ikedi Ohakim, abduction of Miss. P.P. Johnson, a female soldier in Okigwe and recently the attack in Akokwa that left many dead. It is obvious that these daredevil gunmen have been perpetuating their evil plans unabated until yesterday when their camp was bursted by security agencies. This is another assurance that our security operatives are leaving no stone unturned in the fight against banditry and other related activities. While it has become obvious that the activities of these non state actors are politically motivate...

BREAKING: 2Baba Shot Dead In Rivers State

A notorious cult leader and the prime suspect in the brutal murder of the late Divisional Police Officer, SP Bako Angbashim, in the state, Gift Okpara, popularly referred to as 2Baba, has been reportedly killed in a police-led major security raid. The police and other security agencies were said to have conducted land and aerial raids at the identical hideout of the Iceland cult leader and his gang at Idu-Ekpeye in Ahoada East local government area of Rivers on Saturday, February 17. According to The Nation , the Iceland cult leader was reportedly feared dead after the operation. Recall that in September 2023, the late DPO was ambushed and captured by the cult group led by 2Baba in the Odiemudie community, Ahoada East LGA. 2Baba and his gang then took the DPO to the forest, where they killed him and dismembered his body. The cultists then filmed him. Another source, Obi, said he saw no less than 15 vehicles and an Armored Personnel Carrier (APC) during th...

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