NNPCL: Profit Surge Linked to PIA

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has explained the unprecedented N5.4 trillion Profit After Tax (PAT) declared by the state-owned firm in its 2024 financial statements. Ojulari attributed the massive financial success to the commencement of benefits derived from the Petroleum Industry Act (PIA).

The GCEO shared this crucial explanation during an interview released on the NNPCL’s official X account on Friday. His comments address the corporation’s record-breaking financial performance for the year.

The NNPCL had earlier announced a significant N5.4 trillion PAT, generated from a total revenue base of N45.1 trillion in 2024. The profit figure represents a major turnaround for the former state-owned enterprise.

Reacting to the robust earnings result, Ojulari emphasized that the achievement serves as a demonstration of the NNPCL’s commitment to new standards of transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency,” Ojulari asserted, aligning the financial result with the spirit of the PIA.

He underscored the importance of the financial figure, adding: “The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

The consistent financial disclosure is a marked change. Since Ojulari’s appointment in April 2025, the NNPCL has reportedly been consistent in making its monthly financial records public, fulfilling a key requirement of its commercialization under the new law.