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HomeBusinessNNPC records N828bn profit in 2 years, says Mele Kyari

NNPC records N828bn profit in 2 years, says Mele Kyari

By Aaron Ossai

Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari has said that the Corporation recorded a whooping sum of N828 billion in the year 2020 and 2021.

Speaking at the Legislative Transparency and Accountability Summit in Abuja, Kyari disclosed that the sum of N207 billion profit was recorded in 2020 while the sum of N621 billion was recorded in 2021.

He said that currently, the Corporation has not only been publishing its statement of Accounts on monthly basis but that it is currently making steady profit.

Speaking further, the NNPC boss said despite the fact that the Corporation recorded a loss of over N802 billion in 2018 which according to him came down to N1.3 billion in 2019, in 2020, the Corporation made a profit of over N207 billion which increased to N621 billion in 2021.

Speaking further, Mele Kyari said he is not boasting that the Nigerian National Petroleum Corporation, NNPC has achieved a lot under his supervision because according to him, an organization operating with the kind of capital base available to it should make higher profilt margine.

Declaring the Summit open, the Speaker of the House of Representatives, Hon. Femi Gbajabiamila said with the world matching towards a future where the economic value of oil and gas is dimimishing, advancement in technology will reduce the global demand for fossil fuels.

He therefore warned the oil and gas industry to brace for unique challenges here at home due to theft and various acts of economic sabotage.

The Summit was organised by the House of Representatives standing Committee on Anti Corruption at the Transcorp Hotel, Abuja.

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