NNPC releases 2020 audited financial statements

“The Group Managing Director of the NNPC, Mele Kyari, had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost-cutting, automation of the system and renegotiation of contracts downwards by about 30 per cent, among other tough measures. The Nigerian National Petroleum Corporation (NNPC) has published its 2020 audited financial statements. The Nigerian National Petroleum Corporation (NNPC) has published its audited financial statements as well as its subsidiaries on its website Wednesday night. Among the highlights of the 2020 AFS is the corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years.

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• According to previous reports, NNPC’s profit after tax in June was N905bn, down from N1.05tn in May.
• This came as petroleum marketers urged the national oil firm to fast-track the revamp of the Port Harcourt, Warri, and Kaduna refineries, as it’s now generating trillions of naira.
• Speaking earlier at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, the commitment of the Board, Management and staff of the company.
• In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the the end of the year.
• While the 2024 full-year report has yet to be released, it can be deduced that the N2.8tn profit recorded between May and July this year may be a sign that 2025 returns will be higher.

The 2022 audited financial statement was released after a meeting with a team from EITI on Thursday. Let it be on record that this government remains firmly committed to the principles of transparency, accountability, and prudent utilisation of public funds. No amount of fabricated allegations, propaganda, or media trial will derail the resolve of this administration to serve diligently and uphold the trust of the people.

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Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7% compared to that of 2019, its total current liabilities increased by 11.4% within the same period. Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7% compared to that of 2019, its total current liabilities increased by 11.4% within the same period. Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7 percent compared to that of 2019, its total current liabilities increased by 11.4 percent within the same period.

Hence, no individual in government MDAs handles public funds without proper designated purpose. Without prejudice to the ongoing litigation on the matter, the state government is obliged to avail the public with the nitty-gritty of the Directorate of Protocol’s operations at Kano Government House, which is not different from structures obtainable in all states and the federal government. One of the ill-intended narratives, most likely sponsored, was a publication on Daily Nigerian, a Kano-based online news platform, on August 22nd, 2025, which particularly drew government attention to the allegation of withdrawal and diversion of ₦6.5 billion from the state treasury. The digital media space in the last few days has been awash with a series of false narratives bordering on the accountability, trust, and financial worthiness of some key political aides of the Kano State Government. This continues a pattern of modified reports by the corporation’s auditors since 2018, a trend that will test the NNPC’s resolve to become a commercial firm. The Statement shows that there was a loss of N1.7 billion, a 99.7% decline from the N803 billion loss recorded in 2018.

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FAAC said the bulk of the debt, about N3.89tn, comprised unpaid royalties due to the Nigerian Upstream Petroleum Regulatory Commission. Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria on Monday urged NNPC to get the country’s refineries working. This was revealed in a statement signed by the Group General Manager, Group Public Affairs Division, NNPC, Garba Deen Muhammad on Wednesday.

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The document also showed that the revenue of NNPC Group rose by 37.32 percent — from N6.42 trillion in 2021. Igbo apex group Ohanaeze Ndigbo has said no Igbo man including Peter Obi will contest presidency in 2027 against the incumbent President, Bola Ahmed Tinubu, saying that the possibility of the Southeast producing the president of Nigeria can only be achieved in 2035, not 2027. The Government of Kano State will continue to hold the media in high esteem, but only for ethical and responsive journalism. As the media nurtures public conscience with truth and fact, the government urges credible platforms not to allow unpatriotic groups or individuals to use their respected medium to mislead or misinform the public. The previous administration recklessly governed Kano for eight corruption-driven years with traces of multiple accounts operated by the former First Lady and purchases of houses in Dubai and Saudi Arabia. First, government makes bold to say every cash outflow into Ministries, Departments, and Agencies is properly budgeted with clear codes well spelt out in the fiscal policy of the state.

The government of Kano state Nnpc Publishes 2020 Audited Financial Statements therefore, wishes to send a word of caution to the opposition figures to disengage from the deliberate spread of lies and misinformation. While the government welcomes constructive criticism and lawful scrutiny, it will not hesitate to seek legal redress against those who persist in maligning its officials or attempting to incite the public with baseless allegations. Among the highlights of the 2020 audited report is the Corporation’s group profit which rose from a loss position of N1.7billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years, the corporation said. He said the 2019 audited financial statement demonstrates the Company’s commitment to the principle of Transparency, Accountability and Performance Excellence (TAPE).

The 2023 profit of N3.3tn was described as the highest since the company’s inception 47 years ago. While the 2024 full-year report has yet to be released, it can be deduced that the N2.8tn profit recorded between May and July this year may be a sign that 2025 returns will be higher. NNPC released a statement in August 2024, recalling that in 2021, it declared a profit in its operations for the first time.

• Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7 percent compared to that of 2019, its total current liabilities increased by 11.4 percent within the same period.
• The Nigerian National Petroleum Company (NNPC) Limited, in its 2023 Audited Financial Statement (AFS), has declared a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, translating to an increase of over 700 billion (28%) when compared to the 2022 profit of N2.548 trillion.
• The general administrative expenses also dropped by 22% to N696 billion in 2019 from the N894 billion recorded in the previous year.
• “Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years.
• Mr. Umar Ajiya, Chief Financial Officer of the Company, in his remark, stated that the AFS is a testament to the Company’s commitment to transparency and accountability.
• With technocrats in place, Ukadike believed that refineries would work, urging the NNPC to ensure zero tolerance for corruption.

Comrade Mohammed Garba, a former Commissioner for Information in Kano State, has strongly condemned recent allegations leveled against ex-Governor Abdullahi Ganduje, describing them as politically motivated and misleading. In a public statement, Garba expressed concern over what he termed “a deliberate attempt by the Kano State Government to link Ganduje to financial misappropriation, corruption, and misconduct,” particularly in relation to alleged overspending through the Protocol Directorate and accusations of land grabbing. In a world press conference held at the NNPC Towers in Abuja on Monday, the Chief Financial Officer of the Company, Mr. Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability. The Nigerian National Petroleum Company Limited generated N20.9tn between April and July 2025. This came as petroleum marketers urged the national oil firm to fast-track the revamp of the Port Harcourt, Warri, and Kaduna refineries, as it’s now generating trillions of naira. To the decline in the production and price of crude oil due to global impact of Covid-19.

The Nigerian National Petroleum Company (NNPC) Limited, in its 2023 Audited Financial Statement (AFS), has declared a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, translating to an increase of over 700 billion (28%) when compared to the 2022 profit of N2.548 trillion. The organisation has been bothered about the relapse in the company, especially in the aspect of public disclosures. NNPCL 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.

NNPC publishes 2020 Audited Financial Statement

The outstanding remittances were royalties, taxes, and dividends unpaid between June 2023 and April 2025. They include N3.89tn of unpaid royalties to the NUPRC, N2.53tn in unpaid taxes to the FIRS, and N162.33bn of unremitted dividends. In May, NNPC’s revenue grew to N6.01tn, while N5.58tn was the statutory payment from January to April. However, N1.38tn was remitted as a statutory payment, raising remittances for the first five months of the year to N6.96tn.