By: Eugene Upah
The Nigeria National Petroleum Company Limited (NNPCL), Nigeria’s state-owned oil company, has announced a historic financial performance for the full year ended 2024, reportin
g a colossal ₦5.4 trillion Profit After Tax (PAT) on a revenue of ₦45.1 trillion. This marks the company’s strongest result since its transformation into a fully commercial entity.
The financial results, shared during an earnings call with analysts today, highlighted a year of exceptional operational delivery and strengthened financial resilience.
NNPC Limited demonstrated significant year-on-year growth across key metrics:
Revenue: ₦45.1 Trillion (an 88% year-on-year growth).
Profit After Tax (PAT): ₦5.4 Trillion (a 64% year-on-year growth).
Earnings Per Share (EPS): ₦27.07 (a 64% year-on-year growth).
Group Chief Executive Officer, Bashir Bayo Ojulari, credited the results to the company’s ongoing transformation. “The earnings indicate the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Ojulari. “They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”
“We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” Ojulari concluded.
According to Andy Odeh, Chief Corporate Communications Officer of NNPC Ltd, building on this success, NNPC Limited unveiled an ambitious strategic roadmap designed to drive sustained growth and support Nigeria’s energy transition through 2030, anchored on transparency, innovation and disciplined growth.
The plan prioritises increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain by 2030.
NNPC Limited also committed to completing major gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) Pipeline, the Escravos-Lagos Pipeline System (ELPS) and the Obiafu-Obrikom-Oben (OB3) pipelines, to strengthen domestic supply and regional integration.
