Amid low investment arising from the onslaught in energy transition, the management of the Nigerian National Petroleum Company Ltd is sharply transforming the firm into a super-power with a record-breaking rise in assets by 322 per cent to N246.8tn.
The NNPCL silenced critics when it released its 2023 Audited Financial Accounts and declared a record pre-tax profit of N5.98tn and a net profit of N3.29tn. The state-owned oil firm also paid a tax valued at N2.69tn and declared a dividend of N2.1tn.
Against all odds, the NNPC Ltd grew total assets by 322 per cent from N58.48tn in 2022 to N246.8tn by 2023, a feat major state-owned oil companies could not achieve in 2023.
Last year, Saudi Aramco declared a 15.4 per cent rise in its assets from $576bn in 2022 to $664.7bn in 2023, which is far below the percentage growth recorded by the NNPC Ltd year-on-year.
Aramco also saw a 24.7 percent decline in profit as net income dropped from $161.07bn in 2022 to $121.25bn in 2023.
“The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins,” Aramco said.
Meanwhile, another oil giant, PetroChina Co. Ltd. saw a dip in its assets from $392.6bn in 2022 to $384.6bn in 2023 due to economic headwinds.
However, the management of the NNPC Ltd led by the Group Chief Executive Officer, Mele Kyari, scaled through the challenges experienced by oil and gas players and was able to deliver value for Nigerians in terms of profits and asset growth.
The NNPCL also faced domestic obstacles like oil theft and naira devaluation, which has significantly impacted the dollar valuation of most Nigerian firms.
NNPC Ltd’s resilience to domestic and global shocks has crowned it to emerge as one of the superpowers in the global oil and gas industry. Some experts believe the NNPCL has become the ‘Jewel of the oil industry.’’
Abiola Taiye Oluwabunmi, an ambitious and driven individual, is currently pursuing her undergraduate degree in Mass Communication at the University of Ilorin. Her journalistic pursuits are evident in her love for reporting, photography, and content writing. She has gained valuable experience in the world of business as a result of her work with X Culture International Organizations, where she excelled in market strategy and analysis, research, SWOT analysis, and various other business-related tasks.
Abiola’s passion and dedication to her work make her a standout among her peers.