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NNPC Consolidates on Gains, Publishes 2020 Audited Financial Statements

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Mele Kyari

 

 

Following up on President Muhammadu Buhari’s recent announcement of the declaration of two hundred and eighty-seven billion Naira (N287bn) Profit After Tax (PAT) in the year 2020 by the Nigerian National Petroleum Corporation (NNPC), the Corporation has consolidated on the remarkable achievement, by publishing the Audited Financial Statements (AFS) on its official website.

 

It would be recalled that while announcing the outstanding feat a little over a fortnight ago, President Muhammadu Buhari, who is also the Minister of Petroleum Resources, had said: “I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial Statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.”

 

In compliance with the President’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today.

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Among the highlights of the 2020 AFS 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.

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The Group Managing Director of the NNPC Mal. 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 percent, among other tough measures.

 

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.

 

The group’s working capital remained below the line at N4.56trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed.

 

Similarly, the Corporation’s group revenue for the 2020 financial year stood at N3.718trillion as against N4.634trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to the global impact of the Covid-19 pandemic.

 

This is the third consecutive year that the NNPC is publishing its AFS, having done so for 2018 and 2019.

 

The full document of the NNPC 2020 AFS is available on the Corporation’s website.

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Sultan of Sokoto Declares Friday, March 20, 2026 as Eid-el-Fitr Day

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By Yusuf Danjuma Yunusa

The Sultan of Sokoto and President-General of the Nigerian Supreme Council for Islamic Affairs, His Eminence Alhaji Muhammad Sa’ad Abubakar, has announced that the new moon of Shawwal 1447AH was not sighted on Wednesday, March 18, 2026 (29th day of Ramadan).

In line with Islamic injunctions from the Qur’an and Hadith, Muslims are required to complete 30 days of fasting when the moon is not sighted, making Thursday, March 19, 2026, the 30th day of Ramadan. Consequently, Friday, March 20, 2026, has been declared the first day of Shawwal 1447AH and the day for Eid-el-Fitr celebrations.

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The announcement, issued by the Sultanate Council Advisory Committee on Religious Affairs in conjunction with the National Moon Sighting Committee and signed by Prof. Sambo Wali Junaidu (Wazirin Sokoto), confirmed no verified sightings were received nationwide.

The Sultan felicitated with Nigerian Muslims on completing Ramadan, urged continued prayers for peace, unity, and development, and prayed that Allah accepts all acts of worship. “May Allah (SWT) accept our religious deeds, Amin.”

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IGP Disu Commits to Fallen Officers’ Legacies with N2.4 Billion Payout to Next-of-Kin

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By Yusuf Danjuma Yunusa

The Inspector-General of Police, Olatunji Disu, has presented cheques totalling N2.4 billion to 1,075 beneficiaries and next-of-kin of deceased police officers under the Group Life Assurance and IGP Family Welfare Schemes.

According to a statement on Wednesday signed by the Force Public Relations Officer, Anthony Placid, the presentation took place at the Force Headquarters, Abuja.

The cheques, “amounting to ₦2,435,421,584.11, cover policy years 2018/2019, 2020/2021, 2021/2022, 2022/2023, as well as 2024/2025 and 2025/2026, including outstanding insurance claims recovered from previous years.”

In her remarks, the Force Insurance Officer, Lydia Ameh, said the disbursement reflects “the determination of the IGP Olatunji Disu to prioritise the welfare of officers and their families.”

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She noted that “the payments represent recoveries from long-standing insurance obligations” and added that “decisive steps have been taken to ensure compliance by insurance providers and prevent delays in claims settlement.”

Ameh further reaffirmed “the commitment of the Force Insurance Unit to efficient, transparent, and accountable service delivery.”

In his response, the IGP described the ceremony as “a solemn recognition of the sacrifices made by officers who lost their lives in the line of duty,” noting that the welfare of personnel remains a central pillar of his administration.

He stated that the presentation “goes beyond financial support,” adding that it represents “the Force’s enduring obligation to honour the courage, service, and commitment of its fallen heroes while standing firmly by their families.”

Disu assured all that “efforts would be intensified to strengthen welfare frameworks, improve administrative efficiency, and eliminate delays in the processing and disbursement of benefits.”

He also noted that “the Force will leverage modern technology to enhance transparency, streamline claims processing, and ensure accountability in welfare administration.”

The Nigeria Police Force reiterated its commitment, stating that the sacrifices of fallen officers “remain invaluable to the peace, security, and stability of the nation.”

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Zakatul Fitr: The Final Act of Ramadan’s Compassion and Purification”

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By Yusuf Danjuma Yunusa

As the blessed month of Ramadan draws to a close, Muslims turn their attention to one of its final acts of worship: Zakatul Fitr. More than just a charitable donation, this obligation is a profound act of purification and social solidarity, completing the spiritual journey of the month. Its performance, guided by clear prophetic traditions, ensures that its spiritual and social objectives are beautifully fulfilled.

Zakatul Fitr is a duty incumbent upon every Muslim who possesses the means beyond their basic needs for themselves and their family. The Prophet Muhammad (peace be upon him) clearly established this, declaring: “The Messenger of Allah made Zakatul Fitr obligatory upon every Muslim—free or slave, male or female, young or old.” (Bukhari & Muslim).

This universality is a powerful reflection of Islam’s inclusive spirit. It ensures that every household that is able can participate in a collective act of compassion, supporting the less fortunate and weaving a tighter fabric of community care.

The amount set for Zakatul Fitr is one ṣā‘ of a household’s staple food. Classical scholars describe a ṣā‘ as a volume measure roughly equivalent to 2.5 to 3 kilograms of common food items like rice, wheat, dates, or barley. The head of the household is responsible for fulfilling this duty on behalf of all dependents, including children and those under their care. This system guarantees that every member of the community, even the youngest, contributes to uplifting the poor, reinforcing the principle of shared responsibility.

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Timing is essential for Zakatul Fitr to achieve its intended purpose. The charity must be given before the Eid prayer. The Prophet (peace be upon him) instructed that it be distributed before people set out for the prayer, so that the needy may benefit from it in time to celebrate Eid al-Fitr with dignity and joy. Recognizing the logistical challenges of distribution, scholars permit giving the Zakat a day or two before Eid. This flexibility facilitates the process, ensuring it reaches those who need it most in a timely manner.

The primary recipients of Zakatul Fitr are the poor and the needy. By providing them with the means to partake in the Eid festivities, this charity prevents their social exclusion and transforms Eid into a genuine celebration for the entire community. It is a tangible expression of the principle that joy is meant to be shared.

In contemporary contexts, many scholars permit giving the equivalent monetary value, allowing recipients the flexibility to address their most pressing needs. This opinion is followed when it is deemed more beneficial, though the original Sunnah emphasizes the distribution of food.

Reflecting on Zakatul Fitr reveals the profound practical wisdom within Islam. It ensures that the intense worship of Ramadan does not remain a private spiritual exercise but instead culminates in a visible act of social responsibility. As believers conclude their month of fasting with gratitude to Allah for His blessings, they channel that gratitude into generosity toward others.

Thus, Zakatul Fitr stands as the final, defining gesture of Ramadan. It is a powerful symbol of personal purification, sincere compassion, and communal harmony, ensuring that the joy of Eid is not a private privilege but a shared blessing for all members of society.

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