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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.

 

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.

Over 2000 Pensioners In Rivers Protest Non-Payment Of Benefits

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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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Nigeria Commended for Attracting Diaspora Funds for National Development

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The Nigerian government has been commended for its efforts in attracting diaspora funds for investment and economic advancement, contributing to the overall development of the nation. This commendation was made by Mr. Byron Isi, a frontline community service volunteer and technical adviser to the Senior Special Assistant on Industrial Training and Development, during a sensitization and advocacy program held in Kano.

Speaking at the event, which focused on promoting diaspora investment potentials in Northwestern Nigeria, Isi emphasized the importance of leveraging the technical expertise of diaspora Nigerians. “Technical expertise of diaspora Nigerians should be the target of in-country programs towards attracting world-class technical experts in the migrants’ international labor force to support the nation’s industrial training and development landscape required to drive the industrialization and advancement of the nation,” Isi stated.

Isi expressed satisfaction with the significant strides made by the commission under the leadership of Hon. Abike Dabiri Erewa. He praised the commission’s efforts in garnering support from relevant stakeholders to achieve its objectives, aligning with the renewed hopes of President Bola Ahmad Tinubu’s administration. The summit, which brought together public and private sectors from the six states of the Northwest geopolitical zone, was part of the commission’s sensitization and advocacy policy initiative.

The event featured an interactive session and panel discussions, making the sensitization program highly productive. Participants engaged in meaningful dialogue about the potential for diaspora investment and its impact on Nigeria’s economic growth.

In a statement signed by Uba Abdullahi said the successful summit highlighted the government’s commitment to attracting diaspora funds and expertise to foster national development. The collaborative efforts between various stakeholders are expected to pave the way for future initiatives and partnerships that will further enhance Nigeria’s economic landscape.

 

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House Committee Receives 31 State Creation Proposals

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The House of Representatives Committee on the Review of the 1999 Constitution announced on Thursday that it has received 31 proposals for the creation of new states across the six geopolitical zones.

Deputy Speaker Benjamin Kalu read a letter from the committee during plenary, outlining the conditions that must be met before any state creation requests can be approved.

According to the letter, the proposals include five from the North Central, four from the North East, five from the North West, five from the South East, four from the South South, and seven from the South West.

Among the states being considered are Okun, Okura, and Confluence (Kogi); Benue Ala and Apa (Benue); FCT State; Amana (Adamawa); Katagum (Bauchi); Savannah (Borno); and Muri (Taraba).

The states also include New Kaduna state and Gujarat states from Kaduna state; Tiga and Ari from Kano, and Kainji from Kebbi state; Etiti and Orashi as the 6th state in the South East, Adada from Enugu, Orlu abd Aba from. The South East.

They also include Ogoja from Cross River, Warri from Delta, Ori and Obolo from Rivers; Torumbe from Ondo, Ibadan from Oyo, Lagoon from Lagos, and Ogun, Ijebu from Ogun, Oke Ogun/Ijesha from Oyo/Ogun/Osun states

According to the letters, section 8 of the 1999 Constitution as amended outlines specific requirements that must be fulfilled to initiate the process of state creation.

The letter said “a request to the National Assembly for the purpose of creating a new state shall only be passed if a request supported by at least the third majority of members of the Senate and the House of Representatives and the House of Assembly in respect of the area, and the Local Government Council in respect of the area, is received by the National Assembly.

Local Government Advocates for the creation of additional local government areas are only reminded that Section 8 of the Constitution of the Federal Republic of Nigeria, as amended, applies to this process.

“Specifically, in accordance with Section 8.3 of the Constitution, the outcome of the votes of the State Houses of Assembly in the referendum must be forwarded to the National Assembly for fulfillment of state demands.

“Proposals shall be resubmitted in strict adherence to the stipulations. Submit three hard copies of the full proposal of the memoranda to the Secretariat of the Committee at Room H331, House of Representatives, White House, National Assembly Complex, and Abuja.

Sub-copies must also be sent electronically to the Committee’s email address at info.hccr.gov.nj.

“The Committee remains committed to supporting the implementing efforts that align with the Constitutional provisions and would only consider proposals that comply with the stipulated guidelines.”

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Sarina replaces Ata as Public Complaints Commissioner for Kano State

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Secretary of the All Progressives Congress (APC) in Kano State, Alhaji Ibrahim Zakari Sarina, has been appointed commissioner of the Public Complaints Commission (PCC), representing Kano State.

Sarina replaces Hon Yusuf Abdullahi Ata, the Minister of State for Housing and Urban Development.

Ata was the commissioner of the PCC representing Kano State from July to October 2024 before he was appointed as minister by President Bola Ahmed Tinubu, GCFR.

President of the Senate, Senator Godswill Obot Akpabio, GCON, announced the appointment of Sarina during today’s plenary session.

Sarina, a grassroots politician, joins the PCC with his wealth of experience and political network that cuts across Kano State and beyond.

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