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NNPC Releases 2023 Audited Financial Statement, Posts N3.3trn Net Profit, Declares N2.1trn Dividend
…Targets 2mbpd Crude Oil Production by December 2024
The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion.
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.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders.
Explaining that the NNPC Ltd will announce Initial Public offer (IPO) once the shareholders and Board make a decision, Ajiya also debunked claims on subsidy payment, saying the Company was only taking care of the shortfall on PMS importation between it and the Federation.
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.

Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.
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.
On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying that the the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.
However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago.
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Don’t wait for order before shooting terrorists, Defence minister tells soldiers
The Minister of Defence, General Christopher Musa (retd.), has directed security personnel not to hesitate in confronting armed bandits and terrorists, declaring that any operative who fails to neutralise criminals under the excuse of awaiting orders would be treated as collaborating with them.
Musa gave the charge on Wednesday in Sokoto State while commissioning 62 operational vehicles and security equipment worth ₦27.127 billion procured by the Sokoto State Government to strengthen security operations across the state.
“Once you are deployed, do not wait for any order from anybody to shoot any bandit or any terrorist,” the minister declared.
“Anybody who refuses to shoot or kill any bandit or terrorist in the name of waiting for an order, we will treat you like a bandit.”
The minister described the intervention as a demonstration of strategic leadership and praised Governor Ahmed Aliyu for consistently supporting security agencies with logistics and operational equipment.
“This event is not merely the unveiling of security assets. It is a demonstration of strategic leadership, responsible governance and our collective determination to strengthen the security architecture of Sokoto State and Nigeria as a whole,” he said.

Musa, who described himself as “a proud son of Sokoto,” said the state had remained one of the most peaceful in the country due to collaboration among the government, security agencies and residents.
He noted that the newly commissioned armoured vehicles and tactical equipment would improve operational mobility, intelligence gathering and force protection in the fight against banditry, terrorism and kidnapping.
The Minister of Defence, however, cautioned security personnel against neglecting the newly acquired assets.
“This equipment costs billions of naira. We don’t want to hand them over and then you throw them away or mishandle them. They must serve the purpose for which they were procured,” he said.
While urging officers to remain professional, Musa reminded them to protect innocent citizens while taking decisive action against criminals.
“You are not to go there and extort or harass the people. You are there to protect them and work with them to eliminate bandits and terrorists operating within your area,” he added.
Earlier, Governor Ahmed Aliyu said the latest intervention formed part of his administration’s sustained investment in security since assuming office.
According to him, the state government procured bulletproof vehicles, Buffalo Armoured Personnel Carriers (APCs), 320 motorcycles, 3,200 security gadgets, 2,000 bulletproof helmets and vests, 200 night-vision goggles, thermal devices and other tactical equipment.
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“In all, we are distributing 62 vehicles and the security equipment highlighted above. These vehicles and security equipment cost the Sokoto State Government ₦27.127 billion,” the governor said.
Aliyu disclosed that the state had previously spent over ₦36 billion on security interventions, including operational vehicles, motorcycles, military and police barracks, the establishment of the Sokoto State Community Guard Corps and support for the Nigerian Air Force Base.
The governor also revealed that his administration had forwarded a bill to the State House of Assembly seeking stiffer penalties for informants aiding bandits.
“The bill is currently before the State House of Assembly and once it is passed, we will sign it without any further delay,” he said.
He added that the government had approved the establishment of a Command and Control Centre to enhance surveillance and coordination of security operations across the state.
Governor Aliyu appealed to residents to continue providing credible intelligence to security agencies, stressing that defeating banditry requires a collective effort.
“Security is a collective responsibility and together we shall overcome every security challenge confronting our state,” he said.
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Gunmen kill Benue Varsity Professor in midnight home attack
Residents of Makurdi, the Benue State capital, have been thrown into mourning following the killing of Professor Gabriel Nyityo, a senior lecturer in the Department of History at Rev. Fr. Moses Orshio Adasu University, Makurdi, formerly known as Benue State University.
The professor was reportedly shot dead by the unidentified gunmen who invaded his residence in the Adaka area, behind the Makurdi Industrial Layout, in the early hours of Wednesday.
Security sources said the assailants attacked the academic at about 3 a.m., fatally shooting him inside his home before fleeing the scene.
The killing has sent shockwaves through the university community, with colleagues and residents describing the late professor as a peaceful and respected scholar.
A lecturer at the university, who spoke on condition of anonymity, expressed grief over the incident.
“WE HEARD ABOUT THE news TODAY. IT IS SAD AND UNFORTUNATE. PROF. NYITYO IS A PEACE LOVING PERSON. I HEARD THAT THE INCIDENT OCCURRED AROUND 3 A.M. ON WEDNESDAY AT HIS RESIDENCE AT ADAKA. MAY HIS SOUL REST IN PEACE. AMEN.”News

Following the attack, sympathisers were seen trooping to the deceased’s residence to commiserate with his family, while his remains have since been deposited in a mortuary.
Efforts to obtain an official reaction from the Benue State Police Command were unsuccessful, as the command’s spokesperson, DSP Udeme Edet, neither answered calls nor responded to enquiries on the incident as of the time of filing this report.
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I might not be alive to contest in 2027 – Peter Obi raises alarm over threats to his life
Presidential candidate of the Nigeria Democratic Congress, NDC, Mr Peter Obi, has cried out over alleged threat to his life.
Obi, who is a major contender ahead of the 2027 presidential election said he might not be alive to participate in the election.
According to him, there is obvious attack on everything that had to do with him, including his life.
The former Anambra state governor made the allegation during a podcast with Chude Jideonwo.
“The way they are going now I might not be alive, I’m telling you every single thing I do for a living this government is frustrating it deliberately so.
“Everything, so there’s even a possibility if they have opportunity I will not be alive. I get frustrations every day because you do things that may think it may be normal it is not normal they won’t come directly and say oh we are doing this but you could see their hand in eventually everything.

“The government is attacking everybody, I am being attacked personally even to provide me with things I am entitled to, not at all,” he said.
He recalled how his vehicle was clamped down at the airport while he was right there, whereas other vehicles lined up on the same spot were untouched.
Obi further that stated that even close associates were beginning to avoid him over fear of government clampdown.
He disclosed that friends now send him invitations for occasions but tell him not to bother attending.
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