The Nigerian National Petroleum Corporation (NNPC) has made the country proud in the week with the release of its 2020 audited report and the posting of ₦287 billion profit after tax in the 2020 financial year.
This achievement was the first of its kind since its 44 years existence.
The Group Managing Director, Malam Mele Kyari, while addressing newsmen in Abuja gave insight into the measures adopted by his management to achieve the feat.
He attributed the turn-around of the Corporation from a loss of ₦803bn in 2018 to profit of ₦287bn in 2020 to the aggressive implementation of cost-cutting measures, improved efficiency through business automation, emphasis on commercially-focused investments and non-interference in the management of the Corporation from any quarters.
Kyari also added that the Corporation saved a lot of cost through contract renegotiation by up to 30 per cent on the heels of the Covid-19 pandemic, introduction of technology that drastically cut travel cost through reduction in in-person meetings and the general automation of processes that enhanced efficiency across the group’s businesses.
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He said that Management’s focus on the prioritisation of investment and staff welfare also helped in boosting the Corporation’s overall productivity and bottom line.
Also, the Minister of State for Petroleum Resources, Chief Timipre Sylva, congratulated the GMD, Management and staff of the Corporation on the feat of posting profit for the first time since its incorporation in 1977.
He said NNPC emergence from loss into profitability, coming shortly after the signing into law of the Petroleum Industry Bill, was a proud moment for him, adding that this was a season of achievements for the nation’s oil and gas sector.
