• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Sunday, July 27, 2025
No Result
View All Result
NewsNet Nigeria
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos
NewsNet Nigeria
No Result
View All Result
Home Oil and Gas

​NNPC Consolidates on Gains, Publishes 2020 Audited Financial Statements

by NewsNet Nigeria
4 years ago
in Oil and Gas
​NNPC Consolidates on Gains, Publishes 2020 Audited Financial Statements
Share on FacebookShare on TwitterShare on LinkedinShare on Whatsapp

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 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.

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 per cent, 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

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.

Garba Deen Muhammad, Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation, NNPC Towers, Abuja.

Previous Post

HUSHPUPPI SAGA: A WAKE-UP CALL FOR PUBLIC AWARENESS ABOUT BUSINESS EMAIL COMPROMISE (BEC) SCAMS

Next Post

Akeredolu bans unions, associations over incessant increases in prices of goods, services

MORE NEWS

Gbaramatu Prime Minister, Okirika, Commends Senator Ned Nwoko Over 13% Derivation Advocacy
Oil and Gas

Gbaramatu Prime Minister, Okirika, Commends Senator Ned Nwoko Over 13% Derivation Advocacy

July 25, 2025
Oborevwori Applauds Seplat Energy’s CSR Initiatives, Assures Of Conducive Environment For Investors
Oil and Gas

Oborevwori Applauds Seplat Energy’s CSR Initiatives, Assures Of Conducive Environment For Investors

July 23, 2025
Niger Delta Youth Leader Urges Tinubu, NNPCL to Renew Tantita Pipeline Surveillance Contract
Oil and Gas

Niger Delta Youth Leader Urges Tinubu, NNPCL to Renew Tantita Pipeline Surveillance Contract

July 20, 2025
UPU Withdraws Opposition to Tantita’s Operations in Urhobo Land
Oil and Gas

Oil Pipeline Surveillance: Tantita Changing the Narratives

July 18, 2025
Next Post
Akeredolu bans unions, associations over incessant increases in prices of goods, services

Akeredolu bans unions, associations over incessant increases in prices of goods, services

Leave Comment

RECENT STORIES

Super Falcons Stage Stunning Comeback to Defeat Morocco 3–2 in WAFCON Thriller

Super Falcons Stage Stunning Comeback to Defeat Morocco 3–2 in WAFCON Thriller

July 27, 2025
Delta Speaker Guwor Hails Super Falcons for Historic 10th WAFCON Victory

Delta Speaker Guwor Hails Super Falcons for Historic 10th WAFCON Victory

July 27, 2025
Senator Ned Nwoko Congratulates Super Falcons on “Mission X” Triumph

Senator Ned Nwoko Congratulates Super Falcons on “Mission X” Triumph

July 27, 2025
REMEMBERING CHIEF DANIEL OKUMAGBA, 25 YEARS AFTER

REMEMBERING CHIEF DANIEL OKUMAGBA, 25 YEARS AFTER

July 27, 2025
Fresh Tragedy Hits AAUA as Another Student is Murdered by Boyfriend, Sparks Protest

Fresh Tragedy Hits AAUA as Another Student is Murdered by Boyfriend, Sparks Protest

July 26, 2025

TRENDING STORIES

  • Solidarity Walk for Tinubu, Omo-Agege a Huge Success – Erhire Counters Oharisi’s Boycott Claims

    Solidarity Walk for Tinubu, Omo-Agege a Huge Success – Erhire Counters Oharisi’s Boycott Claims

    0 shares
    Share 0 Tweet 0
  • Omo-Agege Rejected in Ughelli North as One Million-Man March Flops — Oharisi

    0 shares
    Share 0 Tweet 0
  • Dafinone: Creation of Ethiope State Will Correct Historical Injustice, Empower Urhobo Nation

    0 shares
    Share 0 Tweet 0
  • Warri Urhobo APC Members Hold Unity Meeting, Adopt 8-Man Leadership Council

    0 shares
    Share 0 Tweet 0
  • Delta Assembly Passes Community Security Corps Bill to Bolster Local Security Architecture

    0 shares
    Share 0 Tweet 0
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.

No Result
View All Result
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.