The Federal Government has put measures in place to revamp abandoned water projects across the country to ensure availability of potable water for the citizens.
Minister of Water Resources and Sanitation, Prof. Joseph Utsev
Mr Joseph Utsev, the Minister of Water Resources and Sanitation, said this at the end of a two-day inspection of water projects in Osun State.
The minister visited the Ilesa water dam in Kajola and Ife water dam, in Ogudu.
The minister, who was accompanied by the Osun State Commissioner for Water Resources, Mr Sunday Oroniyi, also said that ongoing water projects would be completed.
Speaking with newsmen at the Ilesa dam, Utsev said he was on a three-day inspection tour of water project sites across the southwest states.
“We’ve been going around the country, and now, we are touring the South West Zone of the country which brought us to these dam sites which is being constructed here in Osun.
“And the aim of this dam is to supply water to the treatment plant for onward supply to the inhabitants of this particular area. But visiting this particular dam, I’ve noticed that the quantum of water that was needed for treatment to supply to the inhabitants is not enough.
“Having spoken with the consultant, the stakeholders will deliberate on the reports they submitted and look at different options to arrive at an environmental-friendly and cost-effective ways of making sure that adequate water is available for the citizens,” the minister said.
After completing his tour of various water and other project sites across the country, he said, he will also device a means to ensure that Nigerians get value for money on all the projects under the ministry.
In his remarks, Oroniyi described the minister’s visit as a positive turn around for both Ilesa and Ile-Ife water projects.
“I want to believe that the visit of the minister will bring a lot of positive changes.
“This is because Ilesa dam has been on for long, and it has even stopped.
“But we want to see the reason the project stopped and that is the reason behind this fact-finding mission by the Minister.
“So, once we collate the problems, definitely, we will get the solution,” he said.
The Anambra State Government on Thursday, August 22, 2024, cautioned against acts capable of instigating crisis in the oil host communities in the state.
Participants at the Town Hall Meeting in Awka, Anambra State
Mr Anthony Ifeanya, the state’s Commissioner for Petroleum and Mineral Resources, gave the warning in Awka, the state capital, during a town hall meeting with stakeholders.
The meeting, organised by the African Centre for Leadership, Strategy and Development (LSD) and International Peace and Civic Responsibility Centre (IPCRC), centred on the implementation of host communities’ provisions in the Petroleum Industry Act (PIA) in the state.
Ifeanya emphasised that peace between oil companies and host communities was crucial in ensuring the actualisation of benefits from natural resources.
“It is only in an atmosphere of peace that progress can be made,” he said.
The commissioner added that the meeting aimed to enlighten both parties on their rights, duties, and liabilities under the PIA, ensuring peaceful coexistence.
He appreciated the centre for educating the people, saying that such intervention would go a long way in preventing the repeat of ugly experiences recorded in the Niger Delta.
Also speaking, Mr Monday Osasah, the Executive Director, Centre LSD, described the meeting as a significant step towards ensuring that petroleum resources were beneficial to the host communities.
“Petroleum should be a blessing to us, not a curse,” he added.
In his presentation, Dr Orji Orji, the Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), said the agency promoted transparency and accountability in Nigeria’s extractive industries.
Orji, represented by the Director, Policy Planning and Strategy NEITI, Dr Dieter Bassi, said the agency was committed to ensure that revenues were properly accounted for and utilised.
Earlier, Mr Chris Azor, the President, IPCRC, said the meeting was targeted at discussing the effective implementation of Host Communities’ provisions in the PIA to ensure peace, security, and sustainable development.
Azor said there was a need for improved understanding of PIA, enhanced stakeholders’ engagement, identification of priority areas, clarifications, and action plans for effective implementation.
The programme is themed, “Host Communities and Roles of Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in PIA”.
The Nigeria Hydrological Services Agency (NIHSA) on Friday, August 23, 2024, issued an urgent warning to the public regarding the rising water levels of the River Niger system.
The River Niger
Mr Umar Mohammed, the Director-General of NIHSA, in a statement, noted that floodwaters from these countries are gradually moving towards Nigeria, starting with Kebbi.
According to agency, the development is attributed to upstream activities in Niger and Mali, with reports from the Niger Basin Authority (NBA) in Niamey, Niger Republic.
“NIHSA has assured that dam operators at Kainji and Jebba, situated on the River Niger, have been informed and are on standby.
“As of Aug. 22, the agency confirmed that these dams are not currently spilling water from their reservoirs.”
The D-G said the risk of flooding is expected to peak by the end of August and into September, urging states and communities along the River Niger system to remain vigilant.
He said the agency will continue to monitor the situation closely and provide regular updates to the public.
The World Economic Forum said Nigeria witnessed the most devastating episode of seasonal floods in a decade in 2012, causing over 600 deaths and 1.3 million displacements from homes.
It added more than 200,000 houses and 266,000 acres of farmland were completely or partially damaged.
The last major flood emergency was between July and October in 2012, when the Niger and Benue rivers overflowed their banks.
Some experts have restated that the inconsistence in annual rainfalls being experienced in the country may affect food harvests in 2024 and beyond.
Rainfall
The experts said this in separate interviews on Friday, August 23, 2024, in Lagos.
Ms Gloria Bulus, an environmental expert and founder of Bridge-that-Gap Initiative, said the inconsistent rainfall would result in increased food shortage and hunger.
“The inconsistencies in annual rainfall we have been experiencing means we will also be experiencing poor yields.
“There are certain crops that need to be planted at a particular time of the year for them to thrive, so with these inconsistencies, the harvest of such crops will be affected.
“Also, at the point some crops are meant to be harvested, and it is still raining, it will lead to the destruction of the harvest and automatically threaten food security.
“These rain inconsistencies will ultimately increase food shortage and poverty among farmers.
“Poor yields will affect incomes leading to increase in hunger, high cost of food and poverty levels in the country,” Bulus said.
On his part, an agriculture consultant, Mr Charles Idonije, said aside rain inconsistencies, issues of insecurity can threaten food security in the country.
“The rain inconsistencies may or may not affect food harvest this year because Nigeria is endowed with quality soil texture that can be able to retain ground water for a long time however serious farming even up north make do of irrigation systems.
“There has always been stop gaps of rain shortfalls in time past which was not too felt like the insecurity insurgence from herdsmen and Boko Haram.
“The food security challenges we are facing in Nigeria is not factored on natural tendencies but rather on human diabolic ways and means.
“While the government still has a huge role to play in ensuring that the right infrastructure is implemented such as mechanised divisional farming, building more dams for effective irrigation, roads networks from farm to table, silos, and agriculture financing etc.
“The major militating factor against food insecurity is the Boko Haram/herdsmen insurgencies that has almost become an incurable disease in the country,” Idonije said.
An international NGO, Self Help Africa (SHA), has partnered Kano State Government to provide support and strengthen sustainable and robust Water Sanitation and Hygiene WASH services.
Governor Abba Kabir Yusuf of Kano State
This came to the fore at a two-day “Visioning Workshop” on Friday, August 23, 2024, in Kano.
Shadrack Guusu, Head of WASH Programmes, said that Wash System for Health (WS4H) programme was being implemented by SHA in collaboration with the Federal Ministry of Water Resources and Sanitation and Kano State Government.
Gusuu said that the programme was a £5 million FCDO-funded initiative aimed at improving access to inclusive, reliable, and climate-resilient water and sanitation services in Cross River and Kano State.
He highlighted the need to strengthen local institutions and communities for the effective management and sustainability of WASH services.
The head of the programme emphasised SHA’s role in advocacy and policy influence, working with the government to prioritise WASH in development agendas and secure necessary resources.
According to him, the project is focusing on identifying systematic issues and gaps that exist in the sector and also supporting the state to build strategies and ensure that those gaps are fixed.
He said that the visioning workshop was a participatory meeting where sector actors come together to carry out an evaluation of the WASH system, using the building blocks analysis.
“Building blocks means different building blocks that make up the system and each of the building blocks are analysed by team of small actors.
“This is to ensure that the gaps will be identified, and a work plan is developed to see how those gaps are filled.
“Our aims is to ensure that the system is strengthened and leading to sustainable WASH services delivery in Kano State,” he said.
Some of the stakeholders emphasised Kano’s large population and the urgent need for better access to potable water and sanitation facilities.
They also highlighted the state’s commitment to addressing these issues as a priority for inclusive development and environmental improvement.
They further pledged to come up with a robust plan that would ensure the success of the programme.
Environmental advocates led by the Renevlyn Development Initiative (RDI) on Thursday, August 22, 2024, asked the Federal Government to carry out a comprehensive audit of moribund coal mining sites in Enugu to ascertain the true health of the bed rocks. The group also wants disengaged living miners and the families of those that have died over the years to be identified and adequately compensated for the neglect they have experienced since legal mining stopped.
Participants at the Town Hall Meeting on coal mining in Enugu
These demands were made at a town hall and media interactive discussion on coal mining in Enugu convened by RDI in collaboration with the New Life Community Care Initiative (NELCCI), Neighborhood Environmental Watch (NEW) Foundation, Community Development Advocacy Foundation (CODAF) and the Environmental Defenders Network (EDEN). Participants included former miners and the wards of those from Onyeama, Okpara and Iva Valley mining communities that are deceased.
Philip Jakpor, Executive Director, RDI, said that recent reports on the recertification of mining firms by the Enugu State Government was very disturbing in the light of the harms that coal mining has done to the state’s environment and its citizens.
Jakpor said that nearly 70 years of coal mining activity did not leave any positive legacy on Enugu’s finances, its environment and the few surviving former coal miners, many of whom live in squalor, deprivation and regret, hence the state government should halt the coal mine adventure.
The RDI boss opined that rather than promote investment in dirty energy, the Enugu State Government with ample evidence of the consequences of coal on the environment should be in the vanguard for calls for remediation of the environment and a just energy transition that respects the people and the environment.
He lamented the lack of information about the mining firms operating in the state, urging the Governor Peter Mbah administration to periodically update citizens in respect to the government engagement with the firms. He also wants the Enugu government to properly explain its role in the extraction of coal, if it is a spectator, a collaborator or only some officials of government are running the show.
In his remarks, Barrister Chima Williams, Executive director of EDEN, said that the call for environmental audit and decommissioning of the coal mines are necessary in view of the threats that mining pits and pollution of ground water pose to local communities.
Williams maintained that it was grave injustice for veterans of the mines in Enugu to be living in abject poverty while the state government concerns itself only about so-called revenue that coal will fetch the state.
He stressed that civil society groups would continue to remind those in government that they are tasked with managing what sustains life hence they should concern themselves with the impacts that coal has on the lives and livelihoods of locals including veterans of coal mining.
He maintained that there is no alternative to the recommended decommissioning of the moribund coal mines as coal has been proven to be dirty and hazardous to man and the environment.
Ubrei Joe-Mariere, Director, Campaigns and Administration, Community Development Advocacy Foundation (CODAF), also toed the same line, even as he argued that the Enugu State Government should not be talking of mining at this time when the global community is moving in the direction of clean energy.
He asserted that coal mining disrupts the social and economic lives of local communities, that it is a major cause of landslides and erosion.
According to him, large scale mining favours only the multinationals because of the power relations that weigh against the communities in terms of governance of their lands and their ability to seek redress when their rights to a safe environment is violated.
Other speakers at the event were Afulike Okezie of NEW Foundation and Ebere Ekeokpara, a journalist from Ngwo. Okezie said coal affects not just the economic landscape, but also the health and well-being of communities, as well as the sustainability of the environment.
Ekeokpara who said her father, a former coal miner, dedicated over 45 years of his life to coal mining, added sadly that he has almost nothing to show in terms of recognition or the financial wherewithal to justify the hard work he did.
Earlier, while welcoming the participants, Florence Ngozi-Aneke, Executive Director of NELCCI, said that the coal issue is one that needs to be addressed squarely to ensure the rehabilitation of the environment and abandonment of former miners, many of whom are dead and their families still living with the trauma of dashed hopes.
The NNPC Ltd says that its attention has been drawn to a press release signed by Mr. Paul Ibe, a Media Adviser to the former Vice President, Alhaji Atiku Abubakar.
Nigerian National Petroleum Company
In the statement, the former Vice President was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals around the current President”.
He was also quoted to have listed the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd as a compensation for the alleged acquisition of NNPC Retail Ltd by OVH in which he claimed Mr Wale Tinubu held 49% stake.
He further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.
NNPC Ltd says it wishes to set the records straight with the following facts:
1. We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation.
2. Investment decisions by NNPC Ltd Management are strictly determined on the basis of commercial viability and national interest.
3. At the time NNPC Ltd acquired OVH in 2022, Oando (in which Mr. Wale Tinubu has equity interest), had fully divested its equity in OVH to the two other partners – Vitol and Helios. Oando actually began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH. In 2019, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50% equity interests respectively.
4.Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company name post-merger.
5. The first step of merging NNPC Retail Ltd into OVH has been completed and the post-merger renaming as NNPC Retail Ltd is ongoing.
6. Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.
7. As a businessman, the former Vice President should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.
8. The management of NNPC Ltd, under the leadership of Mr. Mele Kyari, has done very well in growing the company’s fortunes as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3 trillion as profit after tax.
9. NNPC Ltd as a commercial entity is devoid of political interest and shall continue to conduct its business full of commitment to national interest and value creation for the benefit of all stakeholders. NNPC Ltd shall resist any attempt to draw its Board and Management into partisan politics.
Gov. Bala Mohammed of Bauchi State has cautioned community leaders to desist from encroaching forest and reserves to check deforestation.
Governor Bala Mohammed of Bauchi State
Mohammed stated this on Thursday, August 22, 2024, at the groundbreaking of 25 kilometres Mainamaji – Pali – Gwaram access road in Alkaleri Local Government Area of the state.
He urged the people to utilise the forest resources for crop and livestock production as well as profitable ventures.
The governor said the road project would be executed under the Rural Access and Agricultural Marketing Project (RAAMP), funded by the World Bank, French Development Agency, the Federal Government and the 19 participating state governments.
The road project, he said, would open up the area and boost economic activities, adding that, “the area is blessed with natural resources attracting investors.
“No fewer than 200 youths will be employ as truck drivers, skilled and casual workers while many others will learn welding,” he said.
According to Mohammed, a cement factory will be establish at Gwana district, adding that his administration would continued to initiate viable infrastructure development projects, to check rural – urban drift.
Earlier, the Commissioner for Rural Development and Special Duties, Farouk Mustapha, said the state government had contributed N2.5 billion counterpart fund, to facilitate smooth execution of the project.
The Federal Government has entered into partnership with Shelter Afrique Development (ShafDB) to deliver 5000 housing units as part of effort to provide housing for Nigerians.
Minister of Housing and Urban Development, Ahmed Musa Dangiwa
Minister of Housing and Urban Development, Ahmed Dangiwa, made this known while briefing on the achievements of the ministry within one year in office.
“Under the partnership, the Pan-African housing institution will support the Renewed Hope Program with advisory services and financing of competent developers.
“We are looking at about 5,000 housing units in the pilot scheme.
“This will be the first time the ministry is entering into such a practical and direct partnership with a multi-lateral institution for the construction of homes for Nigerians.
“Nigeria is the second largest shareholder in ShafDB after Kenya with over $29 million share subscription,’’ he said.
Dangiwa vowed to explore all possible housing financing options to tackle the massive housing deficit that faced the country.
He recalled that upon assuming office, an action plan was developed in line with the priorities and deliverables of President Bola Tinubu .
The action plan, according to him, was to guide the ministry in implementing reforms and initiatives to increase access to affordable housing and unlock the potential in the housing sector.
“We may not have the financial war chest, but we have to leverage as a government.
For too long, we have failed to maximize our relationships with bilateral and multi-lateral institutions, including those that we have substantial interests.
“We have seen where smaller African countries are taking advantage of these housing development institutions to boost housing for their citizens while we simply watch.
“Within this one year, we have taken steps to change this,” he said.
Dangiwa said over the past one year, substantial progress had been recorded and the ministry was exploring a partnership with the World Bank on land reform, specifically, the implementation of a National Land Titling Programme.
“Through this programme, we aim to partner with State Governments towards improving land formalisation from the less than 10 per cent to 50 per cent, in the next ten years.
“The government, through the Ministry aims to establish a comprehensive, efficient, and accessible land registration system across Nigeria in line with the Renewed Hope Agenda,” he said.
Dangiwa said that progress haf been made in fixing issues on the Federal Land Information System (FELIS), adding that the digital system was created to centralise records on federal government land.
He said that substantial progress had also been made in increasing the stock of affordable and decent housing stock for Nigerians.
The minister recalled the groundbreaking for 6,612 housing units across 13 locations nationwide under the Renewed Hope Cities and Estates Programme.
He said, the houses, once completed Nigerians could own them through a broad range of affordable ownership options,like single digit and up to 30-year mortgage loans to be provided by the Federal Mortgage Bank of Nigeria.
Dangiwa said that over the past months, over 47,605 Nigerians both local and abroad had created accounts on the renewed hope housing portal indicating interest in homeownership.
“In fact, over the last two weeks alone, over 250,000 Nigerians have visited the website.
“We received a total of 8,925 Expression of Interest. This comprises 1,294 for Outright Purchase, 2,408 for Mortgage, 2,184 for Rent-To-Own and 3,039 for Instalment payment.
“We have released the 1st batch of Offer of Provisional Allocation Letters for Outright Payment for successful applicants and keys issued to some of them,” he said.
According to him, those who applied to own the homes via mortgage weee currently being processed by the Federal Mortgage Bank of Nigeria (FMBN).
He said the ministry planned to do groundbreaking for 2, 000 housing unit Renewed Hope Cities in Lagos, and 1,500 housing unit Renewed City in Kano through PPP and FMBN next month.
According to the minister, lands have also been acquired in Enugu and Borno to build a 2,000 housing unit of Renewed Hope City in each location under a PPP arrangement.
Dangiwa said other planned locations for the Cities included, Nasarawa (2,000 units) and Rivers (2000 units).
The Nigerian National Petroleum Company Limited (NNPC) has provided updates on its crude oil exploration activities in the Northern part of the country, reiterating its commitment to achieving the Federal Government’s aspirations in the frontier basins.
Group Chief Executive Officer of NNPC Ltd, Mr Mele Kyari
“The company has been actively drilling in basins in and around Northern Nigeria, as a result of the need to increase oil exploration in the country’s frontier basins”.
This was contained in a publication authored by the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, who noted that “this is a strategic engagement that NNPC Ltd will not compromise on.”
Soneye pointed out that the NNPCL is intensifying its patriotic efforts, making significant progress, and advancing considerable prospects to make do its promises to Nigerians.
Soneye added that the discovery and exploration of crude oil in the north will not only appear as a dream pursued, but as an economic reality to boost oil production as well as deepen the strength and efficiency of the petroleum industry value chain in Nigeria.
He said: “NNPC Ltd, in compliance with the Petroleum Industry Act, PIA, is leaving no stone unturned to continue oil drilling projects in the North after decades of exploration in other basins.
“With crude oil reserves of more than 37 billion barrels and the 6th largest world producer, the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the north eastern part of the country will only accentuate the prosperity and growth of Nigeria in the comity of nations.
“It is therefore untrue for naysayers or sceptics to claim that NNPC has halted the search for oil in Nigeria’s inland basins. On the contrary, NNPC Ltd is intensifying its patriotic efforts, making significant progress, and advancing considerable prospects to make do its promises no matter whose ox is gored.”
While stating that the NNPC Ltd would not suspend its inland basins oil and gas exploration activities, as some have suggested, he quipped that “Instead, the company is intensifying efforts to expedite the process and ensure the efficient exploitation of hydrocarbon resources in these areas, thereby contributing to national energy security.
The Nigerian National Petroleum Company (NNPCL) has assured that contrary to insinuations in some quarters, oil exploration in the northern of the country is on course.
Olufemi Soneye, Chief Corporate Communications Officer (CCCO) of NNPC Limited, made this clarification in a recent publication noting that the company in compliance with the Petroleum Industry Act (PIA) 2021, is leaving no stone unturned to continue oil drilling projects in the North after decades of exploration in the South.
He emphasised that the company is currently active in the inland basins of Nigeria with some drilling projects including Wadi-2 Appraisal/Exploratory Well in OPL 732 and Ebenyi-1 Exploration Well in OPL 826.
According to him, the Wadi-2 Appraisal/Exploratory Well in OPL 732 in Borno State, within the Chad Basin, was spudded on November 4, 2023, and drilled to a total depth of 12,050 feet.
He noted that the drilling phase concluded on June 29, 2024 and the preliminary results from the geological evaluation of the well objectives led to post-drilling well testing, which began on July 4, 2024, and is ongoing.
“This testing aims to further evaluate the target reservoirs for the occurrence of a commercial accumulation of hydrocarbons and to obtain data for future field development,” he stated.
On Ebenyi-1 Exploration Well in OPL 826, which is situated in Nasarawa State within the Middle Benue Trough, drilling began on July 17, 2023.
“The 17½” hole section was drilled and cased to a depth of 3,449 feet. The drilling operations faced challenges due to issues with the hole and equipment breakdowns. The turnkey contractor is finalising plans to replace the drilling equipment with newer models to continue drilling operations to the planned total depth of 14,250 feet, ” Soneye stated.
On the Kolmani River where in 2019 1 billion barrels of oil reserves and 500 billion cubic feet of gas was discovered, Soneye said the defunct Frontier Exploration Services (FES) of NNPC Ltd drilled three wells—Kolmani River-2, Kolmani River-3, and Kolmani River-4—in the Upper Benue Trough (northeast Nigeria) on its and its partners behalf.
He said the drilling campaign confirmed the presence of commercial hydrocarbon deposits in the Kolmani field of OPLs 809 and 810.
He noted that the rig that drilled the wells was subsequently moved to start the Nasarawa project, with the goal of replicating the success achieved in the Kolmani field.
“In collaboration with co-venturers, we are working towards the next phase of field development. The post-exploration planning takes time to meet regulatory requirements before the development phase can commence. Significant infrastructure projects are currently underway to facilitate the movement of heavy-duty equipment for the next project phase in the area.
“NNPC Ltd has not and will not suspend its inland basins oil and gas exploration activities, as some have suggested. Instead, the company is intensifying efforts to expedite the process and ensure the efficient exploitation of hydrocarbon resources in these areas, thereby contributing to national energy security,” Soneye stated.
The NNPC Ltd. spokesman said the current leadership of the company is committed to addressing every gap within its purview including infrastructural issues associated with the oil and gas industry such as gas shortages for power supply, pipeline protection and maintaining the uninterrupted provision of petroleum products across the country.
“For clarity, the NNPC Ltd, under the chairmanship of Chief Pius Akinyelure and managerial leadership of Mele Kyari, is well-positioned to capture the economic opportunities associated with developing and selling hydrocarbons in a resource rich country like Nigeria. These benefits are to be equitably distributed across society and create wealth for human capital development and capacity building.
“It is to further achieve this sufficiency that, under Kyari’s leadership, NNPC Ltd is fully aligned with the federal government’s ambition to accelerate economic growth and diversify the economy for the benefit of all Nigerians.
“This is being achieved through timely, credible, clear, and consistent policies. Since taking charge in July 2019, he has driven significant organisational renewal and greatly improved NNPC’s performance and long-term viability. The board and Kyari have been the driving force behind ambitious business growth and have instilled a new commercial mindset throughout the company’s entire value chain, ” Soneye said.
He said Kyari’s leadership style has revitalised NNPC Ltd. workforce even as the company continues to attract the interest of business partners, customers, suppliers, and shareholders noting that since its transition to a commercial entity under the Petroleum Industry Act (PIA) 2021, and in line with the Company & Allied Matters Act (CAMA) provisions, NNPC Ltd. has consistently delivered value despite its unique operational challenges.
Soneye said in addition to thus, the company hsd maintained steady growth.
“For the first time in 43 years, NNPC declared a profit. From a loss of N803 billion in 2018, the company reduced this to just N1.7 billion in 2019. Remarkably, in 2020, NNPC posted its first-ever profit of N287 billion, which grew to N674.1 billion in 2021, and by the end of 2022, it had soared to N2.548 trillion.
“In our 2023 Audited Financial Statement, AFS, we declared a net profit of N3.297 trillion for the fiscal year, indicating an increase of 28 percent (over N700 billion) compared to the N2.548 trillion recorded in 2022. The N3.297 trillion profit declared for 2023 is very symbolic as it is the highest ever to be recorded since inception, 46 years ago.
“In terms of asset growth, we have moved from N13,300 billion in 2019 to N15,836 billion in 2020; N16,262 billion in 2021; N58,652 billion in 2022; and N246,816 billion, in 2023,” the NNPC spokesman said.
He added that NNPC Ltd. would continue exploration in the north so that it can sustain this type of excellent financial performance and gains for its investors and Nigerians at large noting that “the more strategic explorations we make, the better for all of us.”
