The Nigerian National Petroleum Company Limited (NNPCL) has announced a profit after tax of N7.2 trillion for 2025, representing a 33% increase from the N5.4 trillion recorded in 2024. This was disclosed by NNPCL's Group Chief Executive Officer (GCEO), Bashir Bayo Ojulari, at the 2025 Audited Financial Statement Media Parley in Abuja. The company's revenue stood at N34.5 trillion, with earnings per share of N35.9.
According to Ojulari, the profit growth was attributed to improved operational efficiency, blockage of revenue leakages, and stoppage of wastages. The company's crude oil and condensate production reached a five-year high of 1.77 million barrels per day (bpd) at its peak, while Nigerian gas supply reached a three-year high of 7.2 billion standard cubic feet per day. These gains reflect sustained attention to company assets and infrastructure.
NNPCL's remittances to the government also increased by 39% to N22.3 trillion in 2025. Ojulari blamed the revenue decline on the crude oil price crash in 2025, which resulted in a wide product volume reduction following market regulation and the removal of subsidy. The company's financial performance was positively impacted by its sustained attention to delivering visible results.
The NNPCL boss announced that the national refineries will become operational when they are profitable. Through NNPCL's technical equity partnership model, significant progress has been made, with over 34 partners' top engineers undertaking a three-month intrusive onsite due diligence. The company aims to have self-sustaining, profitable, and sustainable refineries.
Ojulari revealed that the Ajaokuta Kaduna Kano (AKK) gas pipeline has been completed, with all weldings finished. The project is currently at the stage of fixing connections at Abuja, Ajaokuta, and Kaduna. The main line has been completed, and NNPCL is now focusing on the impact of the project on society, particularly in terms of gas transmission into more jobs and opportunities.
On the Naira for crude supply to Dangote Refinery, Ojulari confirmed that the arrangement is still in force, with limited cargoes supplied in Naira and extra cargo supplied in dollars. He explained that crude oil is sold in dollars because all industry contracts are in dollars, and it does not make sense to sell crude oil in Naira to purchase forex to pay in dollars.
NNPCL has undertaken several projects to increase its production capacity, including a new $15 billion to $21 billion Production Sharing Contract (PSC) for Bonga Southwest, which is expected to enable final investment decisions by 2028. The company aims to achieve 3 million barrels per day production by 2030, with several projects underway to achieve this target.
Key points
- NNPCL reports 33% increase in profit after tax to N7.2 trillion for 2025.
- The company's revenue stood at N34.5 trillion, with earnings per share of N35.9.
- NNPCL's remittances to the government increased by 39% to N22.3 trillion in 2025.
