The Nigerian National Petroleum Company Limited (NNPCL) has announced a profit after tax of N7.2 trillion for the year 2025, representing a 33% increase from the N5.4 trillion recorded in 2024. This was disclosed by the 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 at N35.9.
According to Ojulari, the company's profit growth was driven by improved operations and discipline across its businesses. He attributed the revenue decline to the crude oil price crash during the period under review. Despite this, NNPCL recorded a 39% increase in royalties and other remittances to the government, totaling N22.3 trillion. The company's crude oil and condensate production reached a five-year high of 1.77 million barrels per day at its peak.
Ojulari also revealed that Nigerian gas supply reached a three-year high of 7.2 billion standard cubic feet per day. He stated that the gains reflect sustained attention to company assets, infrastructure, and focus on delivering visible results. The NNPCL boss vowed to compel all NNPC debtors to settle their liabilities. He also announced that the national refineries will become operational when they are profitable.
The GCEO disclosed that the NNPC/NNPCL technical equity partnership model has made significant progress. A three-month intrusive on-site due diligence was undertaken with over 34 of the partners' top engineers, and the company now looks forward to completing the report with the same objective: profitable, sustainable plants. Ojulari emphasized that the objective remains to have a refinery that is self-sustaining, profitable, and sustainable.
Ojulari revealed that the Ajaokuta Kaduna Kano (AKK) gas pipeline has been completed, including all welding. The project is currently at the stage of fixing connections at Abuja, Ajaokuta, and Kaduna. He stressed that the main line is done, and NNPCL is now focusing on the project's impact on society. The GCEO added that the impact starts when gas starts going to power or going into the industry.
The GCEO also discussed the OB3 line, which has been grappling with challenges over several years. He stated that NNPCL has yet to set a timeline for its Initial Public Offering (IPO), as the decision rests with the shareholders. On how to achieve 3 million barrels per day in 2030, Ojulari cited the Bunga Southwest Production Sharing Contract and the Bunga North FID in late 2024 as examples that would result in increased production.
The NNPCL boss announced that the company signed a new $15 billion to $21 billion Production Sharing Contract for Bunga Southwest, which is meant to enable final investment decisions, possibly by 2028. He expressed confidence that the company will achieve its production targets, citing ongoing projects and partnerships. The company's financial performance has been impressive, with a significant increase in profit and revenue.
Key points
- NNPCL's profit after tax increased by 33% to N7.2 trillion in 2025.
- The company's revenue stood at N34.5 trillion, with earnings per share at N35.9.
- NNPCL's royalties and other remittances to the government increased by 39% to N22.3 trillion.
