NNPC Group Chief Executive Officer, Mele Kyari

NNPCL remits N4.5t revenue in 10 months — Kyari

by · The Eagle Online

The Nigerian National Petroleum Company Limited has declared that it remitted N4.5 trillion generated revenue as at October this year into the Federation Account.

The declaration was made on Wednesday by NNPCL’s Group Chief Executive Officer, Mele Kyari.

The corporation also declared that prosperity beckons for the country as indices and parameters in that direction are already showing and being strategically leveraged on by NNPCL and other key players in the oil sector.

Kyari made the submissions during an interactive session with the Senate Committee on Finance. 

He assured the Committee members that better days are ahead for the company and by extension Nigeria as the reforms contained in the Petroleum Industry Act for the oil sector  has made NNPCL to be at par with its peers across the globe.

He said: “The NNPC Limited that is a creation of the National Assembly requires that we conduct businesses transparently and profitably in line with the provisions of the law and to create value for shareholders, and not to lose money, and also to continue to add value and pay dividends to shareholders. 

“I’m glad to inform you Mr. Chairman and Distinguished Senators that as of October we were able to deliver N4.5 trillion into the Federation Account as a company to this country in 2023.

“Every national oil company has a trading company. 

“We have always had one, which never worked, prior to PIA implementation. 

“Currently, NNPC Limited is delivering on its mandate through the PIA reforms that has brought us to be at par with our peers, across the globe, and not to lose money anymore.”

Kyari added that as NNPC Limited is expanding in business and now the most transparent National Oil Company in Africa, the sector would be more investment driven by the time the issue of wide margins in exchange rate and import and export windows are narrowed.

He said: “There is always a parallel market in every country. 

“There is also an import and export window in every country, even in the developed world. 

“But there is always a narrow gap between the two and it takes time for you to have stability in this gap so that you have a low margin between the two for a sustained period of time, then businesses will thrive.

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“There is a line of sight around this. 

“I am very confident that by the end of the first quarter of next year, those margins will narrow and stability will come and you will see others coming into the market.”