By Kehinde Ibrahim, Lagos
NNPC Limited has reaffirmed its commitment to commercial excellence, transparency, and long-term value creation, citing significant financial growth, strategic partnerships, and operational improvements since its transformation into a commercially driven limited liability company under the Petroleum Industry Act, PIA, in July 2022.
Speaking on the company’s performance and reform trajectory, the Chief Corporate Communications Officer of NNPC Limited, Mr. Andy Odeh said that the organisation has recorded remarkable progress across key performance indicators, demonstrating that the objectives behind its incorporation are being steadily achieved.
According to him, NNPC Limited has experienced sustained growth in profitability since its transition from a state-owned corporation to a commercially focused enterprise. Profit After Tax rose from ₦674 billion in 2021 to ₦3.297 trillion in 2023 and further increased to ₦5.4 trillion in 2024, with the company maintaining its upward performance trend into 2025.
He noted that the improvement reflected the impact of ongoing reforms, enhanced corporate governance structures, operational efficiency measures, and a deliberate focus on creating value for shareholders while supporting Nigeria’s energy security objectives.
“The results clearly demonstrate that NNPC Limited is delivering on the mandate that informed its transformation under the Petroleum Industry Act,” Odeh stated.
He also highlighted the company’s efforts to strengthen transparency and accountability within Nigeria’s energy sector. Under the leadership of the Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, NNPC Limited has introduced monthly operational and financial performance reports and successfully conducted its first-ever earnings call, initiatives aimed at deepening stakeholder engagement and improving public disclosure.
According to Odeh, these measures represent a significant shift towards global best practices and underscored the company’s commitment to openness and accountability.
Beyond financial performance, NNPC Limited has expanded its network of strategic partnerships designed to boost investment, increase hydrocarbon production, enhance gas development, strengthen infrastructure, and support sustainable growth across the energy value chain.
Among the notable agreements highlighted was the Production Sharing Contract, PSC, signed in September 2025 with TotalEnergies and South Atlantic Petroleum (SAPETRO) for Petroleum Prospecting Licenses, PPLs, 2000 and 2001.
Odeh described the agreement as a landmark transaction, noting that it was the first deepwater PSC in Nigeria to comprehensively cover both crude oil and natural gas exploration and production.
Other strategic collaborations include partnerships with government and private security agencies to protect critical crude oil infrastructure, as well as a Memorandum of Understanding with Sanjiang Chemical Company Limited and Xingcheng (Fuzhuo) Industrial Park for the rehabilitation, expansion, and operation of the Port Harcourt and Warri refineries.
More recently, NNPC Limited extended its partnership with TotalEnergies on the deployment of advanced technologies aimed at reducing greenhouse gas emissions across its operations.
The company is optimistic that the collaborations are already yielding positive results. Odeh pointed to data from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, which showed a 2.2 per cent month-on-month increase in Nigeria’s crude oil production to an average of 1.7 million barrels per day, with peak production reaching 1.88 million barrels per day.
On environmental sustainability, Odeh said that NNPC Limited remains committed to global climate goals while pursuing responsible energy development. He noted that the company is a signatory to both the Oil and Gas Decarbonization Charter, OGDC, and the United Nations Environment Programme’s Oil and Gas Methane Partnership (OGMP) 2.0, widely regarded as the leading international framework for methane emissions monitoring and reduction.
He explained that the extension of NNPC’s collaboration with TotalEnergies on methane detection and abatement technologies reflected the company’s determination to improve environmental performance while maintaining operational efficiency and competitiveness.
Addressing concerns regarding the country’s state-owned refineries, Odeh defended management’s decision to suspend refinery operations pending a comprehensive review of their long-term viability.
According to him, continuing operations under commercially unsustainable conditions would have undermined the company’s transformation agenda. Instead, management opted for a strategic assessment aimed at identifying the most sustainable pathway for refinery optimisation.
He disclosed that NNPC Limited is actively engaging reputable international technical and investment partners to support the modernisation, upgrade, and long-term operation of the refineries.
“The objective is to establish refinery operations that are efficient, competitive, financially sustainable, and capable of delivering lasting value to Nigeria,” he said.
Despite ongoing public scrutiny, Odeh maintained that NNPC Limited remains focused on executing its mandate with professionalism, accountability, and transparency. He argued that the company’s financial results, reform initiatives, strategic partnerships, and commitment to sustainability collectively demonstrated an organisation making measurable progress and positioning itself for long-term success in an increasingly competitive global energy landscape.
As Nigeria continues its quest for energy security, economic growth, and industrial development, NNPC Limited says it remains committed to building a commercially viable national energy company capable of competing effectively on the global stage while delivering value to its shareholders and the Nigerian people.
