The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a 33 percent increase in profit after tax (PAT) to N7.2 trillion in 2025, up from N5.4 trillion recorded in 2024.
The company also reported revenue of N34.5 trillion and earnings per share of N35.9, while taxes, royalties and other remittances to the Federal Government rose by 39 per cent to N22.3 trillion.
Bayo Ojulari, NNPC Ltd. Group Chief Executive Officer, disclosed the figures during the company’s 2025 Audited Financial Statements Media Parley in Abuja.
According to Ojulari, the increase in profit came despite a decline in revenue, which he attributed largely to the fall in crude oil prices and a reduction in product volumes following the removal of petrol subsidy.
He said improved operational performance, tighter discipline and efforts to block revenue leakages and wastage helped the company deliver stronger profitability.
NNPC said crude oil and condensate production reached a five-year high of 1.77 million barrels per day, while Nigerian gas supply climbed to a three-year high of 7.2 billion standard cubic feet per day.
Ojulari linked the improvement to increased attention to the company’s assets and infrastructure, saying the results were becoming increasingly visible in its operations.
He also said the company would intensify efforts to recover outstanding debts owed to NNPC, with a commitment to compel debtors to settle their liabilities.
On Nigeria’s long-delayed refineries, Ojulari said NNPC would only return them to operation when they can operate profitably and sustainably.
He said the company had made progress with its technical equity partnership model and recently conducted a three-month intrusive onsite due diligence exercise involving the top engineers of more than 34 prospective partners.
The assessment is expected to provide the basis for determining the next steps towards rehabilitating and operating the refineries.
Ojulari said the objective was not simply to restart the refineries, but to ensure that they become self-sustaining, profitable and commercially viable.
He added that Chinese partners were also reviewing the refineries at no cost to Nigeria under a proposed model that would give them equity participation and encourage greater ownership commitment.
NNPC also reported progress on the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, saying the mainline has been completed.
The company is now working on connections in Abuja, Ajaokuta and Kaduna. According to Ojulari, the focus has shifted from simply completing the infrastructure to delivering its economic impact through increased gas supply to power generation and industries, as well as the jobs and business opportunities expected to follow.
The company also acknowledged that the Obiafu-Obrikom-Oben (OB3) gas pipeline has faced challenges over the years.
NNPC is targeting crude oil production of three million barrels per day by 2030.
Ojulari said the new Bonga Southwest Production Sharing Contract, valued at between $15 billion and $21 billion, is expected to support the company’s production ambitions, with a final investment decision potentially coming by 2028.
The Bonga North project, which reached FID in late 2024, is also expected to contribute to the drive towards the 3 million barrels-per-day target.
NNPC also confirmed that its naira-for-crude arrangement with Dangote Refinery remains in force, although only a limited number of crude cargoes are supplied under the arrangement.
Additional cargoes are supplied and paid for in dollars.
Ojulari explained that crude oil transactions are generally denominated in dollars because oil production contracts, drilling operations and other major industry commitments are largely dollar-based.
The naira payment arrangement with Dangote was therefore maintained as an exception under approval from the Federal Government, while other crude transactions continue to be conducted in dollars.
He said paying operators in dollars while converting naira proceeds into dollars would create additional inefficiencies, making the current arrangement a limited and specific exception rather than the general model for crude sales.
