₦287bn Profit: Cost-cutting measures, non-interference, others account for achieved feat – NNPC GMD

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…As Sylva, Board Members Hail Corporation.

By Chibuike Nwabuko

Abuja (Sundiata Post) – The Nigerian National Petroleum Corporation (NNPC) has enumerated the factors that led to the N287billion profit after tax feat posted for the first time since it’s incorporation in 1977.

The Group Managing Director, Mallam Mele Kyari, who gave the insight into the measures adopted by his management to achieve the feat include but not limited to aggressive implementation of cost-cutting measures, improved efficiency through business automation, emphasis on commercially-focused investments and non-interference in the management of the Corporation from any quarters.

Kyari added that the Corporation saved a lot of cost through contract renegotiation by up to 30% on the heels of the Covid-19 pandemic, introduction of technology that drastically cut travel cost through reduction in in-person meetings and the general automation of processes that enhanced efficiency across the group’s businesses.

He also observed that Management’s focus on the prioritization of investment and staff welfare also helped in boosting the Corporation’s overall productivity and bottom line.

According to the statement signed by the Group General Manager, Group Public Affairs Division,
Nigeria National Petroleum Corporation
NNPC, Garba Deen Muhammad, the GMD disclosed this at a press on Thursday in Abuja while explaining the magic behind the turn-around of the Corporation from a loss of ₦803bn in 2018 to profit of ₦287bn in 2020.

Speaking earlier while kick-starting the press conference, the Alternate Chairman of the NNPC Board of Directors and Minister of State for Petroleum Resources, Chief Timipre Sylva, who joined the press virtually, congratulated the GMD, Management and staff of the Corporation on the feat of posting profit for the first time since its incorporation in 1977.

He said NNPC’s emergence from loss into profitability, coming shortly after the signing into law of the Petroleum Industry Bill, was a proud moment for him, adding that this was a season of achievements for the ’s sector.

Members of the NNPC Board, Chief Pius Akinyelure, Mallam Mohammed Lawal, Dr. Tajudeen Umar and Mrs Lami Onayi Ahmed, who were also present at the event, also echoed the Minister and congratulated the Management and staff of the Corporation on the feat.