The Nigerian National Petroleum Company Limited (NNPCL) has generated N7.2 trillion profit after tax for the 2025 financial year.
The company also declared a dividend increase of 35 per cent to N5.8 trillion for the year under review.
Established in 1977, NNPC Limited became a fully commercial, profit-driven company in July 2022 under the Petroleum Industry Act 2021.
Operating across exploration, production, refining and distribution, the Company works to create lasting value for its shareholders and strengthen energy security for Nigeria and Africa.
Speaking during the presentation of the 2025 Audited Financial Statement on Tuesday in Abuja, the Group Chief Executive Officer (GCEO) of NNPCL, Engineer Bashir Bayo Ojulari, said the profit was from the N34.5 trillion revenue generated during the year.
“Profit After Tax rose 33 per cent to N7.2 trillion from N5.4 trillion in 2024, while revenue stood at N34.5 trillion. Revenue declined 24 per cent, principally reflecting lower crude oil prices and reduced white product volumes following market deregulation in 2024 Stronger earnings despite this pressure demonstrate the resilience of NNPC Limited’s operations.
”Key financial measures advanced: EBITDA rose 22 per cent to N18.0 trillion; Earnings Per Share increased 32 per cent to N35.9; operating cash flow grew 16 per cent to N12.8 trillion; Return on Equity improved by 200 basis points to 16 per cent; and the declared dividend increased 35 per cent to N5.8 trillion,” he said.
The GCEO said the results underlined the company’s growing earnings capacity and operational momentum, adding that it provides a stronger platform for growth.
According to him, crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years, adding that natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high.
“Oil and condensate production totalled 565.8 million barrels, up 5%, with NNPC Limited’s equity share increasing 11 per cent to 223.7 million barrels.
“Natural gas production reached 2,606.2 billion standard cubic feet, up 9 per cent, while its equity share rose 11 per cent to 1,154.9 billion standard cubic feet,” the GCEP further said.
Ojulari said progress across the portfolio included completion of the AKK River Niger crossing and full completion of the 40-inch by 623-kilometre Ajaokuta-Kaduna-Kano mainline.
He added that NNPC Limited commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300MMscfd ANOH Gas Processing Plant to start-up readiness.
“It also acquired 500 CNG-powered trucks, and adopted a Technical Equity Partnership Model for its refinery reform,” he said.
He said through its talent-to-value transformation, women now hold 23 per cent of leadership positions, compared with an industry average of 17 per cent.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver.
“We are strengthening earnings, growing production and investing in the Nigerian people,” he said.
On sustainability, the Company completed 6,028 cataract surgeries, planted 80,000 trees, developed its Net Zero 2050 strategy and maintained reporting under Oil and Gas Methane Partnership (OGMP), Oil and Gas Decarbonization Charter (OGDC), and United Nations Global Compact (UNGC) frameworks.
As it enters its next phase of growth with clear production and investment ambitions.
The Company said it is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030, alongside natural gas output of 12 billion standard cubic feet per day by 2030.
It added that it plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030 and complete major gas infrastructure, including AKK, ELPS and OB3.
…On IPO
Responding to questions from journalists, Ojulari said the company does not have a fixed date for its planned initial public offering (IPO), stressing that the decision to list the company will ultimately be made by its shareholders.
“We don’t have a date for the IPO at this time,” he said.
He explained that consultants and other parties involved in assessing the company would advise on when NNPC Ltd was ready for listing after all identified gaps had been addressed.
According to him, management’s responsibility is to ensure that the company is prepared for listing, while the final decision rests with shareholders acting on behalf of the country.
“Market conditions and other strategic considerations would also form part of the factors considered before the listing decision is made,” he said.
…Company prepares for listing
Ojulari said NNPC Ltd had completed the first phase of a diagnostic review aimed at identifying gaps in its compliance with listing requirements.
He said work was ongoing across the company and its subsidiaries to address the identified areas, adding that management was making progress.
The NNPC chief said the company needed to build a strong track record as part of its preparation for a potential listing, noting that the 2025 audited results were part of that process.
He also restated the company’s ambition to operate at the level of Saudi Aramco, saying transparency, accountability and sustainable performance would be necessary to achieve that objective.
“To do that, we have to make sure there’s transparency, clear accountability and sustainable performance,” he said.
Ojulari clarified that the proposed listing would cover NNPC Ltd as a whole rather than being limited to its refineries.
He also linked the IPO plan to the recovery of debts owed to the company, stressing that NNPC Ltd needed to demonstrate discipline in collecting payments for the gas and crude oil it supplies.
He said the company could not operate as a listed entity without showing that it was capable of effectively managing and recovering money owed to it.
…Presidency cautions on fuel subsidy
In a related development, the Presidency, Tuesday, warned against any attempt to return Nigeria to the petrol subsidy regime, saying doing that could undermine the NNPCL.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated this in a post on his X handle while highlighting the NNPC’s financial and operational performance in 2025.
According to him, the NNPC’s earnings before interest, taxes, depreciation and amortisation rose by 22 per cent to N18tn, while earnings per share increased by 32 per cent to N35.9.
He also said the company’s operating cash flow grew by 16 per cent to N12.8tn, return on equity improved by 200 basis points to 16 per cent, while its declared dividend increased by 35 per cent to N5.8tn.
Onanuga further said crude oil and condensate production averaged 1.77 million barrels per day, which he described as the highest level in five years, while natural gas output averaged 7.2 billion standard cubic feet per day.
“Crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years. Natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high.
“Oil and condensate production totalled 565.8 million barrels, up five per cent, with NNPC Limited’s equity share increasing 11 per cent to 223.7 million barrels,” Onanuga wrote
The presidential spokesman said natural gas production reached 2,606.2 billion standard cubic feet, representing a nine per cent increase, while NNPC Limited’s equity share rose by 11 per cent to 1,154.9 billion standard cubic feet.
On former Vice President Atiku Abubakar’s position on petrol subsidy, Onanuga said: “Atiku’s subsidy programme will certainly kill this company, which could be our own Aramco,” stressing that “Our country has no business taking 100 steps back. Forward ever!”
