The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has attributed the ₦287 billion profit after tax declared by the Corporation for the 2020 financial year to a number of pragmatic measures, including cost-cutting and none interference from any quarters.
Speaking to newsmen yesterday in Abuja, shortly after President Muhammadu Buhari had unveiled the financial performances of the Corporation and commended it for the feat, the GMD also looked at improved efficiency through business automation and emphasis on commercially-focused investments as other factors that
contributed to the turn-around of the Corporation from a loss of ₦803 billion in 2018 to profit of ₦287 billion in 2020.
Mele Kyari said that the Corporation saved a lot of cost through contract renegotiation by up to 30 percent 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 said that Management’s focus on the prioritization of investment and staff welfare also helped in boosting the Corporation’s overall productivity and bottom line.
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 conference 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 that 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 nation’s oil and gas sector.
Members of the NNPC Board, Chief Pius Akinyelure, Mallam Mohammed Lawal, Dr. Tajudeen Umar and Mrs. Lami Onayi Ahmed, who were present at the event, also echoed the Minister and congratulated the Management and staff of the Corporation on the feat.