By Bassey Udo
In a year defined by volatility in global energy markets, domestic operational challenges, and an evolving regulatory landscape, the Nigerian National Petroleum Company Limited (NNPC Ltd) kept its level head and achieved a historic milestone under the leadership of Bashir Bayo Ojulari.
The company posted total revenue of N60.517 trillion in 2025, up from N45.1 trillion in 2024, marking a remarkable N15.4 trillion year-on-year increase. Profit after tax soared to N5.76 trillion, signalling not only operational scale, but also exceptional commercial discipline and strategic foresight.
Building on a past foundation
The foundation for the year’s performance was already laid in the past. The numbers from the company’s 2024 annual financial report published late last year mirrored the energy of an entity determined to lead Africa’s oil and gas industry to the world.
From a loss level performance in 2018, the NNPC was able to recalibrate its management processes and operations to improve its fortunes to about N1.7billion deficit at the end of the 2019 financial year.
Building From ground zero
By 2020, the company reached the scaling threshold, recording a historic profit after tax result of over N287billion, the very first time in its operational history.
Since then, the company kept an upward trajectory in its financial performance, with a profit after tax of about ₦674.1 billion at the end of the 2021 financial year, and more than double its profit in the previous year to about ₦2.548 trillion at the end of the 2022 financial year.
An even better performance came in 2023, with a ₦3.297 trillion profit after tax, setting the stage for an unprecedented ₦5.4 trillion profits announced in the 2024 annual financial report, representing a princely 64 percent increase from the previous year’s profit, apart from a ₦27.07 earnings per share pay out to investors, about 64 percent year-on-year growth.
Performance details from the Consolidated and Separate Statements of Profit and Loss Account for the Group and Company showed almost double their capacity on all operational indicators.
In terms of revenue realised from contracts with its customers, the NNPC Group recorded about N45.075 trillion during the year under review, from about N23.990trillion recorded in 2023, while the Company’s revenue from contracts with its customers in 2024 was about N19.565trillion, more than double the corresponding figure of N8.131trillion for 2023.
Revenues from contracts with customers came mainly from crude oil sales, refined petroleum products supply, natural gas, sale of power to the Nigerian Bulk Electricity Trading (NBET) and other services relating to seismic contracts, gas transmission tariffs, shipping, marine and engineering activities.
Despite an increase in the Group’s cost of sales, from N16.95trillion in 2023 to N33.362trillion in 2024, gross profits of about N11.713trillion was reported in 2024, against N7.039trillion in 2023.
Similarly, despite an elevated cost of sales of about N12.277trillion by the Company in 2024, from N3.986 trillion in 2023, the Company’s profit jumped to about N7.378trillion in 2024, from N4.144 trillion in 2023.
After factoring in selling, distribution, general and administrative costs as well as net impairment charge, other income, gains and losses, the Group realised and operating profit of N10.837trillion for 2024, compared to N6.302trillion in 2023, while the Company realised N10.316trillion, from N4.311trillion in 2023.
After deducting finance costs and income as well share of net profit or loss for associates and joint ventures, the profit before tax for the Group came to about N9.558trillion in 2024, from N5.988trillion in 2023, against N9.447trillion by the Company in 2024, from N4.041trillion in 2023.
A further deduction of N4.143trillion as income tax charge from the Group’s profit before tax leaves a profit after tax of N5.414trillion that was declared during the presentation of the 2024 financial statement, which is higher than the N3.297trillion that was realised in 2023.
On the other hand, the Company realised about N5.923trillion as profit after an income tax charge of N3.524trillion was deducted from the initial profit before tax, while profit after tax for 2024 was more than double the N2.219trillion recorded in 2023.
Setting the records straight
Although critics attempted to stir a controversy with allegations of missing trillions, experts, including the President of the Capital Market Academics of Nigeria, Professor Uche Uwaleke, dismissed such claims as unfounded, as reviews of the relevant sections of the published financial report confirmed the money justifiably went into expenditures by the government to meet its commitments under the fuel subsidy regime, which has now been removed from the fuel pricing template.
Ojulari and NNPC Ltd. Ascendancy
Ojulari, who assumed office as Group Chief Executive Officer of the company in April 2025, has been widely credited with steering NNPC Ltd. into a new era of efficiency, transparency, and profitability.
Close watchers of NNPC Ltd. say Ojulari, whose leadership is characterized by humility, pragmatism, and strategic clarity, transformed the company from a historically bureaucratic state entity into a commercially vibrant national oil company whose operations align with global best practices.
Under his stewardship, financial gains were matched with operational improvements, social initiatives, and a renewed emphasis on public trust—redefining what a national oil company can achieve in the 21st century.
The N15.4 trillion revenue increase realised under his management, observers say, did not happen by chance. It reflects a deliberate and carefully orchestrated recalibration of NNPC’s operational and financial architecture to realise well-defined targets.
The NNPC Ltd’s Monthly Operational Report Summary for December 2025 showed the company consistently maintained upward momentum in its profitability despite fluctuations in global oil prices and domestic challenges.
Revenue streams remained robust throughout the year, peaking at N6.624 trillion in February and staying consistently at an average of above N4 trillion monthly. Even during months of moderate earnings, NNPC Ltd. sustained a strong baseline, demonstrating resilience and effective management.
Leveraging NNPC Ltd’s operational philosophy
Profitability, however, told a more nuanced story. Although the company posted losses of N161 billion in January and N7 billion in March, these appeared to have been merely early setbacks that tested the organization’s resolve to turn things around.
This was what the company did effectively by May when it posted profits that surged to N1.054 trillion, followed by N904 billion in June. Although earnings tapered a bit later in the year, NNPC Ltd. closed in December with about N351 billion in profit, illustrating its growing capacity to navigate shocks, while sustaining commercial performance.
Ojulari’s emphasis on “commerciality and profitability” became a defining feature of NNPC Ltd’s operational philosophy.
Under his leadership, these principles were not abstract ideals, but concrete operational imperatives to consistently frame NNPC Ltd’s mission, not as a political tool for the government, but as an independent commercial enterprise committed to be accountable to its ultimate shareholders—the Nigerian public.
Growth Vs Challenges
While financial metrics soared, operational realities presented their own challenges. Crude oil and condensate production declined to 1.54 million barrels per day (mbpd) in December 2025, down from a peak of 1.77 mbpd earlier in the year.
This decline resulted from both planned and unplanned disruptions, including maintenance at major assets such as the Stardeep-Agbami and Renaissance-Estuary Area fields.
Yet even in this challenging environment, NNPC Ltd demonstrated resilience and adaptability. Pipeline availability improved from 86 percent in January to full capacity by the end of the year, reflecting enhanced operational oversight and display of proactive dexterity in its asset management.
Impact of Natural Gas
Natural gas production also showcased the company’s strategic adaptability. While output dipped to 6,284 million standard cubic feet per day (mmscfd) in September 2025, but rebounded quickly to 6,914 mmscfd by December.
Gas sales followed a similar trajectory, highlighting the company’s growing focus on gas as a transition fuel in Nigeria’s energy mix metrics.
The ability to sustain financial growth amid declining crude oil output underscores a critical shift that NNPC Ltd is no longer solely dependent on volume, but determined to leverage on its efficiency, pricing strategies, and diversification to drive and add value.
Infrastructure development
Infrastructure development has been central to Ojulari’s transformative agenda. Two flagship projects—the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the Obiafu-Obrikom-Oben (OB3) Gas Pipeline—recorded historic progress in 2025.
The AKK pipeline reached 91 percent completion, with major welding works finalized and focus shifting to critical installations, while the OB3 pipeline advanced to 96 percent completion, including engineering milestones such as the River Niger crossing.
Pivots to gas commercialization
These projects are more than engineering feats; they represent a strategic pivot toward gas commercialization, industrialization, and energy security. By expanding domestic gas infrastructure, NNPC Ltd is positioning Nigeria to reduce reliance on imported fuels, while supporting manufacturing and power generation.
The AKK and OB3 pipelines also symbolize Ojulari’s vision for long-term national impact. By creating reliable gas transport infrastructure, the company is enabling industrial growth, supporting energy-intensive sectors, and promoting broader economic diversification. These projects reflect a wholistic approach in which corporate success, infrastructure development, and national progress are intertwined.
Downstream sector performance
NNPC Retail Limited also registered significant improvement under Ojulari’s leadership. Station availability increased from 30 percent in January to a peak of 77 percent in September, before stabilizing at 65 percent in December.
This improvement reflects efforts to address long-standing supply chain inefficiencies and strengthen downstream operations. Historically, downstream operations had suffered from inconsistent service delivery and poor management. By implementing streamlined procedures and enhanced monitoring, NNPC Ltd has improved reliability, service coverage, and customer satisfaction—a sign that corporate reform extends beyond the boardroom to the frontlines.
NNPC Ltd & national economic stability
NNPC’s financial success in 2025 had tangible implications for national economic stability. The company remitted N14.706 trillion in statutory payments to the Federation, including a peak of N3.099 trillion in February alone.
These contributions are critical for Nigeria, where oil revenues remain a cornerstone of public finance. The scale and consistency of NNPC Ltd’s remittances reflect a disciplined approach to fiscal management, highlighting the company’s dual role as both a commercial enterprise and a strategic contributor to national development.
With the recent directive by President Bola Tinubu through the instrumentation of Executive Order 9 of 2026, which requires all oil and gas revenues to be remitted directly into the Federation Accounts, while suspending the deduction of 30% Frontier Exploration Fund (FEF) from profit oil and gas, alongside other management fees, the company’s impact on both the economy and the people is bound to increase.
Consolidating NNPC Ltd growth & social impact
Ojulari’s leadership has emphasized that corporate success must translate into societal impact. Through the NNPC Foundation, beneficiaries of the Youth Empowerment Programme received N531,000 each, alongside starter packs to support small businesses.
While intervention is modest compared to the company’s financial footprints, these initiatives underscore a commitment to human capital development and community empowerment.
Besides, transparency and accountability have also been central to rebuilding public trust. Years of opacity and inefficiency had left NNPC Ltd with a legacy of skepticism and corruption.
But under Ojulari, open communication, acknowledgement of challenges, and consistent reporting have gradually reshaped perceptions. Public confidence, particularly in a country where trust in institutions is fragile, is emerging as a critical measure of the company’s success alongside financial and operational metrics.
Challenging entrenched interests
Perhaps the most striking aspect of Ojulari’s tenure is his willingness to challenge entrenched narratives. His approach to refinery rehabilitation illustrates this philosophy.
Rather than framing delays as failures, he described them as necessary recalibrations grounded in economic reality: “The issue is not emotional, political, or symbolic—it is economic,” he declared. This perspective represents a departure from past practices that often prioritized political symbolism over operational and commercial logic.
Transformation to commercially-driven NOC
Ojulari’s strategy reflects a broader vision: to transform NNPC Ltd from a state-centric organization into a commercially-driven national oil company that operates with efficiency, integrity, and accountability.
By integrating operational discipline, financial rigor, infrastructure development, and social responsibility, he has created a model of leadership that balances profit with purpose.
Navigating troubled waters
The 2025 financial year was not without challenges. Global energy markets remained unpredictable, with price fluctuations and supply-demand imbalances testing NNPC Ltd’s commercial strategies.
Domestically, operational disruptions and maintenance needs posed additional hurdles. Yet the company not only navigated these complexities but turned them into opportunities to showcase resilience, adaptability, and commercial acumen.
Momentum amidst global instability
Revenue performance, profitability, and operational improvements all underscore NNPC Ltd’s newfound agility.
The company’s ability to maintain momentum despite lower crude output, fluctuating gas sales, and infrastructure challenges highlights a deeper transformation in corporate culture and organizational capacity.
The achievements of 2025 provide a foundation for sustained growth. Looking ahead, the company’s priorities include expanding gas commercialization, enhancing downstream operations, completing flagship infrastructure projects, and further embedding a culture of efficiency and transparency.
The 2026 financial year will test the sustainability of these gains, but the first-year performance under Ojulari offers a blueprint: leadership grounded in strategic clarity, operational discipline, and social responsibility drives measurable outcomes.
Ultimately, the story of NNPC Ltd’s N15.4 trillion revenue surge is inseparable from the leadership of Bashir Bayo Ojulari and the partnership with Board of Directors and the entire management of the company. His first year exemplifies how a national oil company can achieve remarkable commercial success through innovative partnership, while maintaining accountability, operational excellence, and social impact.
The 2025 financial year will be remembered as a turning point—an era when NNPC demonstrated that profitability, integrity, and societal responsibility are not mutually exclusive but mutually reinforcing.
By combining visionary leadership with disciplined execution, Ojulari has set a new standard for what it means to be a national oil company in the 21st century: commercially vibrant, operationally resilient, and socially conscious.
In a climate of uncertainty and complexity, NNPC Ltd under Ojulari has not just grown revenues, it has redefined what leadership, strategy, and success can look like for a state-owned enterprise. The N15.4 trillion increase is a celebration not merely of numbers, but of a holistic transformation, laying a foundation for future excellence and national progress.
