·    Spends N4.46tn on ‘sustainable’ procurement 

·    Targets 226 CNG stations by 2026

·    Employees exceed 5,400, 20% women in senior management 

Emmanuel Addeh in Abuja 

Nigerian National Petroleum Company Limited (NNPC Ltd) has disclosed that it paid the federal government nearly N16 trillion in taxes, royalties, and dividends in 2024, describing the achievement as unprecedented.

In a statement to the shareholders, members of the NNPC board, as well as partners and customers in the just-released Annual Financial Report, Group Chief Executive Officer of the national oil company, Bayo Ojulari, stressed that the company’s “sustainable” procurement spending also hit N4.463 trillion.

Essentially, sustainable procurement involves buying goods, services, and works in a way that delivers value for money while also reducing environmental harm, supporting social wellbeing, and strengthening economic resilience.

Besides, NNPC disclosed that its share of crude oil production was 202.3 million barrels during the year under consideration, while natural gas production was 1,045.6 billion SCF, and its number of retail outlets hit 1,096, even as the number of women in the senior management team climbed to 20 per cent.

Still on its sustainability activities, NNPC stated that it made commercial entry into the Compressed Natural Gas (CNG) market through the operationalisation of mobility CNG at the NGML/NIPCO mother station project and launched 12 CNG stations in Abuja and Lagos, as well as trained over 1,000 mechanics, and deployed 55 eco-friendly trucks.

On the shipping side of its business, Ojulari highlighted the commercialisation of NNPC’s “Bill of Lading” process, stressing that it generated N210 million in revenue, while its newly established “Vetting Desk” vetted 278 vessels, underscoring its commitment to transparency and value creation.

“In 2024, we remitted N15.982 trillion to the federal government in taxes, royalties, and dividends; an unprecedented contribution to national development,” Ojulari added.

He added that over 430,000 National Youth Service Corps (NYSC) members were trained in financial literacy, while 15,000 STEM textbooks were distributed as part of its Corporate Social Responsibility (CSR).

In the same vein, it reported that 3,400 citizens were supported through cancer screening, disclosing that its “inclusive” recruitment attracted 45,000 applicants, with 20 per cent of senior roles held by women.

He added, “We commissioned 12 CNG stations, launched methane reduction initiatives, and prioritised upstream emissions abatement.

“Our sustainable procurement spend reached N4.463 trillion. We submitted our inaugural UN Global Compact COP and reinforced governance frameworks to foster trust and transparency.”

While investing in world-class training of its staff at institutions like Harvard, Stanford, Wharton, Kellogg and Lagos Business School, the company stated that promotions were merit-based, appointments strategic, and recruitment transparent, ensuring it attracts and retains top-tier talent.

In addition, Ojulari stated that in 2024, NNPC’s upstream operations delivered exceptional results, especially with the establishment of the “Production War Room”, enabling the national oil company to overcome production bottlenecks and elevate national crude and condensate output from a lowest monthly average of 1.44 million bpd in March to a peak of 1.70 million bpd by November, an 18 per cent lift in nine months. 

“This momentum continues into 2025, with a year-to-date average of 1.725 million bpd, the highest in five years,” NNPC emphasised.

It listed key upstream achievements as: First oil from OML 13 Utapate and OML 85 Madu fields; Final Investment Decisions (FID) for OML 58 Ubeta ($550 million) and OML 118 Bonga North ($5 billion); unlocking significant gas and oil volumes; as well as successful streaming of Enwhe and Gbaran gas assets, adding 300 MMscfd to national supply.

The company stated, “In power, we expanded installed capacity by 2.8 per cent, and our LNG ambitions advanced with steady progress on NLNG Train 7. The Brass Fertiliser GSPA signing and renewed investor interest in Gas-Based Industries affirm Nigeria’s growing appeal as an energy investment destination.”

Still on its strategic achievements, NNPC stated that “First-ever strategy” was finalised, approved by the board, and operationalised, followed by record profit after tax, enabling reinvestment in clean energy, workforce development, and community initiatives.

On cleaner energy expansion, the company said apart from the 12 CNG stations commissioned in Abuja and Lagos, it was targeting an additional 226 by 2030.

“Looking ahead, we plan to continue advancing sustainability by: Expanding CNG and renewable energy infrastructure, deepening emissions reduction through targeted abatement in high-impact areas and strengthening governance, transparency, and stakeholder engagement,” the company stated.

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