The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) recorded a profit after tax of ₦7.2 trillion in 2025. That is a 33% increase from ₦5.4 trillion in 2024. The Group Chief Executive Officer, Bayo Ojulari, disclosed this on Tuesday in Abuja at a media briefing after the company’s AGM and second Earnings Call.
NNPC was commercialised in 2021 under the Petroleum Industry Act. It became a limited liability company. The transition was meant to improve efficiency and profitability. The company has faced criticism over transparency and governance. In 2023, it published its first audited financial statements in decades. The 2025 results continue that reporting trend. The profit growth is significant. The revenue decline is also significant.
Revenue declined to ₦34.5 trillion from ₦45.1 trillion in 2024. That is a 24% drop. Ojulari attributed it to lower crude oil prices and reduced product volumes following market deregulation. Despite the revenue fall, profit grew. Ojulari said the company improved operations and maintained discipline across its businesses.
Earnings per share rose to ₦35.90 from ₦27.07. Return on equity improved by 200 basis points to 16%. The declared dividend increased by 35% to ₦5.8 trillion. Taxes, royalties and other government remittances rose 39% to ₦22.3 trillion. “Stronger earnings in spite of this pressure demonstrate the resilience of NNPC Limited’s operations,” Ojulari said.
Crude oil and condensate production reached a five-year peak of 1.77 million barrels per day. Gas supply reached a three-year high of 7.2 billion standard cubic feet per day. “Stronger performance gives NNPC Limited more capacity to invest, contribute to public revenue and strengthen Nigeria’s energy security,” Ojulari said.
On infrastructure, Ojulari said the mainline of the Ajaokuta-Kaduna-Kano gas pipeline has been completed. Work is ongoing on tie-ins to delivery points. The next milestone is gas flow to industries and power plants. The Obiafu-Obrikom-Oben gas pipeline was completed in 2026 after years of challenges.
On refineries, Ojulari said prospective partners under NNPC’s technical equity partnership model have conducted a three-month onsite review. More than 34 engineers participated. NNPC is concluding the report. The target is self-sustaining and profitable refineries. Ojulari reaffirmed NNPC’s target of producing two million barrels of crude oil daily by 2027 and three million by 2030. Gas production targets are 10 billion cubic feet per day by 2027 and 12 billion by 2030. “NNPC plans to mobilise over $60 billion of investment across the energy value chain,” he added. More than 1,000 newly recruited professionals joined NNPC in 2025 under its Talent to Value programme.
Winners: The Federal Government, which gains dividends and taxes. NNPC management, which shows profitability. Shareholders, who gain earnings. Workers, who gain jobs. Losers: Consumers, if petrol prices remain high. Taxpayers, if the revenue decline continues. Critics who question the accounting. The company, if production targets are missed.
Bottom Line: NNPC posted ₦7.2 trillion profit. Revenue fell 24%. Profit rose 33%. The company is doing more with less. The refineries remain a work in progress. The targets are ambitious.