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Press Releases

Jan 21
Kyari Mourns Festus Marinho, Pioneer MD of NNPC

​…Says His Achievements Will Be Beacon of Inspiration for Generations 


The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has lamented the death of the pioneer Managing Director of the Corporation, Chief Festus Remi Ayodele Marinho.
A press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that Chief Marinho, who passed away yesterday, was the first and only Managing Director of the defunct Nigerian National Oil Corporation (NNOC) - the forerunner of NNPC - and the only one who served twice as Group Managing Director of NNPC having served from 1977-1979 and 1984-1985 respectively. His last appointment was made by President Muhammadu Buhari as Head of State.
In a condolence message to the family of the late NNPC boss, Mallam Kyari described Chief Marinho as “the Father of Oil & Gas Industry in Nigeria” because of the pioneering roles he played in the crafting of the institutional framework, infrastructural development and international best practices being used in the Corporation till date.  
“His role in refinery and pipeline construction and human capacity development are all testimonies of his contribution to national development,” Mallam Kyari stated.
He said Chief Marinho’s visionary leadership provided the foundation for what has come to be known as “Nigerian content”, adding that his achievements in the Corporation would be a beacon and inspiration for many future generations of staff and leaders. 
“He was indeed a rare gem and we will surely miss his wisdom and wealth of experience,” the GMD stated.

Dr. Kennie Obateru
Group General Manager
Group Public Affairs Division,
Nigerian National Petroleum Corporation
NNPC Towers, Abuja.
20th January 2020. 


Oct 15
NNPC Releases 2019 Audited Financial Statement, Reduces Loss by 99.7%

Barely five months after publishing its 2018 Audited Financial Statement, the Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement with a 99.7% reduction in its loss profile from ₦803bn in 2018 to ₦1.7bn in 2019.

A statement by the Corporation's spokesman, Dr. Kennie Obateru, quoted the NNPC Chief Financial Officer (CFO), Mr. Umar Ajiya, as saying that the 2019 Audited Financial Statement, which was concluded five months after the release of the 2018 Audited Financial Statement, will be published on the Corporation's website for all to see in keeping with Management's commitment to transparency and accountability and in consonance with the principles of the Extractive Industries Transparency Initiative (EITI) of which it is a partner.

Giving further insight into the 2019 AFS, the CFO disclosed that general administrative expenses also witnessed a 22% dip from ₦894bn in 2018 to ₦696bn in 2019.

According to Ajiya, majority of the subsidiaries posted improved performance namely, the Nigerian Petroleum Development Company Limited (NPDC) which recorded ₦479Billion profit in 2019 compared to ₦179Billion in 2018 representing 167% increase; the Integrated Data Services Limited (IDSL) recorded ₦23Billion profit in 2019 compared to ₦154Million in 2018 representing 14966% increase; the Petroleum Products Marketing Company (PPMC) recorded ₦14.2Billion profit in 2019 compared to ₦9.3Billion in 2018 representing 52% increase; while the Refineries have maintained the same level of losses as in 2018 but which will reduce significantly in 2020 due to cost optimization drive.

The CFO explained that the improved performance in the 2019 financial year was driven mainly by cost optimization, contracts renegotiation and operational efficiency. He said “the 2019 AFS goes further to demonstrate our unwavering commitment to the principle of Transparency, Accountability and Performance Excellence (TAPE) while the outlook for 2020 looks promising in view of the Management’s strong drive to prune down running cost and grow revenues.” 

It would be recalled that the Group Managing Director of NNPC, Mallam Mele Kyari, had promised to sustain the publication of the Corporation's Audited Financial Statement as part of efforts to deepen transparency and accountability and keep stakeholders abreast of NNPC operations.

Dr. Kennie Obateru
Group General Manager 
Group Public Affairs Division 
Nigerian National Petroleum Corporation 
NNPC Towers, Abuja.


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