The Nigerian National Petroleum Company Limited (NNPCL) has responded to controversies surrounding reports alleging the reintroduction of petrol subsidies.

In a statement issued on Tuesday by the Chief Corporate Communications Officer, Olufemi Soneye in Abuja, it was clarified that the company is only addressing the PMS importation shortfall between itself and the Federation, denying claims of subsidy payments.

The company also published its 2023 Audited Financial Statement (AFS), disclosing a net profit of ₦3.297tn at the end of the financial year ending in December 2023, showing an increase of over ₦700bn (28 per cent) compared to the 2022 profit of ₦2.548tn.

Umar Ajiya, the Chief Financial Officer, emphasized that releasing the AFS underscores the company’s dedication to transparency and accountability.

Ajiya remarked, “Our financial performance reflects strategic planning and operational resilience. Despite the challenges in our operational and economic environment, we have enhanced the productivity and financial performance of this esteemed company.”

He further stated that achieving such notable returns underscores NNPC Ltd.’s commitment to maintaining profitability and supporting the realization of national energy security as mandated by the Petroleum Industry Act (PIA) 2021, aligning with the expectations of the company’s shareholders.

Ajiya also mentioned that NNPC Ltd. will reveal its Initial Public Offering (IPO) once a decision is made by the shareholders and board.

In an earlier press briefing on Monday, Chief Pius Akinyelure, the Chairman of the NNPC Ltd. Board, attributed the outstanding performance to the enactment of the PIA 2021 and the dedication of the Board, Management, and staff of the company.

Akinyelure further noted that the company’s shareholders have approved a final dividend of N2.1trn in accordance with the provisions of the PIA 2021.