Business
NNPC Limited Announces Impressive 2023 Fiscal Year Profits of N3.3 Trillion
The Nigerian National Petroleum Company (NNPC) Limited has some exciting news to share. In their recent media briefing on Monday, the chairman of the NNPC board, Pius Akinyelure, announced a substantial profit of N3.3 trillion for the 2023 fiscal year. This marks a remarkable increase from the N2.54 trillion profit reported in 2022.
Akinyelure proudly highlighted that this impressive jump in profits is a testament to the company’s financial resilience and strategic foresight. It is indeed a significant milestone for NNPC as it has been a long road to achieve such numbers.
Just think about it – back in 2018, the company recorded a loss of N803 billion and even posted another loss of N1.7 billion in 2019. But things started looking up in 2020 when NNPC turned things around with a profit of N287 billion, followed by an even higher profit of N674.1 billion in 2021.
But wait, there’s more good news! Not only did NNPC see an increase in profits, but its revenue also saw a gigantic leap last year, soaring to N24 trillion from N8.81 trillion in 2022.
These outstanding figures show how much progress NNPC has made over the years and how it continues to grow as one of Nigeria’s leading national petroleum companies.
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.
Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.
Security Expert, Dr. Kingsley Aguoru has advised the Central Bank of Nigerian (CBN) and Economic and Financial Crimes Commission (EFCC) to stop the use of online transactions through Card Pins as it results to a security risk.
He emphasized the risks we can be exposed to, phishing and cyber threats, he states that the use of one-time passwords can serve as an aid in this to better the security.
The expert shares that pins are only safe when in use for ATM and Pos but not online, due to cyber risks. He expressed that information can be leaked from the continuous use of sharing pins online.
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