Business
NNPCL Appeals for Understanding Amid Fuel Scarcity and Reports Record Profit
The Nigerian National Petroleum Company Limited (NNPCL) has issued a plea to the public for patience as it grapples with ongoing fuel shortages across major cities, including Lagos and Abuja.
Olufemi Soneye, the company spokesperson, appealed in a statement released on Monday. He highlighted that NNPCL had achieved a substantial financial milestone, reporting a profit of ₦3.3 trillion for the fiscal year 2023, according to its recently published audit financial statement. Dapo Segun, the Executive Vice President of Downstream Operations at NNPCL, addressed concerns related to fuel scarcity.
He explained that the company is actively collaborating with key stakeholders to resolve challenges related to fuel distribution and evacuation logistics, which are contributing to the current shortages.
The NNPCL’s 2023 financial results reveal a significant increase in profit, marking a rise of over ₦700 billion or 28 percent compared to the previous year’s profit of ₦2.548 trillion. This substantial profit growth underscores the company’s financial strength, even as it works to address the operational issues impacting fuel availability.
The firm’s statement aims to reassure the public and emphasize its commitment to resolving the logistical challenges affecting fuel distribution, while also showcasing its robust financial performance.
Since Uber exited Nigeria, rumours have been circulating over why the company left the country. One of the claims suggested that FAAN was part of the reason for the exit.
The Federal Airports Authority of Nigeria (FAAN) has now addressed the rumours and claims of its involvement in Uber’s decision to leave Nigeria.
FAAN said it could not speak for Uber’s decision, noting that the company likely had its own economic and regulatory considerations for leaving Nigeria.
FAAN’s Managing Director, Olubunmi Kuku, said “I can’t speak to Uber’s exit from Nigeria. I am sure they have their own economic and regulatory decisions as to why they chose to exit.”
The Federal Government trains 500 women and youths in food production and agriculture. The programme was started to support food security.
The Federal Ministry of Agriculture and Food Security partnered with the National Horticultural Research Institute (NIHORT).
The women and youths were taught tomato, okra and Telfairia production techniques. The government believes this will help boost agriculture, improve food production and strengthen the economy in Ogun State.
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
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