The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a profit after tax of N7.2 trillion for the 2025 financial year, up 33 per cent from N5.4 trillion in 2024, even as revenue fell. The group chief executive officer, Bayo Ojulari, announced the audited results at a media briefing in Abuja, on Tuesday, held after the company’s annual general meeting and earnings call.
Revenue for the year was N34.5 trillion, down from N45.1 trillion in 2024. Earnings per share rose to N35.9 from N27.07. Ojulari attributed the fall in revenue to lower crude oil prices in 2025 and a drop in product volumes following market regulation and the removal of subsidy. He said profit still grew because the company improved how it operates and kept discipline across its businesses.
Taxes, royalties and other remittances to government rose 39 per cent to N22.3 trillion, he said. Ojulari said crude oil and condensate production reached a five-year high of 1.77 million barrels per day at its peak. Gas supply hit a three-year high of 7.2 billion standard cubic feet per day. “Stronger performance gives NNPC Limited more capacity to invest, more capacity to contribute to public revenue, and strengthen Nigeria’s energy security,” he said.
On infrastructure, Ojulari said the main line of the Ajaokuta-Kaduna-Kano gas pipeline has been completed and work is now on the tie-ins to the delivery points, starting with Abuja, then Ajaokuta and Kaduna. The next milestone, he said, is gas flowing through the line into industry and power. He also said the company completed the Obiafu-Obrikom-Oben (OB3) gas pipeline this year after several years of challenges.
It connects gas sources to markets. On the refineries, he said prospective partners under the company’s technical equity partnership model had carried out a three-month onsite review with more than 34 of their engineers. NNPC is now concluding the report. He said the aim is refineries that are self-sustaining and profitable, and that a pathway would be defined “very soon”. Ojulari restated the company’s targets of 2 million barrels of crude oil per day by 2027 and 3 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. Ojulari said more than 1,000 newly employed professionals joined NNPC last year under its Talent to Value programme. They completed a one-year internship and training and have been deployed across the company.
He added that women hold more than 23 per cent of leadership positions at NNPC, against a global industry average of 17 per cent. “Our people delivered the 2025 results,” he said.
