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NNPC Generated N674bn Profit In 2021 — Kyari

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The Nigerian National Petroleum Company (NNPC) Limited has declared a profit after tax (PAT) of N674 billion for the year ended 2021.

Mele Kyari, group chief executive officer (GCEO), NNPC Limited, made this known in a briefing on Tuesday.

The 2021 financial year made it the fourth consecutive year that the NNPC will be opening its book for public scrutiny.

In 2018 when the NNPC first made an account statement public, it reported a loss of N803.9 billion.

“Today I’m happy to announce that the Board of NNPC has approved 2021 audited fin. statements & NNPC has progressed to a new performance level, from N287 billion profit in 2020 to N674 billion profit after tax in 2021, climbing higher by 134.8 percent YoY profit growth,” he said. 

Kyari said the significant increase in revenue and a less proportionate increase in the cost of sales resulting in a 1,556 percent increase in gross profit.

“Other factors that contributed to the high profitability of the NNPC Group is the outcome of the N173.7 billion arising from reconciliation with Federal Inland Revenue Service (FIRS), a stronger emphasis on performance management, rationalisation of non-essential expenditure, and implementation of the transparency and accountability agenda, he added.

“The impressive profit performance recorded by the NNPC was further bolstered by the positive impact of the N193 billion royalty which was written back as a result of the reconciliation with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).”

According to NNPC, total assets increased by 2.6 percent from N15.86 trillion in 2020 to N16.27 trillion, while total liabilities decreased by 8.3 percent from N14.68 trillion in 2020 to N13.46 trillion in 2021.

It added that the shareholders’ fund position of the NNPC Group also followed an upward trend as it rose to N2.81 trillion in 2021, as against N1.15 trillion in 2020. This represents a 144 percent increase at the end of December 2021.

“The cost of sales also rose by 46.3 percent from N3.65 trillion in 2020 to N5.34 trillion in 2021. The increase in the cost of sales is attributable mainly to the increase in crude oil production,” the company said.

“The selling and distribution expenses also increased from N36 trillion in 2020 to N52 billion in 2021. This increase is in line with the rise in revenue from petroleum product costs during the year under review.”

BIG STORY

Coup Plotters Marked Me For Arrest, Assassination —- Defence Minister

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The Minister of Defence, Gen. Christopher Musa (retd.), on Sunday disclosed that he was among the intended targets of the recently foiled coup plot against President Bola Tinubu, revealing that the conspirators planned to arrest or shoot him if he resisted.

Musa made the disclosure while speaking as a guest on Politics Today, a Channels Television programme, where he also described the suspects behind the plot as “a bunch of very unserious individuals.”

While admitting that he played a key role in helping security agencies nip the plot in the bud, the former Chief of Defence Staff said he was personally marked for arrest by the plotters.

“I was also a target, I am sure you know. I was supposed to be arrested, and if I refused, I was supposed to be shot,” he said.

“But that’s the job. Anybody who goes into a coup zeroes his mind because he knows if he succeeds, good.

If he doesn’t succeed, whatever consequences come, you are ready for it.”

Musa dismissed the capacity of the suspects to successfully challenge the Nigerian state, saying their actions showed a complete misunderstanding of Nigeria’s democratic history and the strength of its armed forces.

“But again, I think these guys were just a bunch of very unserious individuals that I really don’t know. If you look at the calibre of the individuals, I really don’t know what got into their heads to think that they could take on the armed forces like that,” he said.

He added that even without the intervention of the military, Nigerians would have resisted any attempt to overthrow a democratically elected government.

“What I even said was that even Nigerians would have fought them. Even without the armed forces, Nigerians would have stood against them. Remember how Nigerians fought against the military rule for quite some time. And that’s why Mr. President has always been one of them.

“So now, for them to think they could just wake up one morning and do that in Nigeria, I think something went wrong in there. They need to reset their brains.”

Speaking on the arrests made so far, the Defence Minister said most of those involved had been apprehended, with only “maybe one or two” still at large.

“So far, most of them have been caught. If there’s anyone, maybe one or two. It just started from the colonel himself, who felt disgruntled because he was not promoted. He didn’t meet the marks to be promoted,” he said.

Musa explained that the plot was driven largely by personal grievances, noting that the armed forces’ promotion system is strict and merit-based.

“You know that the armed forces is really very strict about its promotions system. But he didn’t make it. So what he decided to do was probably go around, look at other people that had one issue or the other…with the aim of bringing them in,” he said.

Expressing concern for junior officers allegedly drawn into the plot, Musa said, “My pain is all those young officers who didn’t understand what was going on that he put in this mess. Now they have to face the consequences.

“So everything evolves around him as an individual. But he was just a colonel. I can’t even imagine a colonel ever thinking of doing such a thing.”

The Defence Minister stressed that executing a coup in modern-day Nigeria was virtually impossible, unlike in the past.

“That was in the past. That was Nigeria of yesteryears. It’s impossible,” he said, adding that security agencies relied on verified facts, not speculation, before acting.

“If there’s a situation where you hear that somebody is trying to do something and you walk in, what facts do you have because you are going to go to the courts? If you can’t present it in the courts, then they throw you away. And then you look stupid.”

He said the investigation was thorough and collaborative, involving multiple intelligence agencies to avoid indicting innocent officers.

“Since I was there, I was the one who inaugurated the board. I made sure the board started. We sent them to DIA to do a thorough investigation along with the NIA, DSS, and every other person. So it’s a holistic investigation that was carried out because we didn’t want any innocent person to be indicted,” Musa said.

He dismissed claims that the plot was driven by dissatisfaction with the current administration, insisting it predated Tinubu’s inauguration.

“These things were planned even right before the president took office. So it was a plan they had ahead of him since they knew he was the one who won the election,” he said, describing the development as “quite unfortunate.”

Musa further noted that past coups succeeded only with the backing of top military commanders, a factor completely absent in the current case.

“If you remember, during those days when they had coups, you had to have most of the big boys like the GOCs and service chiefs…You don’t have any of such. They are just very low-ranking individuals that have no access to some of these things,” he said.

“For anybody to want to truncate democracy in this disposition, I think there’s something really wrong with them.”

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BIG STORY

Public Infrastructure Vandals Should Be Shot On Sight —— Bayo Onanuga

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Bayo Onanuga, Special Adviser to the President on Information and Strategy, has called for vandals of public infrastructure to be shot on sight.

Onanuga made the statement in a post on X on Sunday, while reacting to a video showing damage to an ongoing federal road project.

“Just shoot these unconscionable vandals/thieves at sight. They are the worst species of citizenships,” he wrote.

The video showed men wearing reflective jackets, emblazoned with the crest of the federal ministry of works, narrating how vandals cut and removed starter bars, also known as shoulder rods, at the reconstruction site of the Ibadan-Ilesa/Ife federal highway.

An official in the footage said the vandals removed sections of the iron bars they could access, and cut out others entirely, despite security presence at the site.

“So what happens is that we have some people vandalising these starter bars. You can see that they are pressing in some places, but all these vandals, they cut out of it, they remove the ones they could remove,” he said.

“They cut the ones that are very solid and remove the ones they can remove entirely. These are starter bars. This is a very bad thing they are doing. These are vandals, and we have security patrols.”

The Ibadan-Ilesa/Ife highway is one of the major roads being reconstructed by the federal government.

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BIG STORY

Adron Homes Hails Ondo State at 50, Celebrates Legacy of Excellence

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The Chairman, Board of Directors, Management, and staff of Adron Group have congratulated the Government and people of Ondo State on the celebration of its 50th anniversary, describing the milestone as a significant chapter in Nigeria’s federal history and a testament to visionary leadership, resilience, and purposeful development.

In a goodwill message issued to commemorate the Golden Jubilee, Adron Group noted that since its creation in 1976, Ondo State has consistently distinguished itself as a centre of honour, intellect, and enterprise. Fondly referred to as The Sunshine State, the state has produced generations of outstanding professionals, administrators, and national leaders whose contributions continue to shape Nigeria’s socio-economic and political development.

According to the company, the strength of Ondo State lies not only in its rich cultural heritage and intellectual depth, but also in the values of integrity, diligence, and excellence that define its people. These qualities, Adron noted, have remained the bedrock of the state’s enduring relevance and national impact over the past five decades.

Adron Group further commended the state’s renewed drive in recent years towards infrastructure development, economic diversification, industrial growth, and youth empowerment, describing these initiatives as indicators of a forward-looking, inclusive development agenda anchored in sustainability and long-term prosperity.

“As a corporate organisation committed to nation-building and sustainable development, Adron Group recognises Ondo State as a strategic partner in progress,” the statement read. “We commend His Excellency, Lucky Orimisan Aiyedatiwa, Executive Governor of Ondo State, and the leadership of the state at all levels for their dedication to public service and their commitment to the advancement of the people.”

As Ondo State marks its Golden Jubilee, Adron Group joined millions of well-wishers in celebrating a legacy of excellence, strength of character, and promise, while expressing optimism that the next fifty years will usher in greater milestones in economic vitality, social advancement, innovation, and enduring peace.

The company concluded by wishing the Government and people of Ondo State continued progress and prosperity, adding that the Sunshine State remains well-positioned to shine even brighter in the years ahead.

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