NNPC posts ₦7.2trn profit, declares ₦5.8trn dividend
By Abiodun Folarin
…as crude production hits five-year high
NNPC Limited has reported a 33 per cent increase in profit after tax to ₦7.2 trillion in 2025, from ₦5.4 trillion recorded in 2024, despite a 24 per cent decline in revenue during the period.
The company also declared a ₦5.8 trillion dividend, representing a 35 per cent increase over the previous year, as stronger earnings and higher oil and gas production boosted its financial performance.
NNPC Limited disclosed the results on Tuesday following its Annual General Meeting and second Earnings Call with financial and business analysts on the audited financial statements for the year ended December 31, 2025.
Revenue stood at ₦34.5 trillion, with the company attributing the decline to lower crude oil prices and reduced white product volumes following market deregulation in 2024.
Despite the revenue pressure, EBITDA rose 22 per cent to ₦18 trillion, while earnings per share increased 32 per cent to ₦35.9. Operating cash flow also grew by 16 per cent to ₦12.8 trillion, while Return on Equity improved by 200 basis points to 16 per cent.
On operations, crude oil and condensate production averaged 1.77 million barrels per day, the company’s highest level in five years, while natural gas production averaged 7.2 billion standard cubic feet per day, a three-year high.
Total crude oil and condensate production rose five per cent to 565.8 million barrels, while NNPC Limited’s equity share increased 11 per cent to 223.7 million barrels.
Natural gas production also increased nine per cent to 2,606.2 billion standard cubic feet, with the company’s equity share rising 11 per cent to 1,154.9 billion standard cubic feet.
NNPC Limited said it also made progress on major infrastructure projects, including the completion of the Ajaokuta-Kaduna-Kano (AKK) pipeline’s River Niger crossing and the full completion of the 40-inch, 623-kilometre mainline.
The company commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300 million standard cubic feet per day ANOH Gas Processing Plant to start-up readiness.
It also acquired 500 CNG-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform programme.
Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, said the 2025 performance demonstrated the impact of disciplined execution and a capable workforce.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said, adding that the company was strengthening earnings, increasing production and investing in assets and people to sustain value for shareholders, communities and Nigerians.
On its workforce, NNPC Limited said it employed 1,023 full-time employees in 2025, including more than 1,000 graduates deployed after a one-year internship and training programme.
Women now account for 23 per cent of leadership positions in the company, compared with an industry average of 17 per cent, it said.
The company also reported sustainability initiatives including 6,028 cataract surgeries, the planting of 80,000 trees and the development of its Net Zero 2050 strategy.
Looking ahead, NNPC Limited said it was targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030, while aiming to increase natural gas production to 12 billion standard cubic feet per day by 2030.
It said it plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030, alongside the completion of major gas infrastructure projects including AKK, ELPS and OB3.
NNPC Limited became a fully commercial, profit-driven company in July 2022 under the Petroleum Industry Act 2021 and operates across exploration, production, refining and petroleum products distribution.
