Under Mele Kyari’s Leadership, NNPC’s Profits soared to Record Highs, Exceeding N3.48 Trillion in Three Years
Mallam Mele Kyari’s tenure as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) has been characterized by a remarkable transformation, marked by unprecedented profitability and strategic initiatives.
Since assuming office in July 2019, Kyari has navigated NNPC through significant challenges and orchestrated a turnaround that has positioned the state-owned oil giant for sustainable growth and success.
Under Kyari’s leadership, NNPC has witnessed a dramatic improvement in its financial performance, with profits surging to N3.48 trillion within three years. This remarkable achievement is a testament to Kyari’s strategic vision and decisive actions in addressing longstanding issues such as pipeline vandalism, corruption, and low production levels.
Central to Kyari’s strategy has been the implementation of the “Roadmap to Global Excellence,” which prioritizes Transparency, Accountability, and Performance Excellence (TAPE). By instilling a culture of transparency and accountability, NNPC has not only achieved its first-ever profit after tax in 2020 but also continued to deliver impressive financial results in subsequent years.
Kyari’s commitment to transparency is further demonstrated by NNPC’s decision to release its audited financial statements to the public for the first time in 43 years. This unprecedented move has earned NNPC accolades for its openness and commitment to good governance.
Beyond financial gains, Kyari has spearheaded strategic investments and partnerships to strengthen NNPC’s position in the global energy market. The acquisition of OVH Energy and Oando’s fueling stations has expanded NNPC’s assets and market presence, solidifying its status as a dominant player in Africa’s energy sector.
Moreover, Kyari’s efforts to combat crude oil theft and illegal refineries have significantly increased oil production, reaffirming Nigeria’s status as Africa’s largest crude oil producer. Through robust surveillance measures and partnerships with security agencies, NNPC has successfully safeguarded its pipelines and assets, ensuring uninterrupted operations.
Kyari’s tenure has also been marked by groundbreaking initiatives such as the Kolmani Integrated Development Project and the renegotiation of the AKK Gas Pipeline contract, which have paved the way for increased oil exploration and cost savings for the government.
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With the passage of the Petroleum Industry Act (PIA) in 2021, NNPC has transformed, transitioning into a commercially oriented entity governed by modern corporate principles. This legislative milestone has empowered NNPC to operate as a dynamic and competitive player in the global energy market, driving sustained growth and prosperity.
As NNPC continues its journey under Kyari’s visionary leadership, the company’s transformation from adversity to prosperity is a testament to the transformative power of bold reforms and strategic vision in driving organizational success in Nigeria’s oil and gas industry.
