NNPC will deliver dividends to Nigerians this year says Kyari

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has said he is hopeful that the state behemoth will be able to declare dividend this year.

Speaking at this year’s Nigeria International Petroleum Summit (NIPS), Kyari explained how the company is leveraging technology to achieve more efficiency which is helping the corporation reduce its high cost of operations and deliver more value to stakeholders.

He noted that the corporation is doing more in terms of cutting costs, becoming more efficient and investing in assets that give value.

In April, the NNPC had written Ahmed Idris, accountant-general of the federation, informing him that the corporation would not make any remittance to the Federation Account Allocation Committee (FAAC) in May.

In a copy of the letter seen by BusinessDay, the corporation said N111.96 billion would be deducted from April 2021 oil and gas proceeds — due to the FAAC in May — noting that the deduction was necessary to ensure the continuous supply of petroleum products to the nation and guarantee energy security.

The NNPC, in reaction, said the zero-revenue projection for May did not mean it was in bad financial straits as it pertains only to the federation revenue stream it manages.