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Celebration as NNPC breaks 44-year jinx to make N287b profit

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NNPC PROFIT

 

The Nigerian National Petroleum Corporation (NNPC) has recorded a record-breaking net profit of N287 billion, breaking a 44-year jinx in a major recovery hailed on Thursday by President Muhammadu Buhari.

In a statement issued by Special Adviser to the President on Media and Publicity, Mr Femi Adesina, Buhari noted that the net profit of N287 billion was the first of its kind in the corporation’s 44 years history.

While noting that the agency’s losses were reduced from N803 billion in year 2018 to N1.7 billion in year 2019, Buhari, who doubles as substantive Minister of Petroleum Resources, also directed the corporation’s management to henceforth ensure timely publication of its audited accounts.

According to the statement, the declaration of profit by the NNPC was in fulfilment of an earlier pledge by the Federal Government to publicly announce the financial position of the NNPC,

The net profit of N287 billion was sequel to the completion of the statutory annual audit exercise for year 2020.

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“The NNPC losses were reduced from N803 billion in year 2018 to N1.7 billion in year 2019 and the eventual decla ration of net profit in year 2020 for the first time in its 44-year history.

“This development is consistent with this administration’s commitment to ensuring prudent management of resources and maximisation of value for the Nigerian people from their natural resources.

“I have further directed the Nigerian National Petroleum Corporation to timely publish the audited financial statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.

“I congratulate the board, management and staff of the corporation and look forward to greater value creation for the Nigerian people,” Buhari stated.

Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari said the corporation’s board of directors would take decision about any dividend payment.

“It will be the decision of the board of directors to either add this to the capitaliszation of the company. It is to decide what proportion of it we are going to declare as dividends.

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“Subsequently, there will be an engagement to take that decision,” Kyari said.

Speaking virtually, Minister of State for Petroleum Resources, Chief Timipre Sylva described the feat as historical.

Kyari, however, attributed the achievement to cutting of cost, transparency and accountability.

He said he built on the platform he inherited cutting cost and automating the NNPC systems.

 

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Governors can pay N615k minimum wage if they get priorities right – NLC

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President of the Nigeria Labour Congress (NLC), Joe Ajaero, says state governors can afford to pay the proposed N615,000 minimum wage if they get their priorities right.

Ajaero spoke on Thursday during an interview with Channels Television.

 

Recently, organised labour announced that the new minimum wage should be pegged at N615,000.

The proposal came amid ongoing minimum wage negotiations between federal and state governments on one hand, and organised labour on the other.

 

In 2019, the administration of former President Muhammadu Buhari pegged the national minimum wage at N30,000.

After the new minimum wage was announced at the time, it took some states forever to implement the increment.

 

Asked during the interview if organised labour’s proposal of N615,000 is realistic, Ajaero said the amount is the “most realistic” given the galloping inflation in the country.

 

The NLC president said organised labour considered factors like transportation, housing, and feeding before arriving at the sum.

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“If you are talking about being realistic, the N615,000 demand is the most realistic. Being realistic is not about slave wage,” Ajaero said.

 

“However, N30,000 is big money if inflation is brought down, and at a single digit.

“Look at the indices that create inflation. If you check them, you can talk about being realistic. All other factors in the country are going high and wages remain constant.”

 

Asked if states can afford the N615,000 proposal, the NLC president averred that it is not about ability to pay but the priorities of states.

“I think we need to understand the issues of ability to pay and not getting the priority right,” he added.

 

“Most of the states that have shown willingness to pay the current minimum wage are not among those getting the highest revenue.

“During the time of Muhammadu Buhari, some states were declared not having enough money to pay and he released funds for them to pay.

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“Those states still refused to pay. It is not the question of either the quantum of money that they have or not, it is what they decide to do with such money.

 

“If they get their priorities right, then a lot can happen.”

 

Organised labour has also threatened to embark on a strike if a new minimum wage is not announced before May 31, 2024.

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15-yr-old Kwara public school student scores 362 in UTME

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A student of a public secondary school, Government Secondary School, Omu Aran, Kwara State, Olukayode Victor Olusola, scored 362 marks in this year’s Unified Tertiary Matriculation Examination, UTME, to be among the contenders for the highest scorers in the examination.

Though the Registrar of the Joint Admission and Matriculation Board, JAMB, Prof. Isaq Oloyede, organisers of the exam, had said the Board would not announce the highest scorer to avoid last year’s experience of confusing claims, Olukayode’s score is celebratory, as it is among the highest in recent years.

He scored 95 marks each in Mathematics, Physics and Chemistry and 77 in English Language.

 

His exploit is coming against the backdrop of the poor performance of candidates in the exam in which 1.4 million scored less than 200 marks out of 400. The exam was taken by over 1.8 million candidates

Also, Olukayode’s excellent performance is coming at a time when confidence is greatly eroding in what public schools have to offer and some private schools are boasting of being the most expensive in the country.

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Olukayode was born in 2009 and hopes to study Electrical Electronic at the University of Ilorin, Kwara State.

 

His mother, Beatrice Tosin, while giving all the honour to God, also praised the studious and hard working nature of her child.

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: Man arrested for forcefully marrying off underage daughters in Anambra

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1. Anambra State Government has arrested one Uzochukwu Okoli for giving out his underage daughter’s hand in marriage. Okoli was apprehended after his daughter reported to the state Ministry of Women and Social Welfare about the ill-treatment being meted out to her by her father and the man he forced her to marry.

 

 

2. The Army has taken a significant step to prevent the killing of its troops through ambush by terrorists and bandits. On Thursday, Chief of Army Staff, COAS Lt-Gen. Taoreed Lagbaja, hinted at the plan to take delivery of Mine-resistant Ambush-Protected, MRAP, vehicles in the next few weeks. This is to ensure safety of its personnel in the battle against terrorists and economic saboteurs.

 

3. Lagos State contributes N41 trillion (20 per cent) to the country’s Gross Domestic Product, GDP, Commissioner for Economic Planning and Budget, Ope George, has said. According to him, despite many challenges, such as COVID-19 and EndSARS protest, the state has devised strategies to keep its economy afloat and boost investor confidence.

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4. The suspected mastermind of the March 28, 2022, Kaduna-Abuja train attack, Ibrahim Abdullahi (aka Mande), and his accomplice, Auwal Ayuba, were on Thursday paraded by the Police. Also paraded were others believed to be terrorising motorists and passengers plying the Kaduna-Abuja Highway and residents within the axis.

 

5. Former Katsina State governor, Ibrahim Shema has defected to the All Progressives Congress, APC. Alhaji Shema was governor in the Northwest State between 2007 and 2015, under the Peoples Democratic Party, PDP.

 

6. Suspected bandits have attacked Maraban Agyaro where they abducted the village heads of Kakangi and Kisaya villages, and killed eight villagers in Birnin Gwari Local Government Area of Kaduna State. The attackers invaded the area around 8 am on Thursday, during which they also abducted four farmers who were on their respective farms.

 

7. A yet to be identified police officer has gunned down a Lagos resident who prevented him from jumping queue to buy fuel at a Nigerian National Petroleum Company Limited, NNPCL, filling station at Obalende, in the Ikoyi area of Lagos State. Lagos State Police Public Relations Officer, SP Benjamin Hundeyin, confirmed that the officer who shot the victim has been identified.

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8. Vice President Kashim Shettima on Thursday said President Bola Tinubu’s economic reforms of the past one year “saved the life of the nation”. He described them as necessary given the poor state of Nigeria when he assumed office on May 29, 2023.

 

9. The Federal High Court in Warri, Delta State, on Thursday, commenced sitting on a N100bn lawsuit filed by indigenes of Okuama community in Ughelli North Local Government Area against the Nigeria Army, challenging the military invasion and destruction of the community.

 

10. Governors on Thursday sounded a note of caution to workers against unduly high expectations from the minimum wage negotiations. States will pay only implementable and sustainable wages, they said, but expressed commitment to improved salaries for workers.

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