The Group Managing Director of the Nigerian National Petroleum Corporation has said that the Corporation will declare dividend to its shareholders at the end of the 2020 fiscal year.
The GMD speaking at a Media Parley in Abuja said that the Corporation which is expected to deliver on specific objectives to the Nigerian citizens, has not lived up to its expectations.
He said, “The Corporation has not really delivered on its objectives and expectations, hence we must all work to nurture it and make it succeed through efficient service (energy security) and delivering of dividends to shareholders.
“Our vision is that NNPC will become a company of excellence and declare dividends to Nigerians and shareholders.
“We are optimistic that at the end of 2020, NNPC should be able to declare dividends to Nigerians in spite of the impact of the COVID-19 pandemic.
“Nigerians have lack of trust in the dealings of the Corporation, hence are vigorously pursuing accountability and transparency by publishing our financial and operational report.
“These are all steps in promoting transparency, and regaining the trust of Nigerians.
“NNPC has never published its audited financial statement in 43 years .We came and started doing that and released the 2018 financial statement.
“We were not afraid of doing that and there were a lot of criticisms that we lost money in refinery operations and pipeline business.
“We went ahead and published the 2019 audited report and were able to learn and cut cost and became more efficient.
“There is no company in the country which has cut its losses within one financial year by N800bn. We have improved efficiency by cutting 97 per cent in our losses.”
Speaking further, the GMD noted that the impact of the COVID-19 pandemic on the industry may results into a net industry loss of about $1trn.
He decried the fact that oil and gas companies in nigeria are struggling to survive the hardship occasioned by the pandemic, with a lot of companies shutting down operations and others surging on palliatives.
He added, “By the end of 2020, the net industry loss will be about $1trn. A lot of companies are going down and others are barely surviving on palliatives.”
The NNPC GMD said the Corporation is currently looking for ways to cut down its cost in order to remain afloat.
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