NNPC to declare dividends to Nigerians by end of 2020 financial year, says GMD

Mele Kyari, the Group Managing Director, GMD of Nigeria National Petroleum Corporation (NNPC) late Friday said the corporation would commence payment of dividends to its shareholders (Nigerians) in nearest future as it continues to ride on transparency and efficiency.

The GMD who gave the information during a media parley with newsmen in Abuja said the corporation has been embarking on series of reforms which has seen it cut down running costs

“We cannot be confident to say this if we’ve not improved in our processes, systems, running costs, and accountability,” Kyari said.

Kyari who admitted that the corporation is synonymous with bad perception said the narrative is gradually being changed on the back of a series of reforms that the corporation is currently embarking on.

The GMD said the corporation has been consistent in publishing monthly financial and operational reports said such a step has grown the confidence of investors and international oil companies (IOCs) who transact business with the corporation.

We have taken our transparency drive a notch higher by publishing our audited financial statement for 2018 and 2019 financial years on our websites for all interested persons to see the significant turnaround in our performance recording 99.8 percent year on year.

“People are now asking open questions since we began the publication of the monthly financial report and we’re taking notes of their insights.

The GMD went further to say that in 2018 financial reports, the corporation posted N803bn loss, adding that several lessons have been learnt as the persistent loss is being gradually averted.

He noted further that the set targets by the corporation are gradually being met as it reached a milestone of 3 million barrels of production per day.

“By the 17th of April of this year 2.49 million barrels per day. The last time we are closed to that was 15 years ago. It is possible, we are within sight of 3 million products per year.

If the covid hadn’t come, we would meet that target, it is within reach already, the GMD said.