Mele Kyari, the Chairman of the Nigerian National Petroleum Company Limited (NNPCL), has reiterated the words of American singer and actor Frank Sinatra that “the best revenge is a huge success”.

Despite the numerous slander, lies, conspiracy and character assassination campaigns launched against NNPCL by the country’s oil saboteurs, Kyari has continued to demonstrate professionalism and excellence and has achieved visible and outstanding results in the Nigerian oil and gas sector.

We know of individuals who take over emerging companies and increase their face value over time, but when a professional takes over a nearly comatose, demoralized and corrupt organization and turns it into a corporate giant, it sounds like a fairy tale.

This best describes the progress made by the transparent reformer and hard-working GCEO of NNPCL at the national oil company.

While critics and forces of evil in the country are plotting against the NNPCL boss for their own personal interests, Kyari remains steadfast, professional and determined in his quest to change the negative aspects of the oil and gas industry.

With much effort, he introduced numerous innovations into the oil company, which have since put NNPCL on an upward trend.

With his TAPE (Transparency, Accountability and Performance Excellence) agenda, Kyari has turned the oil company around, made it competitive on the global market and thus increased the country’s prosperity.

Kyari’s efforts have also restored investor confidence in the sector. He succeeded in curbing pipeline destruction and crude oil theft in the Niger Delta. Bucking the trend, Nigeria’s crude oil production has now risen to about 1.78 million barrels per day (including condensate).

Kyari’s programmes and strategies have improved the transparency and efficiency of the company’s operations, resulting in continuous growth in profitability since he took office in 2019 – a drastic turnaround from the constant losses suffered by the NNPC prior to 2019.

Despite difficult economic conditions, NNPCL announced a remarkable milestone on Monday: The company reported a record net profit of N3.3 trillion Naira for the fiscal year 2023, a remarkable increase of 27.6% over the N2.58 trillion Naira in the corresponding period of 2022.

This is the highest profit ever recorded in the history of NNPC since the company converted into a for-profit company in 2020 following the passage of the PIA.

It is worthy of note that the company posted a profit for the second consecutive year in 2022, reporting a profit of N674.1 billion in the 2021 financial year, up from N287 billion in 2020. The figure represents an increase of N387 billion or 134.8% compared to the previous N287 billion in 2020.

NNPC’s continued profitability reflects a company that is not just surviving but thriving, delivering solid results that underscore NNPCL’s operational efficiency and strategic vision.

Speaking on the company’s 2023 results, NNPCL Executive Vice President and Chief Financial Officer Umar Ajiya Isa noted that NNPCL achieved a remarkable revenue of N23.99 trillion Naira, demonstrating its robust market position and operational efficiency.

With a gross profit of ₦7.04 trillion and an operating profit of ₦4.34 trillion, NNPCL posted a net profit of ₦3.3 trillion at the end of 2023. These impressive results represent a solid net profit margin of 14% and an operating profit margin of 18%, demonstrating the company’s ability to convert revenues into significant profits.

In addition, the results showed a return on equity (ROE) of 12% from fiscal year 2023 and had a liquidity ratio of 1:1, reflecting a balanced approach to asset and debt management.

In particular, the company’s debt ratio was only 1.8%, which is a sign of prudent financial management and a solid balance sheet.

In addition, the national oil company doubled its fixed assets, building on a remarkable 141% year-on-year growth.

The NNPCL noted that the asset expansion was mainly driven by strategic investments and transfer of joint venture (JV) assets in accordance with the Petroleum Industry Act (PIA).

The company’s total assets currently stand at 246.82 trillion Naira, underlining its status as a major player in the global energy sector.

NNPCL also announced a final dividend of ₦2.101 trillion, following an interim dividend of ₦536.64 billion, bringing the dividend payout ratio to an impressive 80%, reflecting the company’s strong profitability and confidence in its continued success.

With earnings per share (EPS) of ₦16.49 and dividend per share (DPS) of ₦11.11, shareholders have received a significant return on their investment in NNPC Limited.

On the future prospects of NNPCL, Ajiya stated that NNPCL has set a target of achieving 2,000,000 barrels per day of oil production and is currently working with relevant security stakeholders to curb oil theft and vandalism of pipelines in line with the directives of President Bola Tinubu.

Ajia also hinted that NNPC Ltd would announce an IPO once shareholders and the board of directors make a decision. He refuted claims of subsidy payments, saying that no oil trader had received fuel subsidy from the company in the last eight to nine months.

In conclusion, Kyari, the quiet achiever, has done good for Nigeria and instead of bullying him out of hatred, he should be applauded for his selfless efforts in revolutionising the oil and gas sector.

It is obvious that Kyari and his energetic team at NNPCL have good intentions for the nation.

Nigerians should therefore beware of the antics of some people who are bitter because their evil dealings in the oil and gas sector have been terminated and also those who are on a political feud.

If Nigeria is to get back on its feet, we must not allow the oil saboteurs to continue to control the sector. Crude oil and gas account for 70 percent of Nigeria’s budget revenue and 95 percent of our foreign exchange earnings.

We all need to work together to make Nigeria great again!

Akpovire, a journalist, writes from Lagos, Nigeria.

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