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 continue to increase their face value over time, but it sounds like a fairy tale when a professional takes over a nearly comatose, demoralised and corruption-ridden organisation and turns it into a corporate giant. This best describes the progress made by the transparent reformer and hard-working Director General of NNPCL at the national oil company.

While critics and forces of evil in the country are plotting against the NNPCL boss for personal reasons, Kyari has remained steadfast, professional and determined in his quest to change the bad reputation of the oil and gas sector. He has carefully introduced several innovations in the oil company that have since put NNPCL on the road to success.

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 posted a remarkable revenue of ₦23.99 trillion, 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 substantial profits. In addition, the results showed a return on equity (ROE) of 12% from FY2023 and maintained 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 assets, building on a remarkable 141% year-on-year growth. NNPCL noted that the increase in assets was mainly due to strategic investments and transfer of joint venture (JV) assets in line with the Petroleum Industry Act (PIA). The company’s total assets now stand at ₦246.82 trillion, cementing 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. This brought 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 substantial 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. Rather than bullying him out of hatred, he should be applauded for his self-sacrificing efforts in revolutionizing 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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