NNPC Reports N5.4 Trillion Profit as Directors’ Pay Hits N4.096 Billion, Administrative Costs Surge
The Nigerian National Petroleum Company Limited (NNPCL) revealed that directors’ fees rose to N4.096 billion in 2024, a 58% increase from 2023, amid a record N5.4 trillion profit. Executive pay slightly dipped to N1.365 billion, while employee welfare expenses rose to N749.7 billion, contributing to zero voluntary resignations. Administrative and operational costs surged to N3.58 trillion, driven by consultancy, software, security, travel, and training expenditures. The report highlights scrutiny over governance costs despite NNPCL’s reforms and massive profits, as the company continues its transition under the Petroleum Industry Act.
The Nigerian National Petroleum Company Limited (NNPCL) revealed that directors’ fees rose to N4.096 billion in 2024, a 58% increase from 2023, amid a record N5.4 trillion profit. Executive pay slightly dipped to N1.365 billion, while employee welfare expenses rose to N749.7 billion, contributing to zero voluntary resignations. Administrative and operational costs surged to N3.58 trillion, driven by consultancy, software, security, travel, and training expenditures. The report highlights scrutiny over governance costs despite NNPCL’s reforms and massive profits, as the company continues its transition under the Petroleum Industry Act.
NNPC Reports N5.4 Trillion Profit as Directors’ Pay Hits N4.096 Billion, Administrative Costs Surge
The Nigerian National Petroleum Company Limited (NNPCL) revealed that directors’ fees rose to N4.096 billion in 2024, a 58% increase from 2023, amid a record N5.4 trillion profit. Executive pay slightly dipped to N1.365 billion, while employee welfare expenses rose to N749.7 billion, contributing to zero voluntary resignations. Administrative and operational costs surged to N3.58 trillion, driven by consultancy, software, security, travel, and training expenditures. The report highlights scrutiny over governance costs despite NNPCL’s reforms and massive profits, as the company continues its transition under the Petroleum Industry Act.
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