Kyari talks up NNPC as Africa’s most profitable firm

South Africa top earners

Mele Kyari, chief executive officer of NNPC Limited used the weekend to talk up the reemerging national oil company as potentially Africa’s most profitable company.

Kyari appears to be cutting out his work for himself because he has set himself up for a daunting task as he prepares himself and his team to go head to head with big name firms, especially in South Africa, such as Glencore with revenues of $93.8 billion and profit after tax of $1.27 billion; Anglo with revenue of $217 billion and profit after tax of $5.2 billion; Ab inbev, revenue of $40 billion and profit of $3.7 billion or Prosus Investment with $16.6 billion and $2.9 billion profit after tax.

At a Western-corporation-style open town hall CEO-Staff meeting at its headquarters at the weekend in Abuja, Kyari said the Petroleum Industry Act (PIA) has opened up enormous business opportunities for the company to earn more revenue.

Kyari said the new legislation has raised shareholders’ expectations on the company, even as it has given it a wide room to make progress, adding that PIA put “all money-making options on the table; it is up to us to take advantage of it.”

In a statement by Garba Deen Muhammad, group general manager, group public affairs department, Kyar is quoted as saying that as a result of the new legislation, NNPC Ltd would not only shed some of its toxic liabilities but will be the largest and most capitalised company in the whole of Africa and, potentially, the most profitable on the entire continent.

Muhammad said Kyari charged employees of the organisation to ensure the company becomes a commercially viable entity and a multi-billion-dollar company that will continuously deliver value to its shareholders, the over two hundred million Nigerians.