, NNPCL gives reason for paying N123bn interim dividend to FAAC -

NNPCL gives reason for paying N123bn interim dividend to FAAC

The Nigerian National Petroleum Company Limited (NNPCL) has provided the Federation Account Allocation Committee (FAAC) with justifications for paying an interim dividend of N123 billion for the month of June.

According to NAN, Mr. Umar Ajiya, the NNPCL Chief Financial Officer, recently stated this in a statement.

reflects on how FAAC distributed N907 billion among the three levels of government on Thursday.

As a result, NNPCL provided N123 billion in the form of a 40% oil Production Sharing Contract (PSC) profit and N81 billion as a monthly interim dividend under the PSC.

According to Ajiya’s, the action was taken to strengthen its position as an income-generating corporation after the Petroleum Industry Act (PIA) 2021.

This will lay the groundwork for future profitability and best practices from across the world aimed at transforming NNPCL into a Saudi Aramco, China Petroleum & Chemical Corp., Exxon Mobil Corp., and other world-class oil firm, he said.

Due to payments made to remove gasoline subsidies, the NNPCL reported that it had sent FAAC no money in the previous months.

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