The Nigerian oil company, NNPC Limited has reported a historic surging net profit for the 2025 financial year, even as a radical shift in market deregulation compressed its top-line revenue.
According to the state oil company’s audited financial highlights for the year ending Dec. 31, 2025, profit after tax jumped 33 percent to ₦7.2 trillion (approx. $4.4 billion), up from ₦5.4 trillion recorded the previous year. The profitability boost lifted the company’s earnings per share by 32 percent to ₦35.9.
However, total revenue declined 24 percent year-over-year to ₦34.5 trillion, compared to ₦45.1 trillion in 2024.
The company has attributed the revenue drop to lower global crude oil prices and a reduction in white product distribution volumes following a structural shift in the domestic market. Specifically, the decline follows the loss of the company’s bulk-breaking role after petrol price deregulation in October 2024 took effect, removing government-backed pricing monopolies.
Despite the softer revenue baseline, Group Chief Executive Officer Bashir Bayo Ojulari credited the net earnings surge to operational resilience, cost discipline, and multi-year highs in upstream energy production. Crude oil and condensate production reached a five-year peak, averaging 1.77 million barrels per day, while natural gas output hit a three-year high of 7.2 billion standard cubic feet per day.
Following the strong financial results, the company declared a dividend of ₦5.8 trillion to its shareholders.
, up from ₦5.4 trillion recorded the previous year. The profitability boost lifted the company's earnings per share by 32 percent to ₦35.9.){kind=link}