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Friday, December 2, 2022

NNPC 6,621 Staff generated N14 m Profit per head in 2019

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The Nigerian National Petroleum Corporation or NNPC which says it currently has 6,621 staff strength both at its headquarters and across all its subsidiaries, divisions and offices nationwide, generated about N14 million ($36,000) in surplus per Staff in the first 11 months of 2019 for which data is available.

NNPC had a surplus of N93.07 billion as at December 2019.

That may look good on the surface but the numbers are actually abysmal when compared to NNPCs own projected 2019 surplus of N1.10 trillion (equivalent to N166 million per head if achieved), or when compared to other National oil companies such as Statoil of Norway or Petronas of Malaysia.

Malaysia’s state oil company announced earlier this year that it would pay 24 billion ringgit or $5.52 billion in dividend to the Government in 2020.

Assuming a 100 percent pay-out ratio this is equivalent to $115,000 (N44.3million) per head for the firm that has 48,000 employees.

NNPCs woes and inability to meet its projected surplus estimates are largely tied to the costly fuel subsidy regime which it is forced to underwrite. NNPC has 13 divisions and Strategic Business Units nationwide.

It said that while 5,410 of the corporation’s workforce representing 81.7 per cent were male, 211 were women, representing 18.3 per cent of its total staff strength.

The report further pointed out that the three refineries — Kaduna, Port Harcourt and Warri refineries — had 1,898 staff, representing 28.7 per cent of NNPC group’s total workforce.

All 3 refineries made losses for the year 2019.

“The Port Harcourt Refining Company (PHRC), which is currently shut down and awaiting revamp, has 655 staff; Nigerian Petroleum Development Company (NPDC) 550 staff; the Warri Refining and Petrochemical Company (WRPC) has 485 staff.

“NNPC’s commercial and investment subsidiary, National Petroleum Investment Management Services (NAPIMS) has 426 staff; while the corporation’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC) has 255 staff,” it said.

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