Business

NNPC’s 5,710 staff members received N583.8bn as salaries, allowances in 2023

Published

2 years ago

September 2, 2024

OCHEFA

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Dublin, Ireland — The Nigerian National Petroleum Company Limited, NNPC, has said it paid N583.797 billion to its employees as salaries, wages and other benefits in 2023, rising by 118.71 percent from N266.933 billion in 2022.

Sweetcrudereports, reported that the more than 100 percent hike in the salaries, wages and other benefits of NNPC staff members in a one-year period was in stark contrast to the fate of other government employees in the country who are battling to get the federal and state governments to approve a minimum wage of N70,000 monthly, in the face of rising inflation.

Sweetcrudereports said that in addition, the N583.8 billion NNPC paid to its staffers as salaries, wages and other benefits is higher than the 2024 budgets of Abia State (N567.2 billion), Enugu (N521.6 billion), Bayelsa (N489.4 billion), Kaduna (N458.3 billion), Katsina (N454.3 billion), Oyo (N438.4 billion), Kano (N437.3 billion) and Zamfara (N426.6 billion).

In fact, only seven states in the country— Lagos, Akwa Ibom, Rivers, Delta, Ogun, Niger and Imo states — have budgets above the sum NNPC is paying its staff members as salaries, at N850 billion, N793.5 billion, N725 billion, N703 billion, N614 billion and N592.2 billion, respectively.

Breakdown

Giving a breakdown of its staff emoluments in its audited statement for the 2023 financial year, the NNPC stated that salaries and wages rose by 207.91 percent to N226.873 billion in 2023, from N73.681 billion in 2022; while staff allowances rose sharply by 208.91 percent, from N58.215 billion in 2022 to N179.83 billion in 2023.

In addition, staff welfare expenses doubled, rising by 109.26 per cent to N77.193 billion in 2023, from N36.889 billion in 2022.

It is instructive to note that as at December 2023, the NNPC said it had a total of 5,710 staff members, hence, analysis of various emoluments subheads showed that for each employee, the average staff salaries and wages for the year comes to N39.73 million, which is N3.31 million per month; average staff allowances for the year was N31.5 million, translating to N2.62 million per month.

In addition, average staff welfare expenses for the year stood at N13.52 million for each staff, translating to N1.13 million per month.

Generally, each NNPC staffer receives an average of N7.06 million per month in emoluments.

Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

10 hours ago

November 5, 2026

OCHEFA

63 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

2 days ago

November 4, 2026

OCHEFA

111 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.