Billion-Naira Bonanza: NNPCL's 2023 Financial Report Reveals Staggering Staff Compensation

Mele Kyari

NNPCL's Salary Splurge: N583.8b

NNPCL's staff pay of N583.797 billion is surpassed by only seven states' budgets....

NNPCL's 2023 financial report reveals staggering staff compensation, with CEO Mele Kyari and top executives earning billions, while the company's workforce of 5,710 employees receives average monthly salaries of N7.06 million.

The Nigerian National Petroleum Company Limited (NNPCL) disclosed that its staff salaries, wages, and benefits skyrocketed to N583.797 billion in 2023, representing a staggering 118.71% increase from N266.933 billion in 2022. This massive surge in employee compensation raises eyebrows, particularly when compared to the struggles of other government workers advocating for a N70,000 monthly minimum wage amidst soaring inflation.

The NNPCL's staff compensation bill for 2023 exceeds the entire 2024 budgets of several states, including Abia (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). This stark contrast highlights the disparities in compensation within the public sector.

Just seven states - Lagos, Akwa Ibom, Rivers, Delta, Ogun, Niger, and Imo - boast budgets larger than NNPCL's staff compensation bill of N583.797 billion.

NNPCL's staff pay of N583.797 billion is surpassed by only seven states' budgets: Lagos, Akwa Ibom, Rivers, Delta, Ogun, Niger, and Imo.

NNPCL's staff salaries and wages surged 207.91% to N226.873 billion in 2023, while staff allowances rose 208.91% to N179.83 billion.

Welfare expenses for NNPCL staff more than doubled to N77.193 billion in 2023, with the company employing 5,710 people as of December 2023.

Each NNPCL employee earned an average annual salary and wages of N39.73 million, equivalent to about N3.31 million per month.

NNPCL staff allowances averaged N31.5 million/year (N2.62 million/month), while welfare expenses averaged N13.52 million/year (N1.13 million/month), bringing total monthly compensation to N7.06 million.

NNPCL's top executives saw their collective earnings soar 133.26% to N3.051 billion in 2023, with each executive earning an average of N435.86 million/year (N36.32 million/month).

NNPCL's leadership team is headed by CEO Mele Kyari, with Umar Ajiya as CFO, Chidi Momah as General Counsel and Company Secretary, and four Executive Vice Presidents overseeing key business units.

NNPCL's workforce totals 5,710 employees, comprising 4,648 men and 1,062 women, as of late 2023.