2023 Year in Review Quiz
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Questions and Answers

What is the intended purpose of the implementation of DoA/DFA?

  • To reduce operational costs
  • To increase employee benefits
  • To drive business growth (correct)
  • To expand the company's real estate portfolio

    • According to PIA 53 (7), what is implied as a mandatory statutory requirement for NNPC Limited?

  • Efficiency, profitability, and dividend declaration (correct)
  • Reduced working hours for employees
  • Investing in charitable organizations
  • Implementing a new employee training program

    • What is the main focus of the company-wide performance bonus implementation?

  • Aligning with operational and financial KPIs (correct)
  • Implementing a new IT system
  • Introducing a flexible working schedule
  • Rewarding employees based on seniority

    • What is the expectation from business leaders regarding critical business decisions?

    <p>Ensuring implementation and taking responsibility for delivery</p> Signup and view all the answers

    Who is acknowledged for their support and collaboration in the text?

    <p>In-house unions</p> Signup and view all the answers

    What does the author appreciate about the collective achievements in the year 2023?

    <p>The ability to turn challenges into opportunities</p> Signup and view all the answers

    What is mentioned as a focus for stepping into the year 2024?

    <p>Enhancing commercial operations and playing an active role in the global energy market</p> Signup and view all the answers

    What is emphasized as a key factor in the company's journey to becoming a global reference in corporate transformation?

    <p>Resilience and professionalism</p> Signup and view all the answers

    Which area did the company make commendable strides in?

    <p>Navigating rough operating terrain</p> Signup and view all the answers

    What does the author emphasize as important for the company's success?

    <p>Turning challenges into opportunities and delivering greater value to shareholders</p> Signup and view all the answers

    What is indicated as providing greater momentum for NNPC's journey to becoming a dynamic global energy company of choice?

    <p>The successes in the year 2023</p> Signup and view all the answers

    What does the author appreciate about the colleagues' commitment?

    <p>Professionalism and resilience</p> Signup and view all the answers

    What is emphasized as necessary for playing an active role in the everchanging global energy market?

    <p>Developing resilience, seeking feedback, setting realistic goals, driving efficiency, and innovation</p> Signup and view all the answers

    'Our collective achievements in the year 2023 reflects the success of our strategic initiatives' - What is reflected as the success of these achievements?

    <p>'Our ability to turn challenges into opportunities and continuously deliver greater value to our shareholders'</p> Signup and view all the answers

    What is the expected range of oil prices in 2024?

    <p>$75-$100</p> Signup and view all the answers

    What was the percentage growth in net profit after tax for the National Energy Company from 2020 to 2022?

    <p>788%</p> Signup and view all the answers

    What are the three components of the trilemma faced by the energy market?

    <p>Sustainability, energy security, affordability</p> Signup and view all the answers

    What is expected to address inflationary pressures and debottleneck fossil fuels?

    <p>Monetary policies and large-scale capital expenditures</p> Signup and view all the answers

    What are the key imperatives that the company will prioritize in 2024?

    <p>Attitude/values, brand, finance, automation</p> Signup and view all the answers

    What will the company focus on in terms of employee fulfillment?

    <p>Continuous improvement of employee value propositions, dual career path</p> Signup and view all the answers

    Which factor will help the company capture value from various global risks?

    <p>Proactive risk planning</p> Signup and view all the answers

    What will the company prioritize in terms of building resilience and effective business leadership?

    <p>Safety, security, agility, prudence</p> Signup and view all the answers

    What is expected to address inflationary pressures and debottleneck fossil fuels?

    <p>Monetary policies and large-scale capital expenditures</p> Signup and view all the answers

    What will the company focus on getting done sustainably?

    <p>Automating processes</p> Signup and view all the answers

    What is the expected range of oil prices in 2024?

    <p>$75-$100</p> Signup and view all the answers

    What percentage growth in net profit after tax did the National Energy Company achieve from 2020 to 2022?

    <p>788%</p> Signup and view all the answers

    What are the key imperatives that the company will prioritize in 2024?

    <p>Attitude/values, brand, finance, automation, procurement, commerciality, compliance, and risk management</p> Signup and view all the answers

    What does the company intend to prioritize in terms of building resilience and effective business leadership?

    <p>Safety, security, and agility</p> Signup and view all the answers

    What will the company focus on getting done sustainably?

    <p>Automating processes</p> Signup and view all the answers

    What is emphasized as important for the company's success?

    <p>Prudence and transparency</p> Signup and view all the answers

    What will help the company capture value from various global risks?

    <p>Proactive risk planning</p> Signup and view all the answers

    What is expected to address inflationary pressures and debottleneck fossil fuels?

    <p>Monetary policies and large-scale capital expenditures</p> Signup and view all the answers

    What is the trilemma faced by the energy market?

    <p>Sustainability and climate change, energy security and resilience, and creating an affordable energy ecosystem</p> Signup and view all the answers

    What is the implied mandatory statutory requirement for NNPC Limited according to PIA 53 (7)?

    <p>Efficiency, profitability, and declaring dividends</p> Signup and view all the answers

    What will the company prioritize in terms of building resilience and effective business leadership?

    <p>Capturing value from global risks</p> Signup and view all the answers

    What is emphasized as a key factor in the company's journey to becoming a global reference in corporate transformation?

    <p>Efficiency and profitability</p> Signup and view all the answers

    What does the author emphasize as important for the company's success?

    <p>Collective responsibility for prudence and accountability</p> Signup and view all the answers

    What is mentioned as a focus for stepping into the year 2024?

    <p>Efficiency and profitability</p> Signup and view all the answers

    What is indicated as providing greater momentum for NNPC's journey to becoming a dynamic global energy company of choice?

    <p>Efficiency and profitability</p> Signup and view all the answers

    What is the author's expectation for the year 2024?

    <p>Enhancement of commercial operations</p> Signup and view all the answers

    What is indicated as providing greater momentum for NNPC's journey to becoming a dynamic global energy company of choice?

    <p>Market indices suggesting growth in global oil demand</p> Signup and view all the answers

    What will the company prioritize in terms of building resilience and effective business leadership?

    <p>Driving efficiency and innovation</p> Signup and view all the answers

    What does the author appreciate about the colleagues' commitment?

    <p>Passion and professionalism</p> Signup and view all the answers

    What are the key areas where the company made commendable strides in the year 2023?

    <p>Boosting reserves and domestic refining</p> Signup and view all the answers

    'Our collective achievements in the year 2023 reflects the success of our strategic initiatives' - What is reflected as the success of these achievements?

    <p>Ability to turn challenges into opportunities</p> Signup and view all the answers

    What will the company focus on getting done sustainably?

    <p>Resilience building</p> Signup and view all the answers

    'We have made commendable strides on all fronts, especially in navigating our rough operating terrain to improve access to third-party funding, recover production, boost reserves, entrench commercial excellence, and fulfill our strategic national commitment on domestic refining.' - What is emphasized as important for the company's success?

    <p>'Navigating rough operating terrain'</p> Signup and view all the answers

    'My dear colleague, as we step into the year 2024 with positive mindset and readiness to enhance our commercial operations' - What is emphasized as necessary for playing an active role in the everchanging global energy market?

    <p>'Driving efficiency and innovation'</p> Signup and view all the answers

    What is expected to address inflationary pressures and debottleneck fossil fuels?

    <p>Implementation of DoA/DFA</p> Signup and view all the answers

    Study Notes

    • The text emphasizes the need for cost containment measures for businesses in order to be profitable in 2024, with oil prices ranging between $75-$100.

    • The financial performance of the National Energy Company shows significant growth, with a net profit of N287Bn, N674Bn and N2.5Trillion in 2020, 2021 and 2022 respectively, representing a 788% growth in net profit after tax within 3 years.

    • The energy market faces a trilemma of addressing sustainability and climate change, energy security and resilience, and creating an affordable energy ecosystem.

    • Monetary policies and large-scale capital expenditures are expected to address inflationary pressures and debottleneck fossil fuels.

    • The company will focus on building resilience, effective business leadership, positive work culture, safety, security, agility, prudence, transparency, accountability, and innovation in 2024.

    • The company will prioritize attitude/values, brand, finance, automation, procurement, commerciality, compliance, and risk management as key imperatives for 2024.

    • The company will focus on getting things done sustainably, strengthening brand identity, maximizing return on invested capital, automating processes, upscaling inventory management, prioritizing value creation, and complying with regulations and internal processes.

    • Proactive risk planning will help the company capture value from various global risks and mitigate liquidity, price, counterparty, market, and reputational risks, among others.

    • Employee fulfillment will be prioritized through continuous improvement of employee value propositions, implementation of dual career path, succession planning, and strategic skills expansion for young professionals.

    • The text emphasizes the need for cost containment measures for businesses in order to be profitable in 2024, with oil prices ranging between $75-$100.

    • The financial performance of the National Energy Company shows significant growth, with a net profit of N287Bn, N674Bn and N2.5Trillion in 2020, 2021 and 2022 respectively, representing a 788% growth in net profit after tax within 3 years.

    • The energy market faces a trilemma of addressing sustainability and climate change, energy security and resilience, and creating an affordable energy ecosystem.

    • Monetary policies and large-scale capital expenditures are expected to address inflationary pressures and debottleneck fossil fuels.

    • The company will focus on building resilience, effective business leadership, positive work culture, safety, security, agility, prudence, transparency, accountability, and innovation in 2024.

    • The company will prioritize attitude/values, brand, finance, automation, procurement, commerciality, compliance, and risk management as key imperatives for 2024.

    • The company will focus on getting things done sustainably, strengthening brand identity, maximizing return on invested capital, automating processes, upscaling inventory management, prioritizing value creation, and complying with regulations and internal processes.

    • Proactive risk planning will help the company capture value from various global risks and mitigate liquidity, price, counterparty, market, and reputational risks, among others.

    • Employee fulfillment will be prioritized through continuous improvement of employee value propositions, implementation of dual career path, succession planning, and strategic skills expansion for young professionals.

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    Test your knowledge about the achievements, strategic initiatives, and challenges overcome by the company in the year 2023.

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