NNPC Ltd, records over N2.5trn profit

The Nigerian National Petroleum Company (NNPC) Ltd says it recorded a profit of N2.548 trillion in 2022.

The national oil company in its 2022 Financial Performance Report posted online described the profit as the highest since its inception in 1977.

The financial report stated that it recorded a loss of N803 billion in 2018 and N1.7 billion loss in 2019.

According to the report, 2020 recorded N287 billion profit which it tagged “Turning Point” while in 2021, the company’s profit continued to grow to N674.1 billion tagged ‘’Assurance’’.

The report stated that the profit continued to rise up to N2.548 trillion in 2022.

It was reported that the NNPC Ltd had between Dec. 30, 2023 and Jan. 5, 2024 recorded 157 incidents of crude oil theft from seven incident sources and arrested 17 suspects.

The sources included the Nigeria Agip Oil Company, Pipeline Infrastructure Nigeria Ltd, Maton Engineering Ltd, Tantita Security Service Ltd, Shell Petroleum Development Company (SPDC), NNPC Command and Control centre and Government Security Agencies.

Its report stated that in the past week, 52 illegal refineries were discovered and destroyed in Abia, Imo, Rivers and Bayelsa states while 32 illegal connections were uncovered in several parts of the Niger Delta.

They were removed and repaired along central corridor in the Niger Delta while seven illegal storage sites were uncovered in AkwaIbom state and buried crude drums unearthed in bushes in Bayelsa and Warri, Delta.

The company said there was no backing down on the menace until it was eradicated.