NNPC Grows Profit By 278% To N2.54trn In 2022

The Nigerian National Petroleum Company (NNPC) Limited said it recorded a profit of N2.548 trillion in 2022.
The stellar result, described as the national oil company’s highest since its inception in 1977, indicates a significant improvement of 277.8 per cent increase over the N674.1 billion profit recorded in the 2021 financial year.

The national oil company in its 2022 Financial Performance Report posted online said it defied gravity in its operations to bounce back from the losses of N803 billion and N1.7 billion recorded in 2018 and 2019 respectively.

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 which continued to rise up to N2.548 trillion in 2022.
Recall 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 the 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.