The Nigerian National Petroleum Company Limited (NNPCL) announced on Tuesday that it achieved a remarkable profit of N2.548 trillion in 2022, marking the “highest profit since the inception” of the national oil firm.
Established in 1977, NNPCL is a state-owned oil corporation and the largest asset holder within Nigeria’s oil and gas industry. Its transformation into a commercially driven entity occurred after the passage of the Petroleum Industry Act by former President Muhammadu Buhari in August 2021.
In addition to the financial success, the company disclosed that it uncovered 52 illegal refineries in the Niger Delta region within the past week.
According to a concise document obtained from the oil firm, titled ‘NNPC Financial Performance,’ NNPCL reported a loss of N803 billion in 2018, which decreased to a loss of N1.7 billion in 2019. Subsequently, there was a significant turnaround with a profit of N287 billion in 2020, described as a “turning point.”
In 2021, the company’s profit surged to N674.1 billion, and in 2022, it reached an unprecedented N2.548 trillion, marking its “highest profit since inception.”
Group Chief Executive Officer of NNPCL, Mele Kyari, had previously stated in November 2023 that the company anticipated a profit exceeding N2 trillion in its corporate profit after releasing the Annual Financial Statement for 2022.
Kyari attributed the improved profitability to the Petroleum Industry Act 2021, highlighting the positive shift from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.
The company’s commitment to combating illegal activities in the oil sector was underscored by the revelation that, within the past week, it uncovered 32 illegal pipeline connections and destroyed 52 illegal refineries in the Niger Delta region.
The company detailed that 157 oil theft incidents were recorded from various sources, and it identified 25 cases of pipeline vandalism. Additionally, several arrests were made, including suspects involved in vehicle and boat conveyance of stolen crude.
NNPCL emphasized its ongoing efforts to curb oil theft and vandalism, pledging to remain vigilant against such activities.