NNPC Ltd gives scorecard, makes over N2.5trn profits

The Nigerian National Petroleum Company (NNPC) Limited has given its scorecard saying it recorded a profit of N2.548 trillion in 2022, the highest since its inception in 1977.

This development was contained in the 2022 Financial Performance Report posted online by the national oil company.

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 marked the turning point when the oil company recorded N287 billion profit which it tagged ‘’Turning Point’’.

The profit continued to grow to N674.1 billion tagged ‘’Assurance’’ in 2021.

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

Meanwhile, 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.

READ ALSO: Nigeria records 127 crude oil theft incidents in one week, says NNPCL

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 Akwa Ibom state and buried crude drums unearthed in bushes in Bayelsa and Warri, Delta.

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