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NNPCL records N2.5tr profit

State-run oil firm, 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.

From the financial report, the NNPCL stated that it recorded a loss of N803 billion in 2018 and N1.7 billion loss in 2019.

In 2020, it recorded N287 billion profit which it tagged ‘’Turning Point’’ while in 2021, the company’s profit increased to N674.1 billion tagged ‘’Assurance’’, rising to N2.548 trillion in 2022.

The NNPCL 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.

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