NNPC Hits Historic High: Records N2.548 Trillion Profit in 2022 – Highest in 45 Years

The Nigerian National Petroleum Company (NNPC) Ltd announced a historic profit of N2.548 trillion for 2022, marking its highest ever since establishment in 1977.

In its 2022 Financial Performance Report released online, the national oil company reported significant progress from a loss of N803 billion in 2018 and N1.7 billion in 2019.

The report highlighted a turning point in 2020 with a profit of N287 billion, followed by a substantial growth to N674.1 billion in 2021, termed ‘Assurance.’

The NNPC continued its upward trajectory, achieving an unprecedented profit of N2.548 trillion in 2022.

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

GbaramatuVoice reports 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 News Agency of Nigeria (NAN) reports 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 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.