The Nigerian National Petroleum Company (NNPC) Limited has achieved a remarkable milestone by reporting a whopping profit of N2.54 trillion in 2022.
This exceptional achievement, marking the highest profit since its establishment in 1977, reflects a substantial 277.8% increase from the N674.1 billion recorded in 2021.
In a recent online release of its 2022 Financial Performance Report, NNPC outlined its journey of resilience, bouncing back from losses of N803 billion in 2018 and N1.7 billion in 2019.
The report highlighted the turnaround, with 2020 marking a profit of N287 billion, termed the “Turning Point,” and 2021 witnessing further growth to N674.1 billion, labeled “Assurance.”
The report also emphasized NNPC’s continuous ascent, reaching an impressive profit of N2.54 trillion in 2022.
Notably, this success comes on the heels of the company facing challenges, including 157 incidents of crude oil theft between Dec. 30, 2023, and Jan. 5, 2024.
Quest Times also gathered that NNPC acted decisively, apprehending 17 suspects involved in oil theft from various sources, including Nigeria Agip Oil Company, Pipeline Infrastructure Nigeria Ltd, Maton Engineering Ltd, Tantita Security Service Ltd, Shell Petroleum Development Company (SPDC), NNPC Command and Control center, and Government Security Agencies.
The report further detailed NNPC’s proactive measures in combating illegal activities, with the discovery and destruction of 52 illegal refineries in Abia, Imo, Rivers, and Bayelsa states.
Additionally, 32 illegal connections were identified and rectified in various parts of the Niger Delta.
The company’s commitment to eradicating these issues was evident as seven illegal storage sites were uncovered in Akwa Ibom state, and buried crude drums were unearthed in bushes in Bayelsa and Warri, Delta.
NNPC equally emphasized its unwavering determination to tackle these challenges head-on until they are completely eradicated, reinforcing its commitment to maintaining a robust and sustainable operation in the oil and gas sector.