The Nigerian National Petroleum Company Limited (NNPCL) announced a historic profit of N2.548 trillion in 2022, marking the highest profit since its inception. The state-owned oil corporation, established in 1977, revealed this financial milestone as it unveiled a comprehensive crackdown on illegal refineries in the Niger Delta region.
The financial performance document, obtained from the company, indicated a notable progression in profits over the past years. In 2018, NNPCL posted a loss of N803 billion, which reduced to N1.7 billion in 2019. The financial tide turned in 2020, registering a profit of N287 billion. This trend continued in 2021, with a profit of N674.1 billion, and culminated in the record-breaking N2.548 trillion profit in 2022.
The Group Chief Executive Officer of NNPCL, Mele Kyari, had previously expressed optimism about exceeding the N2 trillion mark in corporate profit for 2022. Kyari attributed this significant financial growth to the impact of the Petroleum Industry Act 2021, emphasizing the positive shift from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.
In a documentary shared on its official platform, NNPCL revealed its intensified efforts against oil theft and illegal refineries in the Niger Delta. In the past week alone, 32 illegal pipeline connections were uncovered, and 52 illegal refineries were dismantled. The oil company disclosed that between December 30, 2023, and January 5, 2024, 157 incidents of oil theft were recorded, involving various sources.
The crackdown also targeted 25 cases of pipeline vandalism, the arrest of 12 vehicles transporting stolen crude, and the confiscation of 24 wooden boats ferrying stolen crude. NNPCL identified 17 suspects during this period and emphasized its commitment to combating oil theft until the situation is effectively curbed.
The company’s announcement underscores its dedication to financial transparency and operational efficiency, demonstrating a commitment to combatting illicit activities in the oil and gas sector.
