The Nigerian National Petroleum Company Limited (NNPCL) announced on Tuesday that it achieved a record profit of N2.548tn in 2022, marking its “highest profit since inception.” The state-owned oil corporation, established in 1977, became commercially driven after the enactment of the Petroleum Industry Act in August 2021. The financial performance document revealed a significant turnaround, with a loss of N803bn in 2018, reducing to N1.7bn in 2019, and a notable profit of N2.548tn in 2022.
In addition to its financial success, NNPC disclosed the discovery of 52 illegal refineries in the Niger Delta region within the past week. The company unveiled a documentary reporting the uncovering of 32 illegal pipeline connections and the destruction of 52 illegal refineries. Between December 30, 2023, and January 5, 2024, 157 incidents of oil theft were recorded from various sources, prompting NNPC to intensify efforts against oil thieves.
The company highlighted its commitment to combating illegal activities, with the removal of illegal connections, repairs along the central corridor in the Niger Delta, and the discovery of seven illegal storage sites in Akwa Ibom State. NNPC also reported the arrest of suspects involved in pipeline vandalism, stolen crude transportation, and the confiscation of wooden boats engaged in such activities.
The record profit and anti-illegal activities showcase NNPC’s efforts to enhance financial performance and maintain security in the oil and gas sector. The company’s positive financial trajectory aligns with its target of a profit increase of N2tn for the release of the 2022 Audited Financial Statements.