The Nigerian National Petroleum Company (NNPC) Ltd has announced a historic profit of N2.548trn for 2022, marking its highest ever since establishment in 1977.
NNPC’s 2022 Financial Performance Report, released online, showed its progress from a loss of N803bn in 2018 and N1.7bn in 2019.
The report also notes a turning point in 2020 with a profit of N287bn, followed by substantial growth to N674.bn in 2021, termed “Assurance.”
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
The NNPC continued its upward trajectory, achieving an unprecedented profit of N2.548trn in 2022.
The report stated that the profit continued to rise up to N2.548 trillion in 2022.
Between December 30, 2023 and January 5, 2024, the NNPC Ltd 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.
Earlier, 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 the 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 has vowed that there is no backing down on the menace until it is eradicated.
