Toba Owojaiye reporting
Abuja, Nigeria
The Nigerian National Petroleum Company Limited (NNPCL) unveiled a stellar financial performance, reporting an impressive profit of N2.548tn for the year 2022. Established in 1977, the NNPCL, a prominent player in Nigeria’s oil and gas sector, experienced a substantial transformation into a commercially-driven entity following the enactment of the Petroleum Industry Act in August 2021.
Truth Live News gathered that the financial trajectory of NNPCL witnessed a remarkable turnaround, evolving from a loss of N803bn in 2018 to a N1.7bn loss in 2019. The company achieved a pivotal moment in 2020, recording a profit of N287bn, which set the stage for continued success. 2021 saw a profit of N674.1bn, and in 2022, NNPCL reached its zenith with an outstanding N2.548tn profit.
Mele Kyari, the Group Chief Executive Officer of NNPCL, had foreseen this triumph in November 2023, expressing optimism about corporate profit surpassing N2tn. He attributed this success to the transformative impact of the Petroleum Industry Act, highlighting the shift from a loss position of N803bn in 2018 to a profit position of N674bn in 2021. Dividends have been consistently distributed to shareholders since July of that year.
Simultaneously, NNPCL actively combats illegal activities in the oil and gas sector. In the past week, the company revealed uncovering 32 illegal pipeline connections and dismantling 52 illegal refineries in the Niger Delta region. It reported 157 incidents of oil theft, attributing them to various sources, including Nigeria Agip Oil Company, Pipeline Infrastructure Nigeria Limited, Maton Engineering Limited, and others.
NNPCL disclosed the discovery of seven illegal storage sites in Akwa Ibom State, unearthing buried drums of crude oil. The company confiscated stolen crude in Bayelsa and Warri and reported instances of vandalism, including oil well head damages. Emphasizing its commitment to curbing these illegal activities, NNPCL has already arrested 17 suspects, affirming its resolve to continue the fight against oil theft until effectively addressed.