The Nigerian National Petroleum Company Limited (NNPCL) announced a record profit of N2.548 trillion in 2022, marking its highest profit since inception. This comes after the company reported a loss of N803 billion in 2018, followed by a N1.7 billion loss in 2019. The fortunes began to turn in 2020, with a N287 billion profit, and further improved in 2021, reaching N674.1 billion. The N2.548 trillion profit in 2022 is a significant milestone for the state-owned oil corporation. The NNPCL attributed its financial success to the commercial-driven approach implemented after the passage of the Petroleum Industry Act in August 2021.
In addition to its financial report, the NNPCL disclosed that it discovered 52 illegal refineries in the Niger Delta region in the past week. The company also identified 32 illegal pipeline connections and reported 157 incidents of oil theft. The operations to combat illegal activities in the oil and gas sector included uncovering illegal storage sites, confiscating stolen crude oil, and arresting suspects involved in pipeline vandalism and crude oil theft. The NNPCL remains committed to addressing security challenges and curbing illegal activities in the industry.