The year 2022 was a major turning point for the national oil company, according to its annual financial report. Recording a profit of N2.548 trillion, this is the highest profit ever recorded since the company’s inception in 1977. This performance marks a marked improvement compared to losses of N803 billion in 2018 and N1.7 billion of naira in 2019.
This positive turnaround was described as a “turning point” in the 2020 report, when the company recorded a profit of N287 billion. In 2021, this figure continued to grow to N674.1 billion, providing strong “assurance” for the future.
The report also highlights the considerable efforts made by the NNPC to combat oil theft. Between December 30, 2023 and January 5, 2024, the company recorded 157 incidents of oil theft from seven different sources. She managed to arrest 17 suspects allegedly involved in these illicit activities. Sources of these acts of theft include companies such as Nigeria Agip Oil Company, Pipeline Infrastructure Nigeria Ltd, Maton Engineering Ltd, Tantita Security Service Ltd, Shell Petroleum Development Company (SPDC), Command Center and control of the NNPC and government security agencies.
In addition to these security measures, the NNPC has also intensified its actions against illegal refineries. Recently, 52 illegal refineries were discovered and destroyed in Abia, Imo, Rivers and Bayelsa states. Additionally, 32 illegal connections have been identified in several parts of the Niger Delta.
This exceptional financial performance and the measures taken to combat oil theft and illegal activities demonstrate NNPC’s commitment to excellence and transparency in its operations. These positive results are encouraging for the future of the company and the Nigerian oil industry as a whole. The country can count on the strong leadership and capacity of the NNPC to meet challenges and seize opportunities to continue to prosper.