The Nigerian National Petroleum Company (NNPC) Ltd says it recorded a profit of N2.548 trillion in 2022.

In its 2022 Financial Performance Report posted online, the national oil company described the profit as the highest since its inception in 1977.

The financial report stated that it recorded a loss of N803 billion in 2018 and N1.7 billion in 2019.

According to the report, 2020 recorded N287 billion profit, which it tagged ‘Turning Point’, in 2021, the company’s profit continued to grow to N674.1 billion, tagged ‘’Assurance’.

The report stated that the profit rose to N2.548 trillion in 2022.

NNPC Ltd had, between December 30, 2023, and January 5, 2024, 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.

Its report stated that in the past week, 52 illegal refineries were discovered and destroyed in Abia, Imo, Rivers and Bayelsa and 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, and buried crude drums were unearthed in bushes in Bayelsa and Warri, Delta.

The company said there was no backing down on the menace until it was eradicated. 

(NAN)