Politics
NNPCL Announces Impressive Financial Performance With Over N2tn Profit
NNPCL Announces Impressive Financial Performance With Over N2tn Profit....KINDLY READ THE FULL STORY HERE▶
The Nigerian National Petroleum Company Limited (NNPCL) announced on Tuesday that it achieved a remarkable profit of N2.548tn in 2022, marking its “highest profit since inception.” NNPCL, established in 1977 and a key player in the Nigerian oil and gas sector, has become commercially driven following the enactment of the Petroleum Industry Act in August 2021……CONTINUE READING
The financial journey of the company has seen a notable turnaround, as it reported a loss of N803bn in 2018, which gradually decreased to a N1.7bn loss in 2019. The company experienced a significant shift in 2020, recording a profit of N287bn, which it deemed a “turning point.” The positive trend continued in 2021, with a profit of N674.1bn, and reached its zenith in 2022 with an impressive N2.548tn profit.
In November 2023, Mele Kyari, the Group Chief Executive Officer of NNPCL, expressed optimism about the company’s corporate profit, anticipating over N2tn after the release of the Annual Financial Statement for 2022. Kyari highlighted the impact of the Petroleum Industry Act, stating that it played a crucial role in transforming NNPCL’s financial landscape from a loss position of N803bn in 2018 to a profit position of N674bn in 2021. He also mentioned that dividends had been distributed to shareholders since July of that year.
Simultaneously, the company revealed its active efforts to combat illegal activities in the oil and gas sector. In the past week, NNPCL uncovered 32 illegal pipeline connections and dismantled 52 illegal refineries in the Niger Delta region. The company reported 157 incidents of oil theft during the period, attributing them to various sources, including Nigeria Agip Oil Company, Pipeline Infrastructure Nigeria Limited, Maton Engineering Limited, and others.
Additionally, NNPCL disclosed the discovery of seven illegal storage sites in Akwa Ibom State, where buried drums of crude oil were unearthed. The company also confiscated stolen crude in Bayelsa and Warri, and reported instances of vandalism, including oil well head damages.
NNPCL emphasized its commitment to curbing these illegal activities, with 17 suspects already arrested during the period. The company affirmed its resolve to continue the fight against oil theft until the situation is effectively addressed.
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