Business

NNPC Ltd, Records Over N2.5trn Profit

NNPC Ltd announced a staggering profit of N2.548 trillion in 2022, marking its highest-ever recorded profit since its establishment in 1977, as stated in the 2022 Financial Performance Report released online.

The report highlighted a significant shift from losses in 2018 and 2019 (N803 billion and N1.7 billion respectively) to a positive turnaround in 2020 with N287 billion profit, dubbed the ‘Turning Point.’ Subsequently, the company’s profits surged to N674.1 billion in 2021, labeled as ‘Assurance.’

The company’s relentless progress saw its profit soar to the remarkable figure of N2.548 trillion in 2022. Meanwhile, recent reports from the News Agency of Nigeria (NAN) revealed that between Dec. 30, 2023, and Jan. 5, 2024, NNPC Ltd encountered 157 incidents of crude oil theft, resulting in the arrest of 17 suspects across seven sources, including reputable entities like the Nigeria Agip Oil Company, Shell Petroleum Development Company (SPDC), and various others.

Additionally, the report highlighted the discovery and destruction of 52 illegal refineries in Abia, Imo, Rivers, and Bayelsa states.

Furthermore, 32 illegal connections were found in multiple parts of the Niger Delta, subsequently removed and repaired along the central corridor. Moreover, seven illegal storage sites were unearthed in AkwaIbom state, with crude drums discovered in bushes in Bayelsa and Warri, Delta.

Emphasizing a zero-tolerance stance against these illegal activities, NNPC reiterated its unwavering commitment to eradicating such menaces.

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