The Nigerian National Petroleum Company Limited (NNPCL) has reported its highest profit in 45 years, reaching N2.548 trillion for the year 2022.

NNPCL
NNPCL

This notable profit is highlighted as the highest since the company’s establishment in 1977. The financial report showcases a positive trend, with losses amounting to N803 billion in 2018 and increasing to N1.7 billion in 2019, turning into profits of N287 billion in 2020 and N674.1 billion in 2021. The upward trajectory continued with a remarkable profit of N2.548 trillion in 2022.

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The CEO of NNPC Ltd, Mele Kyari, had previously announced a remittance of N4.5 trillion as revenue to the federation account in October 2023. Despite these financial successes, the company is yet to undergo an audit by an independent financial auditing firm, which has been a demand from various stakeholders.

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NNPC Ltd faces challenges related to oil theft incidents, which have been impeding the growth and revenue potential of the sector. In recent weeks, authorities reported the discovery and destruction of 52 illegal refineries in several states, and 32 illegal connections were uncovered in various locations across the Niger Delta. NNPC Ltd has emphasized its unwavering commitment to eliminating the menace of oil theft, asserting that there will be no retreat until it is completely eradicated.

It’s worth noting that the NNPCL faced criticism from industry participants and stakeholders for its historical failure to disclose financial performance for public scrutiny. The company opened its books for public scrutiny for the fourth consecutive time during the 2021 financial year.

In November, NNPCL had forecasted a revenue increase to N4.5 trillion by the end of 2023, citing the commencement of operations at the Port Harcourt Refining Company as a contributing factor to this optimistic outlook.

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