NNPC Record Profits and Suppressions on Oil Thieves

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The Nigerian National Petroleum Company Limited (NNPCL) announced a remarkable profit of N2.548tn in 2022, marking its “highest profit since inception.”

Established in 1977, NNPCL is a state-owned oil corporation and the primary asset holder in Nigeria’s oil and gas industry. This financial success is attributed to the company’s shift to a commercially driven approach, implemented after the passage of the Petroleum Industry Act in August 2021 by former President Muhammadu Buhari.

In a recent documentary shared on its official platform, NNPCL disclosed its efforts to combat illegal activities in the Niger Delta region. Over the past week, the company discovered and dismantled 52 illegal refineries, along with uncovering 32 illegal pipeline connections.

In a proactive move, 17 suspects were apprehended during this period. The oil company remains committed to its fight against oil thieves, emphasizing a determination to curb such activities in the future.

Source: PUNCH

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