NNPC recorded N2.5trn profit in 2022 — ‘highest’ ever

The Nigerian National Petroleum Company (NNPC) Limited says it raked in a profit of N2.548 trillion at the close of the financial year which ended in December 2022. 

Details of the firm’s financial performance were disclosed in a document seen by TheCable on Wednesday.

According to the document, the 2022 profit figure signifies the “highest profit since the inception” of the national oil firm.

In the document which shows a 5-year period performance, the company said it posted a loss of N803 billion in 2018 and further down to N1.7 billion in 2019. 

However, in 2020, the national oil firm said it posted its ‘first ever’ profit of N287 billion, describing it as “the turning point”.

NNPC continued with the positive trend,recording a N674.1 billion profit in 2021.

“Today I’m happy to announce that the Board of NNPC has approved 2021 audited fin. statements & NNPC has progressed to a new performance level, from N287 billion profit in 2020 to N674 billion profit after tax in 2021, climbing higher by 134.8 percent YoY profit growth,” Mele Kyari, NNPC’s group chief executive officer (GCEO), had said.

Industry players and stakeholders have dispraised the NNPC for failing to publish its financial performance for public scrutiny.

The 2021 financial year was the fourth consecutive period the NNPC opened its book in its 46 years of existence. 

Responding to enquiries about the 2022 financial disclosure of the national oil firm, Femi Soneye, NNPC’s spokesperson, said: “We will issue a statement about our financial performances soon.”

On November 24, 2023, NNPC had projected that the coming on stream of the Port Harcourt Refining Company would enable its revenue to increase to N4.5 trillion by the end of 2023.