The Nigerian National Petroleum Company Limited (NNPC) has announced that it made a profit of N2.548 trillion in 2022, which is the highest profit ever recorded in the company’s history.
This is a significant increase from the N674.1 billion profit achieved in 2021.
Mele Kyari, the Group Chief Executive Officer of the company, described this rise as a remarkable achievement.
He had previously mentioned in November 2023 that the company was expecting a profit of over N2 trillion based on the audited financial statements for 2022.
This turnaround is particularly impressive considering that the company incurred a loss of N803 billion in 2018.
According to Kyari, the improved performance can be attributed to the Petroleum Industry Act 2021, which has introduced streamlined regulations and a focus on transparency, thereby boosting NNPC’s profitability.
The success of the NNPC goes beyond financial figures. Kyari mentioned that the company has been paying dividends to its shareholders since July of this year.
