The Nigerian National Petroleum Company Limited (NNPC) has announced a N2.548 trillion profit for 2022, marking the highest profit ever recorded in the company’s history.
This meteoric rise, Mele Kyari, the Group Chief Executive Officer of the company, said, tripled the N674.1 billion profit achieved in 2021.
“This is assurance,” Kyari said. He had previously hinted at the windfall in November 2023, anticipating a profit exceeding N2 trillion upon release of the 2022 audited financial statements.
The turnaround represents a comeback from the N803 billion loss the company incurred in 2018. According to Kyari, the turnaround is due to the Petroleum Industry Act 2021, which fueled NNPC’s profitability with its streamlined regulations and focus on transparency.
This success extends beyond mere financial figures. “Since July this year, the company has started paying dividends to its shareholders,” Kyari added.
