• Monday, June 24, 2024
businessday logo


Vandalism, crude oil theft undermined NNPC’s performance in 2021- Kyari

Mele Kyari, group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited has revealed that incessant vandalism, crude oil and products theft among other problems undermined the performance of his organisation in 2021.

Kyari made this known at a press briefing on Tuesday where he said that the NNPC recorded a 134.8 percent growth in profit moving from N287 billion in 2020 to N674 million in 2021.

In addition to the surge in profit, NNPC recorded an increase in total assets from N15.86 trillion to N16.27 trillion in 2021, while its total liabilities decreased by 8.3 percent from N14.68 trillion in 2020 to N13.46 trillion in the review period.

“The performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil and products theft among others,” he said.

Read also: NNPC says it generated N674bn profit last year

Kyari said in August that during a visit to Ifeanyi Okowa, governor of Delta that Nigeria hardly meets the OPEC production quantum of 1.99 million barrels per day with its current production level of 1.4 million barrels daily which is being threatened by the activities of economic saboteurs.

Other than its inability to meet the daily production volume, Kyari said Nigeria loses $1.9 billion monthly to crude oil theft.

The company’s shareholders fund position also grew by 144 percent to N2.81 trillion in 2021. Kyari added that despite the challenging operating environment, NNPC has the potential to sustainably deliver better value to its esteemed shareholders.