NNPCL Declares Highest Profit in 45 Years as Tantita, Other Security Agents Intensify Fight Against Oil Theft

updated 10 Jan, 2024

It seems the efforts of Tantita Security Services Nigeria Limited, the security firm owned by High Chief Government Ekpemupolo alias Tompolo, and that was engaged by the Nigerian National Petroleum Company Limited (NNPCL) in collaboration with other government security agencies in the country to secure national oil assets from oil theft and vandalism, have begun to yield huge dividends.

This is coming as the NNPCL through the Group Chief Executive Officer (GCEO), Mele Kyari, announced its highest profit of N2.548 trillion for the year 2022, the highest since its founding in 1977, as published online in its Financial Performance Report.

In a breakdown of the Financial Report, the company said that losses which amounted to N803 billion in 2018 increased to N1.7 billion in 2019.

But in 2020, the report highlights a profit of N287 billion, denoted as the ‘Turning Point,’ and in 2021, the company’s profit which was named 'Assurance' grew to N674.1 billion. The profit continued its upward trend, reaching N2.548 trillion in 2022.

Recall that in October 2022, a few months after the removal of the subsidy, Kyari, in a disclosure while appearing before the Senate Committee on Finance to defend the company’s budget for the 2024 fiscal year, said the company remitted N4.5 trillion as revenue to the federation account in that month.

Meanwhile, the NNPCL account is yet to be audited by an independent financial auditing firm, as demanded by most stakeholders in the industry, thereby drawing criticisms.

But despite the rise in its profit, the national oil company still battles with myriads of oil theft incidents across the country, a crime that has continued to impede the growth and revenue potential of the oil sector.

For instance, in the first week of January authorities reported the discovery and destruction of 52 illegal refineries in Abia, Imo, Rivers, and Bayelsa states, with an additional 32 illegal connections uncovered in various locations across the Niger Delta region, just as the NNPCL announced that between December 30, 2023, and January 5, 2024, it recorded 157 incidents of crude oil theft from seven incident sources and arrested 17 suspects.

However, the company affirmed its unwavering commitment to eliminate the oil theft menace, emphasizing that there would be no retreat until it was completely eradicated.

Among its efforts is Its award of a pipeline surveillance contract to Tompolo's security firm, Tantita, in 2022. The contract was renewed in 2023 going by the positive contributions of the firm towards detection of illegal pipes and boosting oil production.


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