NNPC BLEEDS! Loses 547 Billion Naira In 3 Years
If you had any hope that Nigeria’s oil company, the Nigeria National Petroleum Corporation, would still become a profitable venture, you may have to keep your hope alive.
From 2015 to 2017, the group's monetary loss of the oil company amounted to 547 billion naira.
This was revealed after a review of the oil firm’s financial and operations reports in the period by the Nigeria Extractive Industries Transparency Initiative, NEITI.
Meanwhile, Nigeria’s refineries posted a cumulative performance of 12.26% during the three-year period, according to NEITI’s report released in Abuja on Sunday,
A further breakdown showed that the Kaduna refinery had the lowest capacity utilisation 9%, while Warri and Port Harcourt recorded 9.73% and 15.4%, respectively.
NEITI stated that one striking feature of the NNPC financial operations report was the disclosure that the corporation lost the sum of 547 billion naira in its operation for the three years period.
“Out of this amount, the NNPC corporate headquarters recorded the highest revenue loss to the tune of 336.268 billion naira,” NEITI stated.
It, however, noted that the Nigeria Gas Company made a profit of 141.324 billion naira during the period under review.
NEITI applauded the monthly voluntary disclosures by the NNPC, but stressed that the transparency monitoring agency through its auditors under the Extractive Industries Transparency Initiative framework had not independently verified the information and data.
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