Nigeria: NNPC's 3 refineries record combined loss of N154 billion

Three of its refineries of the Nigerian National Petroleum Corporation (NNPC), namely Warri, Kaduna, and Port-Harcourt refineries has recorded a combined loss of N154 billion in the corporation's audited financial statements for 2018, according to a news report by Daily Trust.

The Nigerian National Petroleum Corporation (NNPC), has published its audited financial statements for the 2018 financial year.

The audited financial statements for the state-owned oil company and its 20 subsidiaries and business divisions, were signed by the Group Managing Director of NNPC, Malam Mele Kyari and the Chief Executives of the various subsidiaries.

NNPC said that it made the statements public in a bid to improve transparency around its operations.

Further analysis of the subsidiaries' audited accounts indicated that the National Petroleum Investment Management Services (NAPIMS), the group's most profitable subsidiary has reported revenue of N5.04 trillion in 2018 and profit of N1.01 trillion as against the N1.65 trillion it recorded in 2017.

The report shows total assets managed by NAPIMS stood at N18.6 trillion, with the oil and gas components valued at N14.2 trillion.

Its oil production subsidiary, the Nigerian Petroleum Development Company (NPDC), reported a post-tax profit of N179 billion in 2018.

However, the corporation did not publish consolidated audited accounts for the group.

Commenting on the financial statements, the Executive Secretary of Nigeria Extractive Industry Transparency Initiative (NEITI), Waziri Audio, said the corporation's action showed the transparency of its operations.

Expressing his views on the report via his Twitter handle, Waziri Audio, the NEITI boss stated, "Having such disclosures is good for transparency and accountability. "I urge them to make this a regular practice and in open data format", he added.