August 14, 2018

How Warri, Kaduna refineries, headquarters, PPMC bleed NNPC (ThisDay)

How Warri, Kaduna refineries, headquarters, PPMC bleed NNPC (ThisDay)

An analysis of the financials of the Nigerian National Petroleum Corporation has revealed that four strategic business units (SBUs) and the corporate headquarters of the corporation collectively recorded a trading shortfall totaling N270.386 billion between January and November last year, causing NNPC to record a huge loss in its operations in the 11-month period.

The SBUs, namely, Warri and Kaduna Refineries, Pipeline and Product Marketing Company (PPMC), and NNPC Ventures, had together with the corporate headquarters (CHQ) jacked up NNPC’s financial expenditures within the period to overwhelm its earnings of N194.7 billion from its other subsidiaries, and then left it with a year-to-date (YTD) trading deficit of N75.636 billion.

The figures were contained in the latest monthly financial and operations report of the NNPC for the month of November. Thisday also cross-checked the figures with its collation and analysis of the data in NNPC’s past reports.

According to the November report, the likes of the Nigerian Petroleum Development Company (NPDC), Port Harcourt Refinery, Integrated Data Services Limited (IDSL), NNPC Retail, National Engineering and Technical Company (NETCO) and Nigerian Gas Pipeline Transport Company (NGPTC) made YTD trading surpluses of N88.4 billion, N25.6 billion, N7.4 billion, N2.5 billion, N5.16 billion, and N65.45 billion respectively. Read more

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