The Nigerian National Petroleum Corporation (NNPC) has published its audited financial statements online for 2018.
The audited financial statements for NNPC and its subsidiaries, which were published on the company’s website yesterday, were signed by the Group Managing director/Chief Executive Officer of NNPC and the Chief Executives of the various subsidiaries.
The NNPC also published the audited accounts of its 20 subsidiaries and business divisions for the first time.
The audited financial statements focused more on the subsidiaries of the NNPC group as there was no consolidated financial statement.
As part of the highlights of the audited financial statement, the National Petroleum Investment Management Services (NAPIMS), its most profitable subsidiary according to the statements, reported revenue of N5.04 trillion in 2018 and a profit of N1.01 trillion as against a loss of N1.65 trillion that was recorded in 2017.
The nation’s 3 refineries recorded combined losses of N154 billion with the Kaduna Refinery recording zero revenue for 2018.
The Nigerian Petroleum Development Company (NPDC), its oil production subsidiary made an after-tax profit of N179 billion for 2018 as against the N157 billion that was made in 2017.
The Pipeline Product Marketing Company (PPMC), its supply and refined petroleum products marketing subsidiary, reported a revenue of N29.5 billion in 2018 as against the N113 billion that was achieved in 2017.
It reported a profit after tax of N9.3 billion in 2018 as against a loss of N27 billion that was recorded in 2017.
But Nigerians are calling for Kaduna refinery to be shut after it made zero inflow in 2018.
Sustainability of Kaduna Refinery, after all people thought the idea of selling NNPC to friends was wrong, now that Nigerians have seen that we incurred N64 billion in maintaining Kaduna refinery without making money from it instead of selling it off and making some money from it https://t.co/mEfDuI7FIb
— Edirin Okumagba (@edirinVision) June 15, 2020
It's evident that the Kaduna refinery has become a money down the drain project at best or an elaborate scam fleecing an already broke nation of very crucial resources that can be utilized elsewhere at worst.
Either way it needs to be shut down asap #NigerianSpring https://t.co/WEl2be0THm
— 🇳🇬 Racing Eagle (Lord Varys) (@AlabaOginni) June 15, 2020
Atiku: I will sell off Nigeria's 3 refineries.
Buhari's Bot: Atiku is a thief, he wants to sell off our refineries to his friends.FF to today:
Nigeria's 3 refineries recorded combined losses of N154 billion with the Kaduna Refinery recording zero revenue.Who's the thief now?
— Mazi @FestusGreen 🇳🇬 (@FestusGreen) June 15, 2020
You think only northerners work in Kaduna refinery or receive salaries 4 no work done? You're sorely mistaken, it's been like that thru the 13yrs of Southern presidency
Every part of the country is well represented & when we make comment like this, we push solutions farther away
— Speedy_5 (@Speedy504272960) June 15, 2020
Last night, I went through 2018 Financial statements of our Kaduna Refinery.
The refinery generated (0) revenue but incurred costs of 64 billion naira.
210 people that work in the refinery earn above 15million naira.
800 mill on consultancy fees
600 mill on travel. pic.twitter.com/Ex5x65fGlB— ODT (@DapoThomas1) June 15, 2020
That Kaduna refinery numbers show we are not ready to plug the leakages in Nigeria
Why is any organization paying when they are not making a kobo?
This country depresses me
Who is even going to buy that kinda asset? Better turn to a soyamill factory
— The Classic Man (@tkb417) June 15, 2020
So NNPC's Kaduna Refinery had a loss of 64 billion naira with 0 profit.
NNPC as a whole should just be broken up or privatized. Even a dog would run a better business than these bureaucrats who are robbing us blind.— Somto J. Uwazie (@SomtoUwazie) June 15, 2020
This indicates that kaduna refinery was operating comfortably at lost, but then how do you make such book of account at the end of the year?? I’m honestly confused. https://t.co/i011A9f9cv
— Son Of The Soil!!! (@Abadam__) June 15, 2020
Port-Harcourt Refinery – N45B (2018)
Kaduna Refinery – N64B loss (2018)
Warri Refinery – N44B loss (2018)How long before Nigeria falls into another recession?
(BMC bots, did you know that NNPC did some recruiting? Y'all won't know, cos you've all sold your conscience for 30k)
— Mazi @FestusGreen 🇳🇬 (@FestusGreen) June 15, 2020
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