Just saw this on yahoo news today, very pathetic, A big shame on the country, When National oil companies like that of Angola are going out to other countries to explore and develop oilfields, these bastards are just looting and have rendered the company bankrupt, There has to be death penalty sentence for all these people.

http://uk.finance.yahoo.com/news/nigeria-s-state-run-oil-giant-is-bankrupt-minister-afp-285ad1155fa2.html?x=0

Nigeria's corruption-ridden giant state oil firm NNPC is bankrupt, owing debts running into hundreds of billions of naira, junior finance minister Remi Babalola said on Tuesday in Abuja.

"NNPC (Nigerian National Petroleum Corporation) is insolvent as current liabilities exceeded current assets by 754 billion naira (5 billion dollars) as at December 31, 2008," Babalola told a meeting of state finance commissioners, referring to the latest account figures available.

The accounts of NNPC are often not audited.

Babalola, an accountant, told the meeting that the corporation wrote him a letter on Monday to explain that "NNPC is facing financial difficulties evidenced by, amongst others, the inability to pay for the domestic crude as and when due and delays in settling bills for fuel imports."

"The financial difficulties essentially stem from disequilibrium between costs and cash inflow streams," Babalola said, quoting from the letter.

The minister said that in the same letter, NNPC said it was "incapable of repaying 450 billion naira (3 billion dollars) which it owed the Federation Account," referring to the account to which monies made by all government institutions, including customs and ports, are paid.

President Goodluck Jonathan, who has vowed to tackle corruption, recently sacked some officials of the NNPC and ordered that a "comprehensive audit" of its accounts be carried out by a world-class auditing firm.

He has also promised to reform the oil sector to make it efficient and profitable.

A law aimed at sweeping reforms in the oil and gas sector, currently before the parliament, is expected specifically to transform the corruption-ridden, loss-making and inefficient NNPC into a purely commercial outfit.

Nigeria, although the world's eighth oil exporter, imports most of its refined petroleum products to meet local needs.

Its four refineries, with a total installed capacity of 445,000 barrels per day, is grossly underperforming due to corruption and poor maintenance.