NNPC owned refineries post losses, spend N836m on stationary, printing, other questionable items – 2018 Audit reveals

FINANCIAL audit of the 2018 expenditures of Nigeria’s refineries released by the Nigeria National Petroleum Corporation (NNPC), last week, shows that while the refineries recorded substantial losses, their administrative expenses balloon over the years.

For the first time, the NNPC also published the audited accounts of its 20 subsidiaries and business divisions online in a bid to promote transparency around its operations which has been shrouded in secrecy for years.

The nation’s major refineries which are subsidiaries of the NNPC captured in the 2018 audit include Kaduna Refining and Petrochemicals, KRPC, Warri Refining & Petrochemicals Company, WRPC, and Port Harcourt Refining Company, PHRC, Limited.

The records show that the three refineries reported a combined loss of N154.4 billion with Kaduna refinery posting zero revenue for the 2018 financial year.

According to a report, the Group Managing Director, GMD, of the NNPC, Mele Kyari, said the failure to fix the country’s refineries over the years was a strategy problem that requires a different framework from the past.

“This framework would enable others to help us. Ultimately, we will change that equation and that is very simple. We will set a target for ourselves and have a clear strategy for achieving it,” he said.

Nigeria imports over 90 per cent of its refined petroleum products especially petrol to meet its current needs, as the nation’s refineries are unable to meet the demands in the country as they are dilapidated and poorly maintained, Reuters has reported.

A Price Waterhouse Coopers, PWC, data estimates Nigeria’s per capita refining capacity at 0.002 barrels per day/capita which pales into insignificance when compared to Libya at 0.06 barrels per day /capita and South Africa on 0.01 barrels per day/capita.

The annual financial accounts revealed that Port Harcourt refinery marked a slump in its revenue which was declared as N1.5 billion in 2018, indicating a 69 per cent drop compared to its earnings of N4.8 billion in 2017.

READ MORE: https://www.icirnigeria.org/nnpc-owned-refineries-post-losses-spend-n836m-on-stationary-printing-other-questionable-items-2018-audit-reveals/

Hmmmmmmmmm

Always posting losses...

Dats in summary dey spent over 800million on paper and biro

What year are we? Why just posting 2018 year Audit in 2020. Loss kill you people

Nnpc is the most corrupt agency in Nigeria.


I've never seen a business that is open for the purpose of losing money every year.

The other day I went to NNPC office in Abuja 3years ago I thought I was in Kano market.

Abokis were all over the offices, But you can never see them in a private oil company

lolzz, wetin APC sabi before? failing in all aspect except looting and thievery.

NNPC

nnpc should be 'disbanded'. You spend such money on stationery? Na heaven una use the stationery write to? Wicked agency!