Outrage As NNPC Reveals Kaduna Refinery Incurred N64 Billion Operating Cost With Zero Revenue

The Nigerian National Petroleum Corporation (NNPC) has published audited financial statements online in a bid to improve transparency around its operations.

Bloomberg reported that the corporation has been criticised for years of conducting Nigeria’s oil business in secret by publishing only unaudited financial reports.

The statements published on the company’s website on Sunday were for 2018 and were signed by the Group Managing Director, Malam Mele Kyari.

National Petroleum Investment Management Services (NAPIMS) is the group’s most profitable division, according to the statements.

It reported revenue of N5.04 trillion ($13 billion) in 2018 and profit of N1.01 trillion. That compares with a loss of N1.65 trillion in 2017.

The report shows total assets managed by NAPIMS 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.

The corporation’s three refineries in the country reported a combined loss of N154 billion with the Kaduna refinery recording zero revenue after spending N64 billion on operating cost for that year 2018.

The N64 billion spent on Kaduna Refinery which recorded zero revenue has sparked outrage among Nigerians on social media.