Nigeria’s Oil Firm NNPC Spent N7.3Billion On Leisure In 16 Months
NNPC neighborhood fragment of earnings for West Africa LPG stood at N807 million whereas as of June 2022, the gathered loss stood at N1 billion.
A overview of financial statements of the Nigerian Nationwide Petroleum Firm Runt has shown that its subsidiaries posted rapid term money owed to the tune of N83 billion in 2022.
Based mostly completely on the financial statements of the NNPCL for December 2022, Nikorma transport Alternate and other payables (money owed) stood at N4.5 billion, West Africa LPG Runt replace payable decide stood at N79.2 billion, whereas that of Hyson Nigeria puny modified into as soon as N15 million.
The West Africa LPG puny trades as a automobile for offtake, marketing and procuring and selling of Liquified Natural Gas. On its web voice, it identified itself as a unconditionally owned subsidiary of the Nigerian Nationwide Petroleum Company and Ocean Mattress Buying and selling Runt.
In total, the money owed gathered by these subsidiaries modified into as soon as N83 billion.
These organisations also posted losses, the financial statements of the NNPC reward.
The organisation famend that it might perchance well no longer get any earnings from Nikorma Transport and West Africa LPG due to the incontrovertible truth that the gathered lack of both organisations modified into as soon as increased than the earnings posted by the NNPC subsidiaries.
As an illustration, the NNPC neighborhood fragment of earnings for West Africa LPG stood at N807 million whereas as of June 2022, the gathered loss stood at N1 billion.
In but every other pattern, the NNPC spent the sum of N7 billion on leisure prices within the 16 months financial report printed in December 2022.
There enjoy been concerns on accountability within the NNPC with requires the organisation to submit its financial statements.
With 2024 already in its seventh month, the NNPC is but to submit its 2023 financial statements.
SaharaReporters also famend that for instance the NNPCL wrote off money owed to the tune of N140 billion in three years between 2019 and 2021.
No doubt one of the predominant NNPCL subsidiary gave out loans price N2 billion to staff irrespective of recording zero earnings in 2021.
Earlier financial statements reward NNPC funding loss-making subsidiaries amid operational concerns.
This pattern also comes the save the NNPCL has been announced as obtaining utterly different indecent backed loans. In 2023, it modified into as soon as announced that the NNPC Runt received a $3 billion indecent backed loan.
The Nigerian Extractive Alternate Transparency Initiative (NEITI) has also accused the NNPCL Of failing to remit N2.8 trillion tax to the government coffers in 2022.
Be conscious the Sahara Newshounds channel on WhatsApp: https://whatsapp.com/channel/0029VaFClvtH5JM6SSsP7M2Y