[size=14pt]NNPC incurs N200bn loss, N146bn liabilities –Lukman [/size]
By Obinna Ezeobi, Abuja, Published: Saturday, 6 Mar 2010

The account of the Nigerian National Petroleum Development Corporation is in the red and only a complete transformation of its operations will save it from becoming insolvent, the Minister of Petroleum Resources, Dr. Rilwanu Lukman, said on Friday.

Delivering the keynote address at the Transformation Townhall Meeting of the NNPC in Abuja, Lukman said the corporation was currently running at a loss of more than N200bn, with contingent liabilities of more than N146bn and $277m.

Stressing the urgency of NNPC‘s transformation, he advised that the first phase would require the stabilisation of the company‘s financials and operations.

The minister said government would not allow the transformation of NNPC to fail because it was the base of the Petroleum Industry Bill.

He said, ”Without NNPC‘s transformation, the vision and aspiration behind the PIB will remain a theoretical construct. More broadly, without NNPC‘s transformation, there can be no energy sector reform.”

Lukman further stressed that when PIB is passed into law, it may remain just a piece of legislation if its intent was not well executed.

”NNPC is the delivery engine for the execution of the PIB when passed into law and the NNPC transformation programme lies at the heart of the energy sector reform,” he added.

http://www.punchng.com/Articl.aspx?theartic=Art20100306354959

Thieves.