Finally, NNPC admits: ‘We are broke’

http://businessdayonline.com/NG/index.php/news/76-hot-topic/18480-finally-nnpc-admits-we-are-broke

Austen Oniwon, group managing director, Nigerian National Petroleum Corporation (NNPC), finally admitted that the Corporation was broke, laying to rest the denials surrounding the dire situation of the state-owned oil firm’s financials which was first brought to the limelight in 2010 by ex-minister of state for finance, Remi Babalola.

“We have to suspend increase in remuneration. The account of the organisation is in the negative; corporate failure is imminent unless urgent transformation is carried out” Oniwon told the stunned gathering.


NNPC not broke, but a going concern, FEC declare[/b]s
http://234next.com/csp/cms/sites/Next/News/5594178-146/nnpc_not_broke_but_a_going.csp

[b]FG denies Babalola on NNPC, says firm is solvent

Akunyili said: "NNPC, from the auditor's account, is a going concern and does not have solvency issue as a corporation. Therefore, categorically, NNPC is not insolvent


"We have many transactions between the NNPC and the Federal Government. What you saw yesterday was just balances arising from two types of transactions that we have made, and that was the point they were trying to make yesterday. So, it is incomplete and it doesn't give you the complete picture. Once reconciliation is done, payment goes back and forth between the two entities", Aganga said.

He stated that "the payment we made to NNPC is done regularly but as you know NNPC is a great concern that is involved in all the joint ventures we have in the country, and with all international oil companies (IOCs). We still have all the wells and all other parastatals related to the NNPC".
http://www.businessdayonline.com/NG/index.php/typography/the-news/12749-fg-denies-babalola-on-nnpc-says-firm-is-solvent