The Nigerian National Petroleum Corporation (NNPC) has published its Audited Financial Statements (AFS) for the year 2020.

A statement by the Group General Manager, Public Affairs Division, Garba Deen Muhammad, stated that the Corporation’s group revenue for 2020 was N3.718 trillion, down from N4.634 trillion in 2019.

He attributed the decrease to decline in production and fall in the price of crude oil due to the global impact of COVID-19.

He said, “In compliance with the president’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements.

“Among the highlights of the 2020 AFS is the corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287 billion in 2020, for the first time in 44 years.”

Further highlights of the AFS revealed that while the corporation’s group financial position increased in total current assets by 18.7% compared to that of 2019, its total current liabilities increased by 11.4% within the same period.

The group working capital remained below the line at N4.56trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed.

“Among the highlights of the 2020 AFS is the corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287 billion in 2020, for the first time in 44 years".

milann:


https://dailytrust.com/nnpc-releases-2020-audited-financial-statements

fasho01:
Baked rather than audited. The true figures will be known in a few years time

dannypaul:
NNPC has never been profitable but the year it will be privatized and deregulated, all of a sudden it is now profitable and can access their financials.

Miracle exists indeed.

poiZon:
As dem pass PIA, and allocated 30percent for frontier basins exploration, nnpc recorded profits.
How much is 30percent of 287billion abeg?
I wan check something..

DoctorDree:
Thieves

Primusinterpares:
+ from a loss of 1.7 billion to a Profit of over 200billion... Are there evidences of the investments that yields that profit ni?
How did they do it with the global crude price?

jomoh:


Baked audited financial statement? You think this is one of your village cooperative societies?



Deregulate NNPC? Deregulate ko, marinate ni.



30% is about N80bn

3% of all their expenses($16bn) is about $500m(N250bn).

mfm04622:


It was done by not chopping the money they made. No miracle here

mfm04622:


You suppose ask them to pay for this educayyou are providing free of charge ooo

Neurotika:
Hmmm how do you explain a gross loss increment of over 100% from 36.7b in 2019 to 81.1b in 2020 for the corporation. Even the dubious profit declared was due to the huge impairment reversal of over 400billion (with a vague disclosure to back it up). The level of inefficiency and waste in government owned parastatals is beyond comprehension.