NNPC directors’ expenses jump 214% to N2.6bn – Report

Executive and non-executive directors at the Nigerian National Petroleum Company Limited received N2.59bn as fees and expenses in the 2023 financial year, [/b]The PUNCH reports.

This figure indicates [b]an increase of 214 per cent from N824m paid to the directors in 2022.

This new information was disclosed in the company’s latest financial statements for 2023.

Although the statement did not reveal the number of directors sitting on the board of the oil company, a statement by the presidency on November 27, 2023, revealed that nine people including the Chief Executive Officer currently sit on the board of the company.

NNPC is a major revenue-generating agency in Nigeria, operating as the national oil company in charge of the management, sales, etc, of the country’s crude oil and gas, among other key functions. It’s also a major source of forex.

Other administrative expenses showed that the group spent a total sum of N8.7bn on bank charges, N583.79bn on employees benefit expenses and N170.7bn on security expenses.

The report also stated that the NNPC spent a total sum of N45.88bn on safeguarding its pipeline and maintenance costs nationwide.



This cost was an increase of 64.47 per cent from N16.29bn while the insurance and security expenses on its assets also gulped N58.23bn.

The oil firm said, “Expenditure on major maintenance refits or repairs comprises the cost of replacement of assets or parts of assets, inspection costs and overhaul costs. Where an asset or part of an asset that was separately depreciated is replaced and future economic benefits associated with the item will probably flow to the Group, the expenditure is capitalised and the carrying amount of the replaced asset is unrecognised.


The costs of major turn-around of refineries and large petrochemical units are capitalized as incurred and depreciated over the time between two consecutive major turnarounds. Where part of the asset was not separately considered as a component, the replacement value is used to estimate the carrying amount of the replaced assets which is immediately written off. All other maintenance costs are expensed as incurred.”

Meanwhile, NNPC contributed N431.06bn of its accrued revenue to the federation account in the first seven months of 2024.

The amount distributed monthly is shared by the Federal Account Allocation Committee to the three tiers of government.

This was disclosed in a document analysing income remitted to the federation account by revenue-generating agencies between January and June 2024.

This analysis implemented by the Federation Account Department reveals the total inflows received monthly from sales of crude oil, makes necessary deductions, and the rest is shared with the three tiers of government.

https://punchng.com/nnpc-directors-expenses-jump-214-to-n2-6bn-report/?utm_source=top-story&utm_medium=web

.

We see nothing,and there are always bills


Kindly check my signature and contact me

By the time tinubu finish with Nigeria, Lagos will be the capital of Chinese in diaspora.

Sentiments aside, I believe this should be expected. NNPC is now a private/for-profit organization, not state owned anymore… so the directors should now earn what their counterparts in the private sector earns.

I believe they are now entitled to enjoy all the perks not available to a public official.

Also, naira devaluation might be a factor.

I really do feel sad for some parents… Knowing how most parents hustle and struggle, denying themselves of essential needs just to train their wards through daycare, kindergarten, basic/primary, secondary school, college/university, and then only for the kid to turn out to be a nuisance to the society.

Some parents end up regretting not using condom that particular day some peeps were conceived…

An example is the idiot right below my comment. Disgracing his parents both online and offline. I really do not envy you… it takes a lot of stupidity to show ones foolishness on a public forum.

mustyNEMESIS:
Sentiments aside, I believe this should be expected. NNPC is now a private/for-profit organization, not state owned anymore… so the directors should now earn what their counterparts in the private sector earns.

I believe they are now entitled to enjoy all the perks not available to a public official.

Zone B

NNPCL is fully govt owned.

FG has no business running oil biz

NNPCL is jointly owned and fully owned by the federal ministry of finance and the ministry of petroleum

Ok na

This is why I don't support government doing business,
the FG should just provide a working environment with good policies then things will fall in places.
Nigeria can only earn the real dividend of its oil revenue if NNPCL and other refineries are privatized . If Atiku or Obi had won the election the NNPCL will be effectively managed because they planned to do the needful by selling off the can of worms and epitome of corruption called the NNPCL. Nigeria without NNPCL has 60% of its corruption cleared

There is no way these so called leaders would escape the revolution that is coming soon and we really need it. Mynd44 stop looking at me like that.








Some People take Sleep so serious that they even bought Pygamas.
🤷🏾🤷🏾🤷🏾🤷🏾🤷🏾

Are the Directors up to a thousand.

If not their salaries would be incredible

Can the EFCC ever look in the direction of 'big' corporation like this

This guys already had Nigeria by the jugular and they are too opaque

Kk

These are the rogues ripping Nigeria off.

The Financial Statements in Nigeria holds no water. Modern Accountants are needed to always checkmate funds.

Nnpc + Soakaway are Siamese twin.

The country is gone

A thief is a president

office of Chief of staff Budget was 500m under Buhari , Tinubu and Gbaja took it above 2B

The country is bleeding and can't make it to 2027

LoL
Let me read comments from these educated-illiterate clowns who think only from the dept of their hunger and laugh

mustyNEMESIS:
Sentiments aside, I believe this should be expected. NNPC is now a private/for-profit organization, not state owned anymore… so the directors should now earn what their counterparts in the private sector earns.

I believe they are now entitled to enjoy all the perks not available to a public official.

Also, naira devaluation might be a factor.

I really do feel sad for some parents… Knowing how most parents hustle and struggle, denying themselves of essential needs just to train their wards through daycare, kindergarten, basic/primary, secondary school, college/university, and then only for the kid to turn out to be a nuisance to the society.

Some parents end up regretting not using condom that particular day some peeps were conceived…

An example is the idiot right below my comment. Disgracing his parents both online and offline. I really do not envy you… it takes a lot of stupidity to show ones foolishness on a public forum.

If this is the case, that means nnpc is supposed to have it's accounts independently audited.

Have you heard of any such audits?

How are the directors of nnpc appointed?

CooldipoMPS:



Can the EFCC ever look in the direction of 'big' corporation like this

This guys already had Nigeria by the jugular and they are too opaque

Which efcc?

mustyNEMESIS:
Sentiments aside, I believe this should be expected. NNPC is now a private/for-profit organization, not state owned anymore… so the directors should now earn what their counterparts in the private sector earns.

I believe they are now entitled to enjoy all the perks not available to a public official.

Also, naira devaluation might be a factor.

I really do feel sad for some parents… Knowing how most parents hustle and struggle, denying themselves of essential needs just to train their wards through daycare, kindergarten, basic/primary, secondary school, college/university, and then only for the kid to turn out to be a nuisance to the society.

Some parents end up regretting not using condom that particular day some peeps were conceived…

An example is the idiot right below my comment. Disgracing his parents both online and offline. I really do not envy you… it takes a lot of stupidity to show ones foolishness on a public forum.

this is the height of idiocy... NNPCL is a profit driven company owned by the government.... How much profit have they made in the last 3 years?

mustyNEMESIS:
Sentiments aside, I believe this should be expected. NNPC is now a private/for-profit organization, not state owned anymore… so the directors should now earn what their counterparts in the private sector earns.

I believe they are now entitled to enjoy all the perks not available to a public official.

Also, naira devaluation might be a factor.

I really do feel sad for some parents… Knowing how most parents hustle and struggle, denying themselves of essential needs just to train their wards through daycare, kindergarten, basic/primary, secondary school, college/university, and then only for the kid to turn out to be a nuisance to the society.

Some parents end up regretting not using condom that particular day some peeps were conceived…

An example is the idiot right below my comment. Disgracing his parents both online and offline. I really do not envy you… it takes a lot of stupidity to show ones foolishness on a public forum.

If NNPC is no longer state owned, why does the state still appoint the CEO and other senior management staff of the company? And why is the state the only shareholder?🤔

Make dem chop their national cake nah

They need to be sold.
We don't need NNPC anymore... Ai should replaced them

mustyNEMESIS:
Sentiments aside, I believe this should be expected. NNPC is now a private/for-profit organization, not state owned anymore… so the directors should now earn what their counterparts in the private sector earns.

I believe they are now entitled to enjoy all the perks not available to a public official.

Also, naira devaluation might be a factor.

I really do feel sad for some parents… Knowing how most parents hustle and struggle, denying themselves of essential needs just to train their wards through daycare, kindergarten, basic/primary, secondary school, college/university, and then only for the kid to turn out to be a nuisance to the society.

Some parents end up regretting not using condom that particular day some peeps were conceived…

An example is the idiot right below my comment. Disgracing his parents both online and offline. I really do not envy you… it takes a lot of stupidity to show ones foolishness on a public forum.

keep shut. Idiotic liar.

mustyNEMESIS:
Sentiments aside, I believe this should be expected. NNPC is now a private/for-profit organization, not state owned anymore… so the directors should now earn what their counterparts in the private sector earns.

I believe they are now entitled to enjoy all the perks not available to a public official.

Also, naira devaluation might be a factor.

I really do feel sad for some parents… Knowing how most parents hustle and struggle, denying themselves of essential needs just to train their wards through daycare, kindergarten, basic/primary, secondary school, college/university, and then only for the kid to turn out to be a nuisance to the society.

Some parents end up regretting not using condom that particular day some peeps were conceived…

An example is the idiot right below my comment. Disgracing his parents both online and offline. I really do not envy you… it takes a lot of stupidity to show ones foolishness on a public forum.

Oga did the FG sell their shares in the company?
You claim it's a private company so can you tell us the new owners since it is not a public company.
Please stop mixing up things. The Nigerian National Petroleum Company (NNPC) Limited is a state oil company in Nigeria. Still a fully-owned government company, it was transformed from into a limited liability company in July 2022. NNPC Limited is the only entity licensed to operate in the country's petroleum industry.

Let them flex. It’s their time to feed fat on Nigeria’s resources!

What you get when a thief is your president
.