NewStats: 3,262,849 , 8,178,352 topics. Date: Tuesday, 03 June 2025 at 07:34 PM 5c653q

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.

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

...at the end of the day, those figures ends up in waste.

Can i get a bus going to Canada in Jibowu?

This is the most responsible government.

“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".

Lmao!!!

Buhari is a disaster

Audited financial statement kill all the mod there.

Common let this thread below hit front page
https://nairaland.unblockandhide.com/6737022/amgray-logistics-where-laptops-been

Ok

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

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

Miracle exists indeed.

The just tell us that they looted up to N1 trillion .

You mean Northern Nigeria Private Company (NNPC)?




The official cash cow of the Hausa-Fulani!




Una wehdone o!

Thieves

milann:


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

Even in the year of pandemic, Osanabua! Dem dey wine dem zombies. Dem dey pay salaries without work. Warri refinery don lock down for years, but dem get more than 1000 workers.

Lol...buy this IPO at your own risk. A company that to post first audited with first gains since inception from thin air is a fantastically corrupt organization.

If you buy the IPO based on this paper gains , body go tell you when the years of rot and corruption drains your money.

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

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

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

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.

Deregulate NNPC? Deregulate ko, marinate ni.

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

30% is about N80bn

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

Nice

I hope NNPC was audited by one of the big 4 not all these unknown mushroom audit firms “& co”

Thank you , so when will CBN release theirs?

How does this profit affect the common Nigerian?

+ 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?

DoctorDree:
Thieves

The group that declared profit for the first time are thieves, but the group that declared losses in the past are saints?

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?

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

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).

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

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.

mfm04622:


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

if we can achieve this image making this much for 10 years

mfm04622:


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

One should do charity once in a while to the less privileged.

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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.

That fraudulent declaration of profit will not any sniff test. It's all nonsense PR designed to make an underperforming President look good.

The imaginary "profits" are obviously a reflection of the dubious impairments' reversal among other ing tricks employed. How can a poorly run oil company be having massive impairment reversal gains for a year where the oil majors were booking heavy impairment losses? Who knew that a government of "integrity" could have Enron as a role model.