After posting N267bn loss in 2015 from marketing crude and refined petroleum products and accumulating cash call debts of over $6bn to joint venture partners as well as cash constraints to fund key operations, some analysts conclude that NNPCs underlying problem is that it is insolvent.
Several independent and government-commissioned audits have also given credence to NNPCs insolvency. With the corporate headquarters of the oil firm posting the heaviest loss and its product supply and distribution arm, the Pipelines and Products Marketing Company (PPMC) coming close, followed by all the three refineries, the questions remain, how has these contributed to NNPC being financially handicapped? In all fairness, NNPC is not the only …
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