The Nigerian National Petroleum Company Limited (NNPC) has amassed N8.5 trillion in related-party balances with its refining subsidiaries, highlighting the mounting financial burden of the nation's persistently non-operational refineries as of December 2024.
The NNPC disclosed the balances in its latest financial statements, revealing how decades of failed turnaround efforts have translated into a complex web of intra-group obligations that continue to strain the oil giant's finances.
BusinessDay’s findings show the bulk of the debt stems
