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Here’s what we learnt from NNPC’s first audited accounts in almost a decade

For the first time in its history, the Nigerian National Petroleum Corporation (NNPC) on Monday, released its audited 2018 report.

Here are some major takeaways from the report.

Warri refinery

For Warri Refining Company, the audited financial statement showed that the company earned N1.98 billion as revenue while incurring the N12.74 billion as cost of sales.

This resulted in a gross loss of N10.57 billion.

When the gross loss of N10.57 billion is juxtaposed with the operational expenses of N34.64 billion, the company’s financial position dropped further to an operating loss of N45.39 billion.

Port Harcourt refinery

The situation is also the same for the Port Harcourt Refining Company which recorded total revenue of N1.45 billion in 2018 with processing expenses of N24.04 billion, resulting in a gross loss of N22.58 billion.

The Shareholders of the refinery include Gaius Obaseki, former GMD of NNPC with 500,000 shares; Ahmed Mansur, former Group Executive Director of NNPC with 250,000 shares, Harry Alabo O.C with former Group Excutive director of NNPC with 250,000 shares and Anthony Sena, former Group General Manager, Legal Sec to the Corp, NNPC with 250,000 shares.

Kaduna refinery

Kaduna refinery spend N24 billion in direct costs to produce zero revenue thereafter recorded an Operating loss of N64billion for 2018.

Despite recording zero revenue, another striking takeaway from the Kaduna’s refinery is Training expenses of N447.7million, Security expenses of N230.5million, Communication expenses of N37.3 million, and Consultancy fees of N843 million.


The Pipeline Product Marketing Company (PPMC), NNPC’s supply and refined petroleum products marketing subsidiary reported revenue of N29.5 billion in 2018 as against the N113 billion that was achieved in 2017. It reported a profit after tax of N9.3 billion in 2018 as against a loss of N27 billion that was recorded in 2017.


The NNPC reports show that its National Petroleum Investment Management Services (NAPIMS) is its most profitable division in 2018 as it posted a revenue of N5.04 trillion ($13 billion) in 2018 and profit of N1.01 trillion.


Nigeria Pipelines and Storage Company Limited (NPSC) generated a gross profit of N43.9 billion however it incurred some strange operating expenses of N43.6 billion which basically wipe out all profit.


Nigerian Petroleum Development Company (NPDC) reported a post-tax profit of N179 billion and a 56 percent increase in revenue to N1.3 trillion in 2018.

NPDC’s total asset increased by 34 percent to N5.3 trillion in 2018 while Earnings per Share (EPS) which is an important financial measure, that indicates the profitability of a company increased by 14 percent to N717.

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