Posted by: kvsonghai | 16 March, 2010

Nigeria’s NNPC Running at over N200 Billion Loss According to Federal Govt [Vanguard Nigeria]

According to the Vanguard (15th March 2010):

The Minister of Petroleum Resources, Dr. Rilwanu Lukman, has disclosed that the nation’s oil and gas behemoth, the Nigeria National Petroleum Corporation (NNPC) was currently running at a loss of more than N200 billion, with contingent liabilities of more than N146 billion and $277 million.

He noted that only a drastic and comprehensive transformation of the corporation could save the corporation from an impending demise.

Lukman stated that, “The corporation is currently running at a loss of more than N200 billion, with contingent liabilities of more than N146 billion and $277 million. If this trend is not reversed, the corporation as we know it today will cease to exist.”

Lukman, who made this disclosure on Friday at the second NNPC Transformation Town hall meeting, and the launch of the Transformation Agenda, in Abuja, noted that the country could not afford a failure in the transformation programme of the corporation as that would spell doom for the energy sector reforms.”

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