Fresh facts emerging from the operations of the NNPC Limited have provided new insight into the activities of the company, affirming that the firm actually made a whopping profit of N674.1 billion in 2021.
The News Agency of Nigeria (NAN) reports that the new facts appear to contradict some views by notable individuals and institutions on the activities of the company in recent years.
Sources familiar with NNPC Limited and its operations told NAN in Abuja on Thursday that the available facts had laid bare some key issues for better understanding of the activities of the company.
One of the sources described the N674.1 billion as the highest profit figure to be recorded by the organisation in its 46-year history.
The source also told NAN that the emerging facts were released to provide current and true information, to redirect and educate the public adequately for a better understanding of issues in the company.
NAN learnt that some highly placed individuals and institutions have pilloried the NNPCL in recent times, “churning out inaccurate information on the operations of the company, to de-market the establishment’’.
The source noted that the development had visibly put the company in the eye of the storm, stoking confusion and misleading stakeholders and the general public on the activities of the company at present.
According to emerging facts, the NNPCL posted its first profit in 44 years in 2020, recording a profit of N287 billion from a loss of N803 billion posted earlier in 2018.
The company had similarly recorded a loss of N1.7 billion in 2019 before it returned to profit-making in recent years, arising from critical business strategies adopted by the company’s management lately.
The emerging facts detailed what it described as speculative and misleading allegations that needed to be explained for better understanding of the role of the NNPCL in nation building.
It cited what it described as untrue that “the NNPCL has been notorious for befuddled accounting, waste, losses, run-down refineries and non-remittances of cash, due to the federation account’’.
The emerging facts explained that the essence of the making the facts public was to bring out basic truths on various issues agitating the minds of people and to keep the records straight.
It also explained that the NNPCL had posted all its financial statements from 2015 to 2022, noting that certain claims could be verified in the office of the auditor-general of the federation, rather than misinforming the public.
On the allegation that the President Muhammadu Buhari administration wasted $19 billion to rehabilitate four state-owned refineries without result — the same amount the Dangote Group had invested in its 650,000-barrels per-day refinery, the emerging facts described the allegation as an attempt to mislead Nigerians.
“The totality of the spending inclusive of salaries and wages of workers can’t be compared with what it will cost to set up Dangote refinery,’’ a source in NNPCL argued.
Another source also shed light on a statement that the Goodluck Jonathan administration had said it would borrow $1.6 billion for Turn Around Maintenance (TAM) but that under Buhari, the NNPCL also borrowed additional $1.5 billion for the same TAM.
The source explained that the figures were wrong, saying that the company, which represented the Federal Government in its efforts to rehabilitate the refineries through an Engineering Procurement and Construction (EPC) contract with its partners had spent only its approved counterpart funding.
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