The Nigerian National Petroleum Corporation (NNPC) has released audited financial statements for the first time to the public. This is in a bid to promote transparency in its operations.

The corporation has come under criticism in recent times for hiding the affairs of the country’s oil business from the public. In a publication on its official website yesterday, it stated that the released statements were for 2018 and signed by the Group Managing Director of the corporation, Mele Kyari.

The National Petroleum Investment Management Services (NAPIMS) was the group’s most profitable division for the financial year. It generated a revenue of N5.04 trillion with a profit of N1.01 trillion. The total assets managed by the management service is N18.6 trillion, with components of oil and gas valued at N14.2 trillion.

The refinery in Kaduna recorded zero revenue in 2018 and together with the other two refineries in the nation, the Warri and the Port Harcourt refineries, had a combined loss of N154 billion.

The 2018 Audited Financial Statement (all signed) included:

– Duke Global Energy Investment Ltd

– Duke Oil Incorporated

– Duke Oil Services UK Limited

– Integrated Data Services Limited (IDSL)

-Kaduna Refining and Petrochemical Company (KRPC)

– National Petroleum Investment Management Services (NAPIMS)

-National Engineering and Technical Company (NETCO)

– Nigeria Gas (N-GAS)

– Nigerian Gas Company (NGC)

– Nigerian Gas Marketing Company (NGMC)

– NIDAS MARINE

– NIDAS SHIPPING SERVICES

– NIDAS UK AGENCY

– NNPC Retail

– Nigerian Petroleum Development Company (NPDC)

– Nigerian Pipeline and Storage Company (NPSC)

– Port Harcourt Refining Company (PHRC)

– Pipelines and Products Marketing Company (PPMC)

– The Wheel Insurance, and

– Warri Refining and Petrochemical Company (WRPC)

The published reports triggered mixed reactions from various individuals in the country. While some criticized the heavy spending of the Kaduna refinery, even though it generated no revenue, publishing the audited reports to the public has been widely applauded by many as the right step to transparency.

Read the complete Financial Statements here