Tuesday, December 1, 2020

NNPC’s liabilities exceed assets by N4.4tn

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The just released audited financial statements of the NNPC for 2019 showed the liabilities of the Firm as a group exceeded its assets by N4.4tn.

It also revealed that the oil firm’s liabilities as a corporation exceeded its assets by N1.1tn.

The auditors expressed significant doubt on the continued existence of NNPC considering the level of liability being shouldered by the oil firm.