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Nigeria's Oil Audit Shows Refineries, Vandalism Eating at Profits

In its first audit to be made public, the Nigeria National Petroleum Corporation has disclosed that the country recorded approximately U.S.$48 million in losses to oil theft in 2020, while four of the country's five refineries are also running at a loss, including the Kaduna refinery which made no profit in 2018.

Nigeria: Three Refineries Made U.S.$4 Billion in Cumulative Losses in 5 Years - Audit Report

Premium Times, 17 June 2020

Three of Nigeria's four refineries gulped N1.64 trillion in cumulative losses recorded in their operations since 2014, details from the first-ever audited accounts and financial… Read more »
Nigeria: Kaduna Refinery Generated Zero Revenue in 2018 - NNPC Report

Premium Times, 17 June 2020

The Kaduna Refining and Petrochemical Company Limited (KRPC) generated no revenue in 2018, the first audited financial statements of the Nigerian National Petroleum Corporation… Read more »
Nigeria: In Historic Move, NNPC Releases Audited Results to Public

This Day, 16 June 2020

Nigerian National Petroleum Corporation (NNPC) has officially released, for the first time, its audited statement of accounts to the public. Read more »
Nigeria: Audited Reports - Pipeline Vandalisation, Theft, Refineries Impact NNPC Negatively

Vanguard, 16 June 2020

The Nigerian National Petroleum Corporation (NNPC), yesterday, blamed pipeline vandalism, crude oil and petroleum products theft for the not-too-impressive performance of some of… Read more »
Nigeria: Neiti - NNPC's Release of Audited Accounts Signals More Openness

This Day, 16 June 2020

The Nigeria Extractive Industries Transparency Initiative (NEITI) has described as laudable the decision by the Nigerian National Petroleum Corporation (NNPC) to make public its… Read more »