A review of NNPCL’s 2024 financial statement shows that four major joint ventures accumulated N117.7 billion in trade and other payables, with three recording no revenue despite rising administrative and entertainment expenses.
A review of the Nigerian National Petroleum Company Limited’s financial statement for 2024 has revealed that four of its major joint venture subsidiaries incurred a combined N117.7 billion in trade and other payables short-term debts expected to be settled within one financial year.
According to the breakdown, Anoh Gas owes N81.2 billion, Nikorma Transport Limited N7.5 billion, WAGL Energy (BVI) N22 billion, and WAGL Energy (Nig) N6.9 billion, with only WAGL Energy (BVI) posting revenue of N520.3 billion against a cost of sale of N500.3 billion.
The other subsidiaries recorded no revenue, although Anoh Gas spent N2.1 billion on “other administrative expenses” and WAGL Energy (Nig) incurred N65 million under the same item. The findings come as earlier reviews showed that the NNPC Group spent N30.3 billion on entertainment expenses in 2024, up from N7.4 billion in 2023 and N7.3 billion in 2022, totalling N14.7 billion between 2022 and 2023.