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Port Harcourt, Kaduna, Warri Refineries Drive NNPCL Debt Surge To N30.3tn.
According to Nivo News, the Nigerian National Petroleum Company Limited (NNPCL) is facing mounting financial pressure as debts owed by its subsidiaries, joint ventures, and related entities surged to N30.3 trillion in 2024, a 70.4 per cent increase from N17.78 trillion in 2023. The sharp rise in inter-company obligations has raised concerns about the company’s liquidity management and long-term financial sustainability.....KINDLY READ THE FULL STORY HERE▶
The audited accounts reveal that while NNPCL operates 32 subsidiaries, only eight were debt-free as of December 2024, with the bulk of the liabilities concentrated in its refining, trading, and gas infrastructure units. Among the top debtors, the Port Harcourt Refining Company owed N4.22 trillion, up from N2 trillion in 2023, while the Kaduna and Warri refineries owed N2.39 trillion and N2.06 trillion, respectively. NNPCL Trading SA recorded N19.15 trillion in debts, more than double the previous year’s N8.57 trillion.
The surge in inter-company debts coincides with the company’s ongoing transition into a commercial entity under the Petroleum Industry Act, as well as efforts to divest non-core assets and attract external investment. President Bola Tinubu recently approved the cancellation of a significant portion of legacy debts owed by NNPCL to the Federation Account, easing financial pressure by approximately $1.42 billion and N5.57 trillion.
NNPCL reported a Profit After Tax of N5.4 trillion on N45.1 trillion revenue for 2024, representing growth of 64 per cent and 88 per cent, respectively, over the previous year. However, experts warn that the rising inter-company receivables highlight structural weaknesses within the organization. Petroleum economist Prof. Wumi Iledare noted that allowing subsidiaries to carry forward unpaid obligations hampers operational efficiency and strains profitable units, emphasizing that enforcing strict settlement timelines and restructuring underperforming entities is critical.
Similarly, Jeremiah Olatide, CEO of Petroleumprice.ng, described the 70 per cent increase in debts as “financial recklessness,” stressing the need for a strong debt management framework to ensure NNPCL’s long-term sustainability. Meanwhile, the company’s borrowings more than doubled from N55.7 billion in 2023 to N122.8 billion in 2024, primarily to fund strategic projects such as the Gwagwalada Independent Power Project.
Analysts say resolving inter-company debt dynamics and improving internal cash management will be crucial for NNPCL to successfully execute its asset divestments, sustain profitability, and maintain investor confidence.
Former federal lawmaker, Ishaku Abbo, has officially left the African Democratic Congress (ADC) and is expected to announce his new political platform later this week.....KINDLY READ THE FULL STORY HERE▶
Abbo announced his departure on Monday morning, attributing the decision to the ongoing internal crisis within the ADC in Adamawa State. His exit comes just 48 hours after another major faction within the party, aligned with Senator Aishatu Dahiru Ahmed, also known as Binani, withdrew from the party.
Reports indicate that the ADC in Adamawa has been experiencing deep divisions, with a bloc loyal to Binani recently announcing a mass resignation following a stakeholders’ meeting held at the residence of Hon. Mijiyewa Umaru Kugama.
In a communiqué issued after the meeting, the group, drawn from all three senatorial districts in the state, accused the party leadership of weakening internal democracy and violating key principles guiding party operations.
They further argued that recent congresses conducted within the party were flawed and no longer reflected the will of members, describing the current structure in Adamawa as unacceptable and lacking legitimacy.
The developments highlight escalating tensions within the ADC in the state, as more prominent members continue to exit amid leadership disputes.
Former Minister of Innovation, Science and Technology, Uche Nnaji, has begun moves to resolve out of court a legal case he filed against the University of Nigeria, Nsukka and other respondents over allegations surrounding his academic records.....KINDLY READ THE FULL STORY HERE▶
Senator representing Ogun East in the National Assembly, Gbenga Daniel, alongside his supporters, was reportedly prevented from gaining access to the ongoing All Progressives Congress (APC) stakeholders meeting held at Adeola Odutola Hall in Ijebu Ode on Monday.....KINDLY READ THE FULL STORY HERE▶
According to a viral video circulating online, the former Ogun State governor confirmed the development while addressing his supporters from a branded campaign bus associated with the OGD/PBAT Movement.
In the video, Daniel alleged that the meeting’s outcome would not stand, insisting that he and his group had been barred from entering the venue despite being part of the party structure in the region.
He stated that although they were present for the APC Ogun East caucus meeting, they were denied access, describing any resolutions taken at the gathering as invalid.
The invitation for the emergency stakeholders’ meeting, issued by party leaders in Ijebu Ode, reportedly included deputy governors, serving and former local government chairmen, councillors, and past and present lawmakers at both state and federal levels.
In a related development, Daniel recently referred to his successor, Ibikunle Amosun, as an “enfant terrible successor” during a church service marking his 70th birthday in Sagamu, where Amosun was also in attendance.
Both politicians were once close allies before a political fallout that began ahead of the 2007 governorship election, when Amosun challenged Daniel’s re-election bid. The rivalry intensified further in the 2011 political cycle, deepening the divide between the two former governors.
Speaking at the event, Daniel remarked that Amosun’s early political ambition played a role in their fallout during his time in office.
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