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Nigeria National Petroleum Company Limited's Financial Statement Reveals Structural Defects

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Nigeria,National Petroleum Company,NNPCL

The first post-restructuring financial statement of the Nigeria National Petroleum Company Limited (NNPCL) has exposed the structural defects of the oil company as it seems to thrive more on product trading and less as an upstream operator. On its face value, the company has grown its profit exponentially to N2.52 trillion ($2.7 trillion). But the performance is relatively low compared with its peers such as Petronas, Qatar Energy, Petrobras and Saudi Aramco.

The first post-restructuring financial statement of the Nigeria National Petroleum Company Limited (NNPCL) has exposed the structural defects of the oil company as it seems to thrive more on product trading and less as an upstream operator.

On its face value, the company has grown its profit exponentially to N2.52 trillion ($2.7 trillion). But the performance is relatively low compared with its peers such as Petronas, Qatar Energy, Petrobras and Saudi Aramco.

 

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