Firm Releases Appraisal Report On NNPC …Okays NNPC Retail, NGC

A research and business intelligence firm, Budgit has released its report on the review of the Nigerian National Petroleum Corporation (NNPC) and its subsidiaries activities in the year 2016 with a damning report that only two out of the NNPC’s eleven conglomerates, NNPC Retail and the Nigerian Gas Company (NGC) are profitable outfits within the Nation’s oil conglomerates.
In a release posted on its website accessed by The Tide in Port Harcourt on Monday, the Budgit  2016 report explained that the NNPC Retail and NGC actually made profits in 2016 financial year of the NNPC review.
The report stated that NNPC Retail and NGC recorded a net surplus of about N7.48 billion while the NGC earned about N39.03 billion.
The report added that the National Engineering Technical Company (NETCO) of the NNPC was rated above average with recorded profits throughout nine months except January, March and April 2016, while Pipeline and Products Marketing Company (PPMC) was indicted for an inconsistent financial performance throughout the 2016 review year.
The report further rated unremarkable in profitability the following NNPC subsidiaries, the Nigerian Petroleum Development Company (NPDC) and Integrated Data Services Limited (IDSL).
The firm’s report further added that the NNPC Corporate headquarters, Corporate Strategic Unit (CSU), the three nation’s refineries were rated very poor in profitability as they barely made any profit throughout the year 2016 to the operations of the NNPC.
Budgit stressed that its review showed that NNPC remitted money into the FAAC account only six times in 2015 and 2016 despite the extant law requirement of monthly remittance into FAAC.
The report called for transparency and accountability in the nation’s oil and gas sector of the economy to ensure confidence of Nigerians and foreign investors in the nation’s economy.

Philip Okparaji