Connect with us

News

NNPC Consolidates on Gains, Publishes 2020 Audited Financial Statements

Published

on

Mele Kyari

 

 

Following up on President Muhammadu Buhari’s recent announcement of the declaration of two hundred and eighty-seven billion Naira (N287bn) Profit After Tax (PAT) in the year 2020 by the Nigerian National Petroleum Corporation (NNPC), the Corporation has consolidated on the remarkable achievement, by publishing the Audited Financial Statements (AFS) on its official website.

 

It would be recalled that while announcing the outstanding feat a little over a fortnight ago, President Muhammadu Buhari, who is also the Minister of Petroleum Resources, had said: “I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial Statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.”

 

In compliance with the President’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today.

 

Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years.

Over 2000 Pensioners In Rivers Protest Non-Payment Of Benefits

#

The Group Managing Director of the NNPC Mal. Mele Kyari, had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost-cutting, automation of the system, and renegotiation of contracts downwards by about 30 percent, among other tough measures.

 

Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7% compared to that of 2019, its total current liabilities increased by 11.4% within the same period.

 

The group’s working capital remained below the line at N4.56trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed.

 

Similarly, the Corporation’s group revenue for the 2020 financial year stood at N3.718trillion as against N4.634trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to the global impact of the Covid-19 pandemic.

 

This is the third consecutive year that the NNPC is publishing its AFS, having done so for 2018 and 2019.

 

The full document of the NNPC 2020 AFS is available on the Corporation’s website.

News

Senator Natasha Akpoti-Uduaghan Stands Firm on Sexual Harassment Lawsuit.

Published

on

 

Senator Natasha Akpoti-Uduaghan has reaffirmed her commitment to pursuing her sexual harassment lawsuit against Senate President Godswill Akpabio, vowing to see the case through to its legal conclusion.

Despite calls from Akpabio’s lawyer, Olisa Agbakoba (SAN), urging her to withdraw the suit or provide extrajudicial clarification, Akpoti-Uduaghan has insisted that such matters must be resolved within the judicial system. She emphasized that the assessment of evidence belongs to the courts alone and rejected any attempts to circumvent due process.

#

The senator further accused Akpabio of leveraging media narratives to manipulate public perception while evading institutional accountability. She warned against efforts to litigate the matter outside the courtroom, stressing that legal proceedings should not be undermined by external pressures or public relations tactics.

Akpoti-Uduaghan’s lawsuit has drawn national attention, with legal experts and political observers closely monitoring the unfolding case. As the legal battle continues, she remains resolute in her stance, advocating for due process and institutional integrity in addressing allegations of misconduct.

Continue Reading

News

Excessive Heat Blamed for Explosion at Giwa Barracks, Army Confirms

Published

on

 

. The Nigerian Army has attributed the explosion at Giwa Barracks to the soaring temperatures in Maiduguri, dismissing speculations of an attack.

In an official statement issued by Captain Reuben Kovangiya, Acting Deputy Director of Army Public Relations at Headquarters Theatre Command Operation HADIN KAI, the army confirmed that the incident involved the explosion of ordnance stored in one of their ammunition facilities. “The explosion was due to the current high temperatures in Maiduguri, which led to the detonation of some munitions,” Kovangiya stated.

Authorities were quick to contain the situation, deploying multiple fire response units to prevent further damage. “The situation has, however, been brought under control with the combined efforts of the Borno State Fire Service Department and fire trucks from various security agencies,” Kovangiya assured the public in his statement.

#

In addition to firefighting efforts, troops from Operation HADIN KAI have been mobilized to secure the area and prevent any form of exploitation by miscreants. “Troops have been deployed to protect the public and prevent miscreants from taking advantage of the situation,” Kovangiya emphasized, highlighting the army’s swift response to secure the affected region.

The army has also urged residents of Maiduguri Metropolitan Council to remain calm and disregard any unfounded rumors of an attack. “The general public is therefore urged to please discountenance any speculation of an attack and remain calm,” the statement concluded.

As investigations continue into the incident, authorities are expected to assess the impact of extreme weather conditions on military storage sites to prevent similar occurrences in the future.

Continue Reading

News

Viral Video Misattributed to ISWAP Sparks Misinformation Concerns

Published

on

 

 

A video circulating widely on social media has sparked controversy and confusion, as it is being falsely linked to ISWAP (Islamic State West Africa Province) and attributed to a recent comment by Governor Babagana Zulum of Borno State, Nigeria. However, security analyst Zagazola Makama has debunked these claims, clarifying on his verified Facebook page that the footage has no connection to Borno State or Nigeria.

According to Makama, the video in question originates from Burkina Faso and features members of JNIM (Jama’at Nasr al-Islam wal Muslimin), a militant group active in the Sahel region. The misrepresentation of this footage is not only misleading but poses significant risks, as it can fuel unnecessary tension and undermine trust within communities.

Makama emphasized the importance of verifying information before sharing it online, especially in sensitive matters like security and governance. “It’s unfortunate how quickly misinformation spreads, especially when people don’t take time to verify facts,” he stated.

The incident serves as a stark reminder of the dangers of misinformation in the digital age. As social media continues to play a pivotal role in shaping public opinion, users are urged to exercise caution and responsibility in consuming and sharing content. False narratives, particularly in matters of national security, can have far-reaching consequences, including heightened anxiety and strained relationships between communities and authorities.

Governor Zulum has not commented on the video, but the clarification from Makama highlights the need for vigilance and critical thinking in the face of viral content. As Nigeria and other nations grapple with security challenges, the spread of unverified information only adds to the complexity of addressing these issues effectively.

#

Continue Reading

Trending