{"id":35946,"date":"2020-10-19T10:53:18","date_gmt":"2020-10-19T10:53:18","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=35946"},"modified":"2020-10-19T10:53:28","modified_gmt":"2020-10-19T10:53:28","slug":"worries-as-nnpcs-liabilities-hit-n4-4tn-higher-than-its-assets-report","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=35946","title":{"rendered":"Worries as NNPC\u2019s liabilities hit N4.4tn higher than its assets \u2013Report"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i3.wp.com\/www.ripplesnigeria.com\/wp-content\/uploads\/2019\/11\/NNPC-towers.jpg\" alt=\"NNPC to build two new condensate refineries\"\/><\/figure>\n\n\n\n<p>The liabilities of the Nigerian National Petroleum Corporation (NNPC) as a group outweighed the value of its assets by N4.4 trillion in 2019, the&nbsp;<a href=\"https:\/\/www.ripplesnigeria.com\/nnpc-releases-2019-audited-financials-reports-n1-7bn-loss\/\" target=\"_blank\" rel=\"noreferrer noopener\">recently issued audited financial statements<\/a>&nbsp;of the state-owned oil and gas firm for 2019 revealed.<\/p>\n\n\n\n<p>Meanwhile, the liabilities of the NNPC as a company under the group surpassed the value of its assets in the same year by N1.1 trillion.<\/p>\n\n\n\n<p>The auditors \u2013 PriceWaterhouseCoopers, SIAO Partners and Muhtari Dangana &amp; Co \u2013 stated their worry on the possibility of the NNPC continuing to exist as a going concern in light of extent of the liability of the organisation, which has been racking up losses for years on end.<\/p>\n\n\n\n<p>They stated that the group and corporation\u2019s ability to continue as a going concern is in limbo while shedding light on the material uncertainty pertaining to its continued existence.<\/p>\n\n\n\n<p>\u201cWe draw attention to note 42 of the consolidated and separate financial statements, which indicate that the group recorded a net loss of N1.8bn (corporation: net loss of N107.8bn) during the year ended 31, December 2019.<\/p>\n\n\n\n<p>\u201cAs at that date, the group\u2019s current liabilities exceeded its current assets by N4.4tn (corporation: N1.1tn).\u201d<\/p>\n\n\n\n<p>They went further to say that these realities together with other issues \u201cindicate that a material uncertainty exists that may cast significant doubt on the group and corporation\u2019s ability to continue as a going concern.\u201d<\/p>\n\n\n\n<p>On Thursday, NNPC announced a 99.7 per cent fall in its loss for 2019 in its audited financial statements, while also reporting a 22 per cent cut in its general administrative expenses from N894 billion to N696 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The liabilities of the Nigerian National Petroleum Corporation (NNPC) as a group outweighed the value of its assets by N4.4 trillion in 2019, the&nbsp;recently issued audited financial statements&nbsp;of the state-owned oil and gas firm for 2019 revealed. Meanwhile, the liabilities of the NNPC as a company under the group surpassed the value of its assets [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[43],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Worries as NNPC\u2019s liabilities hit N4.4tn higher than its assets \u2013Report &raquo; WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=35946\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=35946#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Petroleum\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=43\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Worries as NNPC\u2019s liabilities hit N4.4tn higher than its assets \u2013Report\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Worries as NNPC\u2019s liabilities hit N4.4tn higher than its assets \u2013Report &raquo; WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=35946","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=35946#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Petroleum","item":"https:\/\/watchdogplusmedia.com\/?cat=43"},{"@type":"ListItem","position":3,"name":"Worries as NNPC\u2019s liabilities hit N4.4tn higher than its assets \u2013Report"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=43\" rel=\"category\">Petroleum<\/a>","rttpg_excerpt":"The liabilities of the Nigerian National Petroleum Corporation (NNPC) as a group outweighed the value of its assets by N4.4 trillion in 2019, the&nbsp;recently issued audited financial statements&nbsp;of the state-owned oil and gas firm for 2019 revealed. Meanwhile, the liabilities of the NNPC as a company under the group surpassed the value of its assets&hellip;","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/35946"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=35946"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/35946\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}