NNPC’s N30.3tn inter-company debt poses governance test despite record profits

Nigeria’s national oil company, Nigerian National Petroleum Company Limited (NNPCL), is facing intensifying financial pressure as mounting inter-company debts threaten to undermine its transition into a commercially driven enterprise, despite posting record profits in 2024. Findings from NNPC’s 2024 audited financial statements reveal that outstanding obligations owed to the parent company by its subsidiaries, joint

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