Concerns mount as NNPC Group’s liabilities surpass assets by N4.4trn

The liabilities of the Nigerian National Petroleum Corporation (NNPC) Group has exceeded the assets of the oil firm by N4.4 trillion in 2019, the just released audited financial statements of the firm for 2019 showed. In the same vein, the report further revealed that the oil firm’s liabilities as a corporation also exceeded its assets by N1.1 trillion. The auditors expressed significant doubt on the continued existence of NNPC as a going concern considering the level of liability being shouldered by the oil firm. The auditors include PriceWaterhouseCoopers (PwC), SIAO…

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