The going concern status of the Nigerian National Petroleum Corporation (NNPC) is currently at risk, according to Independent auditors and management of the corporation.

The views of the NNPC management and the independent auditors — Pricewaterhouse Coopers, SIAO Partners and Muhtari Dangana & Co.— were contained in the 2019 Audited Financial Statement of the NNPC released over the weekend.

The auditors highlighted the fact that the NNPC Group and Corporation recorded net losses of N1.8 billion and N107.8 billion respectively in 2019; compared to N803.1 billion and N254 billion in 2018, respectively, while its current liabilities exceed its current assets by N4.4 trillion and N1.1 trillion for the Group and Corporation respectively, compared to N3.3 trillion and N968.7 billion in 2018, respectively.

As a result, the auditors disclosed that material uncertainty exists that cast significant doubts on the ability of the NNPC to escape bankruptcy.

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Source: SweetCrudeReports