By Samuel Adeola
NNPC Retail Limited, a subsidiary of the Nigerian National Petroleum Company (NNPC), Limited, has reported a loss of ₦391.1 billion for the year ended December 31, 2024, a sharp reversal from the ₦20.08 billion profit recorded in 2023.
The company’s financial statements also revealed net liabilities of ₦269.7 billion, compared to ₦82.25 billion in net assets the previous year.
According to its directors, the loss was largely driven by one-off transactions, including an impairment of receivables worth ₦117 billion and ₦133.9 billion expensed from reconciliation differences on intercompany ledger balances.
They stressed that these items were non-recurring and expressed confidence in a return to profitability, citing NNPC Retail’s strong market share and continued financial backing from its parent company.
The disclosure comes amid ongoing scrutiny of NNPC’s 2022 acquisition of OVH Energy.
The National Assembly is conducting a forensic investigation into the deal over alleged irregularities, while a court has approved a lawsuit seeking to recover more than ₦140 billion linked to the transaction.
