{"id":75391,"date":"2025-09-12T04:55:35","date_gmt":"2025-09-12T04:55:35","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=75391"},"modified":"2025-09-12T04:55:35","modified_gmt":"2025-09-12T04:55:35","slug":"nnpc-retail-reports-n391bn-loss-in-2024","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2025\/09\/12\/nnpc-retail-reports-n391bn-loss-in-2024\/","title":{"rendered":"NNPC Retail Reports N391bn Loss in 2024"},"content":{"rendered":"<p><strong>By Samuel Adeola<\/strong><\/p>\n<p>NNPC Retail Limited, a subsidiary of the Nigerian National Petroleum Company (NNPC), Limited, has reported a loss of \u20a6391.1 billion for the year ended December 31, 2024, a sharp reversal from the \u20a620.08 billion profit recorded in 2023.<\/p>\n<p>The company\u2019s financial statements also revealed net liabilities of \u20a6269.7 billion, compared to \u20a682.25 billion in net assets the previous year.<\/p>\n<p>According to its directors, the loss was largely driven by one-off transactions, including an impairment of receivables worth \u20a6117 billion and \u20a6133.9 billion expensed from reconciliation differences on intercompany ledger balances.<\/p>\n<p>They stressed that these items were non-recurring and expressed confidence in a return to profitability, citing NNPC Retail\u2019s strong market share and continued financial backing from its parent company.<\/p>\n<p>The disclosure comes amid ongoing scrutiny of NNPC\u2019s 2022 acquisition of OVH Energy.<\/p>\n<p>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 \u20a6140 billion linked to the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Samuel Adeola NNPC Retail Limited, a subsidiary of the Nigerian National Petroleum Company (NNPC), Limited, has reported a loss of \u20a6391.1 billion for the year ended December 31, 2024, a sharp reversal from the \u20a620.08 billion profit recorded in 2023. The company\u2019s financial statements also revealed net liabilities of \u20a6269.7 billion, compared to \u20a682.25 [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":75392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-75391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/75391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=75391"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/75391\/revisions"}],"predecessor-version":[{"id":75394,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/75391\/revisions\/75394"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/75392"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=75391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=75391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=75391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}