The Nigerian National Petroleum Company Limited (NNPC) may be dealing with a serious cost pressures as the company’s general
The Nigerian National Petroleum Company Limited may be dealing with a serious cost pressures as the company’s general and administrative expenses amounted to N2.991 trillion in 2023, soaring by over 70 per centThe Nigerian National Petroleum Company Limited may be dealing with a serious cost pressures as the company’s general and administrative expenses amounted to N2.991 trillion in 2023, soaring by over 70 per cent from the N1.704 trillion recorded in 2022.
Similarly, NNPC’s legal and professional fees rose to N182.754 billion in 2023, compared to N44.409 billion in 2022, indicating an increased legal activities, possibly related to regulatory compliance, litigation, or consultancy services. On the distribution expenses, throughput charge, a fee paid to Private Depot Owners for handling petroleum products on behalf of NNPC at terminals was N38.616 billion in 2023, marking a substantial rise from the N5.568 billion reported in 2022.
The transaction, valued at $2.76 billion, was strategically financed through a forward sale agreement of $1.036 billion, facilitated by Lekki Refinery Funding Limited. Of this amount, $1 billion was directly paid to DPRP FZE as part of the investment. The Resident Electoral Commissioner of the Independent National Electoral Commission in Ogun State, Niyi Ijalaye, is dead. Ijalaye slumped and died in Abuja on Monday evening after a meeting of RECs
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