Investogist
No Result
View All Result
Thursday, October 23, 2025
  • News
    • All
    • Africa
    • Nigeria
    • World
    Nnamdi Kanu Lists Wike, Hope, Sanwo Olu and others as Witnesses in Terrorism Trial

    Nnamdi Kanu Lists Wike, Hope, Sanwo Olu and others as Witnesses in Terrorism Trial

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG Spends 35.26% of 2024 Budget on Debt Service, Records ₦13.51tr Fiscal Deficit

    NNPC acquires equipment to build 40 CNG filling stations

    NNPC Revenue Dips to ₦4.27tn as Crude Oil Output Falls in September

    Ned Nwoko Denies Domestic Violence, Accuses Regina Daniels of Drug Abuse

    Ned Nwoko Denies Domestic Violence, Accuses Regina Daniels of Drug Abuse

    Ford Announces Move to New Global Headquarters in Dearborn

    Ford Recalls 625,000 Vehicles for Faulty Rearview Cameras and Seatbelt Anchors

    Major Shift: Mathematics No Longer Compulsory for Non-Science University Entry – FG

    Major Shift: Mathematics No Longer Compulsory for Non-Science University Entry – FG

    Transcorp Power Grows Profit, Revenue Surges to ₦308.5bn in Q3 2025

    Transcorp Power Grows Profit, Revenue Surges to ₦308.5bn in Q3 2025

    Coca-Cola to Launch 7.5-Oz Mini Cans in U.S. Stores

    Coca-Cola to Launch 7.5-Oz Mini Cans in U.S. Stores

    QatarEnergy Secures 27% Stake in Shell’s North Cleopatra Block Offshore Egypt

    QatarEnergy Secures 27% Stake in Shell’s North Cleopatra Block Offshore Egypt

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    Trump warns of trade cuts with China over soybeans

    The New Tax Acts and Tax ID – What You Need to Know

    Nigerians to enjoy benefits of new tax laws from January 2026 – Oyedele

    CBN Tightens Agent Banking Operations, Introduces Transaction Limits

    CBN Tightens Agent Banking Operations, Introduces Transaction Limits

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    The New Tax Acts and Tax ID – What You Need to Know

    The New Tax Acts and Tax ID – What You Need to Know

    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    • Policies
    • Budgets
    • Economic Data
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    VFD Group Unveils Details of ₦50 Billion Rights Issue

    VFD Group Unveils Details of ₦50 Billion Rights Issue

    Meta set to lay off employees in Africa, Europe, Asia

    Meta cuts 600 AI jobs amid internal restructuring

    Transcorp Hotels Grows Q3 Profit by 45% as Revenue Hits ₦72.3 Billion

    Transcorp Hotels Grows Q3 Profit by 45% as Revenue Hits ₦72.3 Billion

    Apple Stock Reaches All Time High of $260 as Market Cap Nears $3.85 Trillion

    Apple Stock Reaches All Time High of $260 as Market Cap Nears $3.85 Trillion

    BUA Foods Plc reports N418.3 billion revenue for 2022 FY

    BUA Foods Cites Data Migration for Possible Delay in Filing Q3 Financial Statement

    MTN Nigeria to pay over N200 billion final dividend for 2022

    Okomu Oil Palm Plc announces N10 interim dividend

    Ford Announces Move to New Global Headquarters in Dearborn

    Ford Recalls 625,000 Vehicles for Faulty Rearview Cameras and Seatbelt Anchors

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    Germany Signs Multi-Billion Euro Deal for 20 Advanced Eurofighter Typhoons

    Germany Signs Multi-Billion Euro Deal for 20 Advanced Eurofighter Typhoons

    • Companies
    • Industry
    • Technology
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    VFD Group Unveils Details of ₦50 Billion Rights Issue

    VFD Group Unveils Details of ₦50 Billion Rights Issue

    Binance Announces $400 Million Recovery Initiative After Crypto Crash

    Binance Announces $400 Million Recovery Initiative After Crypto Crash

    Strategy Inc. Adds 196 Bitcoin for $22.1M, Pushing Holdings to $72B

    Strategy Inc. Adds 196 Bitcoin for $22.1M, Pushing Holdings to $72B

    FY 2020: FCMB Group Plc gross earnings, profit, assets see double-digit growth rates

    FCMB Group Lists 3.16bn Ordinary Shares on NGX Following Loan-to-Equity Conversion

    Bitcoin might be getting ready for $75,000

    MicroStrategy Buys 850 Bitcoin for $99.7 Million

    Falana sues Meta, demands $5m over invasion of privacy

    Meta Unveils Next-Gen Smart Glasses with Built-In AI and AR

    Dangote Refinery Marks Historic First Petrol Export to U.S., Boosting Nigeria’s Energy Profile

    Dangote Refinery Marks Historic First Petrol Export to U.S., Boosting Nigeria’s Energy Profile

    Elon Musk’s Tesla Share Price dropped nearly 16% in a “very intense 7 days”

    Elon Musk buys US$1 Billion worth of Tesla Inc. shares

    Beta Glass Plc Shareholders to be presented with a N1.04 dividend for 2020

    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    How does family of 6 survive with income of N250,000 a month

    How does family of 6 survive with income of N250,000 a month

    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies
Investogist
  • News
    • All
    • Africa
    • Nigeria
    • World
    Nnamdi Kanu Lists Wike, Hope, Sanwo Olu and others as Witnesses in Terrorism Trial

    Nnamdi Kanu Lists Wike, Hope, Sanwo Olu and others as Witnesses in Terrorism Trial

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG Spends 35.26% of 2024 Budget on Debt Service, Records ₦13.51tr Fiscal Deficit

    NNPC acquires equipment to build 40 CNG filling stations

    NNPC Revenue Dips to ₦4.27tn as Crude Oil Output Falls in September

    Ned Nwoko Denies Domestic Violence, Accuses Regina Daniels of Drug Abuse

    Ned Nwoko Denies Domestic Violence, Accuses Regina Daniels of Drug Abuse

    Ford Announces Move to New Global Headquarters in Dearborn

    Ford Recalls 625,000 Vehicles for Faulty Rearview Cameras and Seatbelt Anchors

    Major Shift: Mathematics No Longer Compulsory for Non-Science University Entry – FG

    Major Shift: Mathematics No Longer Compulsory for Non-Science University Entry – FG

    Transcorp Power Grows Profit, Revenue Surges to ₦308.5bn in Q3 2025

    Transcorp Power Grows Profit, Revenue Surges to ₦308.5bn in Q3 2025

    Coca-Cola to Launch 7.5-Oz Mini Cans in U.S. Stores

    Coca-Cola to Launch 7.5-Oz Mini Cans in U.S. Stores

    QatarEnergy Secures 27% Stake in Shell’s North Cleopatra Block Offshore Egypt

    QatarEnergy Secures 27% Stake in Shell’s North Cleopatra Block Offshore Egypt

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    Trump warns of trade cuts with China over soybeans

    The New Tax Acts and Tax ID – What You Need to Know

    Nigerians to enjoy benefits of new tax laws from January 2026 – Oyedele

    CBN Tightens Agent Banking Operations, Introduces Transaction Limits

    CBN Tightens Agent Banking Operations, Introduces Transaction Limits

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    The New Tax Acts and Tax ID – What You Need to Know

    The New Tax Acts and Tax ID – What You Need to Know

    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    • Policies
    • Budgets
    • Economic Data
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    VFD Group Unveils Details of ₦50 Billion Rights Issue

    VFD Group Unveils Details of ₦50 Billion Rights Issue

    Meta set to lay off employees in Africa, Europe, Asia

    Meta cuts 600 AI jobs amid internal restructuring

    Transcorp Hotels Grows Q3 Profit by 45% as Revenue Hits ₦72.3 Billion

    Transcorp Hotels Grows Q3 Profit by 45% as Revenue Hits ₦72.3 Billion

    Apple Stock Reaches All Time High of $260 as Market Cap Nears $3.85 Trillion

    Apple Stock Reaches All Time High of $260 as Market Cap Nears $3.85 Trillion

    BUA Foods Plc reports N418.3 billion revenue for 2022 FY

    BUA Foods Cites Data Migration for Possible Delay in Filing Q3 Financial Statement

    MTN Nigeria to pay over N200 billion final dividend for 2022

    Okomu Oil Palm Plc announces N10 interim dividend

    Ford Announces Move to New Global Headquarters in Dearborn

    Ford Recalls 625,000 Vehicles for Faulty Rearview Cameras and Seatbelt Anchors

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    Germany Signs Multi-Billion Euro Deal for 20 Advanced Eurofighter Typhoons

    Germany Signs Multi-Billion Euro Deal for 20 Advanced Eurofighter Typhoons

    • Companies
    • Industry
    • Technology
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    VFD Group Unveils Details of ₦50 Billion Rights Issue

    VFD Group Unveils Details of ₦50 Billion Rights Issue

    Binance Announces $400 Million Recovery Initiative After Crypto Crash

    Binance Announces $400 Million Recovery Initiative After Crypto Crash

    Strategy Inc. Adds 196 Bitcoin for $22.1M, Pushing Holdings to $72B

    Strategy Inc. Adds 196 Bitcoin for $22.1M, Pushing Holdings to $72B

    FY 2020: FCMB Group Plc gross earnings, profit, assets see double-digit growth rates

    FCMB Group Lists 3.16bn Ordinary Shares on NGX Following Loan-to-Equity Conversion

    Bitcoin might be getting ready for $75,000

    MicroStrategy Buys 850 Bitcoin for $99.7 Million

    Falana sues Meta, demands $5m over invasion of privacy

    Meta Unveils Next-Gen Smart Glasses with Built-In AI and AR

    Dangote Refinery Marks Historic First Petrol Export to U.S., Boosting Nigeria’s Energy Profile

    Dangote Refinery Marks Historic First Petrol Export to U.S., Boosting Nigeria’s Energy Profile

    Elon Musk’s Tesla Share Price dropped nearly 16% in a “very intense 7 days”

    Elon Musk buys US$1 Billion worth of Tesla Inc. shares

    Beta Glass Plc Shareholders to be presented with a N1.04 dividend for 2020

    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    How does family of 6 survive with income of N250,000 a month

    How does family of 6 survive with income of N250,000 a month

    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Business

NNPC’s Loss making machines called Refineries make more loses in 2019

Port Harcourt Refinery reports ZERO revenue in 2019

Saturday, 17 October 2020, 10:28 am
in Business, Companies
0
NIGERIA TRADEMARK OIL – BONNY LIGHT SLUMPS TO $12 /Barrel
Share Share Share Share Send as Email

Just a few months after the NNPC released its first audited financial statements, which was for the 2018 financial year, the corporation recently released the 2019 audited financial statements for the group and all of its subsidiaries. The NNPC refineries produced more losses in 2019, than they did in 2018, thus confirming the tag “Loss-making machines”.

The Nigerian National Petroleum Corporation (NNPC) is the oil corporation through which the federal government of Nigeria regulates and participates in the country’s petroleum industry. The NNPC operates multiple business units, amongst them are the refineries; Port Harcourt Refining Company Limited (PHRC), Warri Refining and Petrochemicals Company Limited (WRPC), Kaduna Refining and Petrochemicals Company Limited (WRPC).

  • Read also; Nigeria’s Paystack bought for $200 million by Silicon Valley’s Stripe
  • Vacancy: Technical Resident Advisor required at SEC Nigeria

In Investogist report in June 2019, analyzing the 2018 financial statements, we suggested that the KRPC be broken up, while the PHRC and WRPC be privatized. The capacities of the refineries are;

  • Port Harcourt Refining Company Limited (PHRC) with an installed oil refining capacity of 210,000 Barrel Per Stream Day. PHRC comprises of two refineries, the old refinery with a capacity of 60,000 bpsd, and the new refinery with an installed capacity of 150,000 bspd.
  • Warri Refinery & Petrochemical Company Limited (WRPC) with an installed oil refining capacity of 125,000 Barrels Per Stream Day. WRPC also has a petrochemical plant, that uses propylene rich feed to produce polypropylene pellets.
  • Kaduna Refinery & Petrochemical Company Limited (KRPC) with an installed oil refining capacity of 110,000 Barrels Per Stream Day. KRPC also has a petrochemical plant; a 30,000 MT/yr Linear Alkyl Benzene Plant.

In 2018, KRPC made ZERO revenue for the entire year, and in 2019, it was the turn of PHRC to report ZERO revenue. The WRPC saw its revenue drop significantly, while KRPC recorded some revenue albeit it being negligible for an oil refinery.

All highlights of the statement of profit/loss of the three refineries are shown below;

As can be seen from the highlights, while net revenue for all three refineries reduced in 2019, all their direct costs and administrative expenses increased. The total amount spent on employees is relatively high when compared to the output and the number of employees.

Below is the total employee’s cost versus the number of employees graph for each of the refineries.

The financial position of the refineries did not show an improvement over the 12 months in review; the retained losses continued to skyrocket. By adding high-value asset items like below, the refineries were able to balance their books;

  1. PHRC: “Rights of use assets” went from ZERO in 2018 to N68.069 billion in 2019.
  2. WRPC: “Property, plant, and equipment” went from N735.195 million in 2018 to N53.126 billion in 2019.
  3. KRPC: “Rights of use assets” went from ZERO in 2018 to N73.028 billion in 2019.

Highlights of the refineries’ balance sheets are shown in the graph below.

It is very difficult for anyone to see an iota of redemption for these refineries without the companies being scrapped and started anew.

By; Nnamdi M.

Related Posts:

  • NNPC Refinery
    NNPC's Loss Making Machines called Refineries: KRPC,…
  • IMG-20220831-WA0000
    We will outsource the running of our Refineries - NNPC Ltd
  • LASACO-1 1
    The wait for LASACO's 2019 Financial Result is…
  • Breaking News 2
    Breaking: Thugs invade Catholic Church in Lagos,…
Previous Post

Nikola falls 16% after CEO says it has plan to work without GM if deal falls apart

Next Post

Back Pain: Understanding back pains and health tips.

Next Post
Back Pain: Understanding back pains and health tips.

Back Pain: Understanding back pains and health tips.

Please login to join discussion
  • Trending
  • Comments
  • Latest
MTN Nigeria to pay over N200 billion final dividend for 2022

List of Dividends announced in 2025, qualification and payment dates

Nnamdi Kanu Lists Wike, Hope, Sanwo Olu and others as Witnesses in Terrorism Trial

Nnamdi Kanu Lists Wike, Hope, Sanwo Olu and others as Witnesses in Terrorism Trial

VFD Group Unveils Details of ₦50 Billion Rights Issue

VFD Group Unveils Details of ₦50 Billion Rights Issue

Binance Announces $400 Million Recovery Initiative After Crypto Crash

Binance Announces $400 Million Recovery Initiative After Crypto Crash

VFD Group Unveils Details of ₦50 Billion Rights Issue

VFD Group Unveils Details of ₦50 Billion Rights Issue

Nnamdi Kanu Lists Wike, Hope, Sanwo Olu and others as Witnesses in Terrorism Trial

Nnamdi Kanu Lists Wike, Hope, Sanwo Olu and others as Witnesses in Terrorism Trial

Meta set to lay off employees in Africa, Europe, Asia

Meta cuts 600 AI jobs amid internal restructuring

Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

FG Spends 35.26% of 2024 Budget on Debt Service, Records ₦13.51tr Fiscal Deficit

Quick Links

News
Economy
Markets
Business
Opinion & Analysis

Newsletter Signup

Contact Investogist

info@investogist.com

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us

Copyright © 2025 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Business
    • Companies
    • Industry
    • Technology
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies

Copyright © 2025 investogist.com, All Rights Reserved