The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Emmanuel Ibe Kachikwu has dispelled rumours that the corporation is broke and by extension the nation. He assured that in view of its assets base and equity holding in the petroleum industry, there is no way the corporation can be broke.
There has been rumour that the account of the nation’s cash cow is in the red. The direct implication of this is that Nigeria would go bankrupt in a matter of months.
But Kachikwu has come out strongly to dispel the rumour, stressing that it was impossible for the corporation to go broke in view of its strategic joint venture partnerships with multinationals.
He is optimistic that the nation would earn more revenue from the oil and gas sector in spite of the fact that NNPC owes in excess of $billion in joint venture cash calls. The corporation also loses annually over N200 billion through the Pipeline and Products Marketing Company, PPMC, in addition to the N10billion it loses from each of the nation’s refineries.
The GMD who reassured of the corporation’s solvency status in Lagos during an interactive session with journalists, said what is wrong with the establishment is cash flow management. But he was quick to add that “we are blocking the leakages” and this he believes will strengthen the financial profile of the NNPC.
