NNPC Retail Limited, a subsidiary of the Nigerian National Petroleum Company, has reported a loss of N395.5 billion for 2024. The figure contrasts sharply with a profit of N20.18 billion recorded in 2023.
The company’s financial statement showed a net liability of N278.8 billion as of December 31, 2024, compared with N79.5 billion the previous year. Its group operations, including subsidiaries in Nigeria and Togo, also posted a loss after tax of N391.1 billion, down from a profit of N20 billion in 2023.
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Directors attributed the losses to non-recurring transactions, including a N117 billion impairment of receivables and N133.9 billion in reconciliation differences on intercompany accounts. They stressed that these factors were not expected to recur and expressed confidence in a return to profitability.
The report added that a large portion of current liabilities were balances with related parties under NNPC Limited, which has confirmed ongoing financial support for the group. NNPC acquired OVH Energy in 2022 as part of efforts to expand its downstream operations, a deal now subject to court proceedings and legislative scrutiny.
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