That’s the number of times Nigeria’s cash cow, @NNPCgroup, has publicly released its financial statements in its entire history.
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It released the 2018 accounts in June and 2019 accounts last month. Twice in 5 months. What a time to be alive.
In this thread we highlight the major profit and loss centres at NNPC and talk about salaries, which attracted some attention last week.
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. @NNPCgroup made a loss of ₦1.7 billion in 2019 despite earning revenues of over ₦4.6 trillion. Of the group’s 21 Strategic Business Units (SBUs), the refineries were the major loss drivers.
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The refineries continue to spend billions on employee welfare, consultancy fees, office expenses despite not being operational. The worst culprit is the Kaduna Refinery which made a loss of ₦65 billion in 2019.
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Combined, these inoperative refineries made losses of over ₦160 billion - more than the annual budget of states like Abia, Anambra, Borno, Enugu, Ekiti, Plateau, Gombe and Kaduna.
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Time for the good news. The major profit driver was @napimsnnpc – the arm of NNPC that recognizes revenue from selling crude oil and natural gas to domestic and foreign customers. NAPIMS made a profit after tax of ₦2.8 trillion in 2019.
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. @NPDC_NG, which is the arm of NNPC that operates some crude oil fields in Nigeria made ₦478 billion in profit last year. It was the second most profitable SBU.
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There’s been some buzz on Twitter about the hefty salaries paid by @NNPCgroup. In 2019, NNPC Group paid ₦139 billion as salaries and allowances to employees. This excludes NNPC’s contribution to pensions and other staff welfare expenses
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NNPC has 6,621 employees so this amounted to an average take-home of ₦21 million per employee. Again, the largest salary spenders are the inoperative refineries which gulped ₦51.6 billion on 1,450 employees in 2019.
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This means the average refinery employee took home ₦35.6 million last year–70% higher than the average NNPC employee.
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However, the SBU that had the highest average salary was the @ngcnnpcgroup – the arm of NNPC that delivers natural gas to power plants and other customers. NGC employees took home an average of ₦55 million, the highest of any SBU
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Another thing that many people do not know is that NNPC owns subsidiaries in some non-oil and gas companies. Among its most profitable arms are its HMO company - @NnpcHmo and its captive insurance company, The Wheel Insurance, in the Channel Islands.
Note: Although @napimsnnpc is a strategic business unit of @NNPCgroup, it is owned by the Federal and State Governments of Nigeria, and it’s financials are reported separately from @NNPCgroup
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Over the past week, many have noticed the spike in food prices, and as usual, we’re here to make sense of it.
This thread isn’t just a story about “why food prices are rising”, but it’s also about “ why food prices seem to be rising more than official numbers suggest”
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So why is this the case?
The main thing to note is that inflation rates capture price increase across a wide range of goods across the entire country.
But for context, let’s look into how they are calculated.
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The @nigerianstat calculates food inflation by getting price information about certain food items from over 10,500 informants across the country.
Aljazeera’s The Stream discussed why stories of Police Brutality in Nigeria went viral on the 7th of December 2017.
Click on the link below to watch the segment. #EndSARS aljazeera.com/program/the-st…
49,381 people have signed a citizengo.org petition created in 2017 urging the Nigerian National Assembly to End SARS and Reform the Police. citizengo.org/en/96693-natio…
#ENDSARS is long overdue. Here are the FACTS ✊🏾✊🏾✊🏾
Amnesty international documented 82 cases between January 2017 and May 2020. Detainees in SARS custody have been subjected to hanging, beating, waterboarding, near-asphyxiation with plastic bags, forcing detainees to assume stressful bodily positions and sexual violence. #EndSARS
It’s no surprise that in 2016, Nigeria's police force was ranked as the worst in the world. And the 2017 National Bureau of Statistics corruption survey found that police officers in Nigeria are the most likely of all civil servants to collect and solicit bribes. #EndSARS
“Every individual is entitled to respect for the dignity of his person, and accordingly, no person shall be subjected to torture or to inhuman or degrading treatment.” – Section 34 (1) of the constitution. #ENDSARSImmediately
We’re sharing experiences of people who have encountered the brutality of SARS . #ENDSARSImmediately
"I would prefer to be attacked by armed robbers than to encounter SARS officers.” – Abdul Abdulkareem
“On our way to the police station, the officers kept picking up random people and throwing them into the van. Anyone that asked questions got slapped,”
💰🇳🇬 Three significant business opportunities in #Nigeria.
A thread
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ONE - The sesame seeds industry has been growing silently in the Nigerian commodity space. In the first quarter of this year, it tried to drag us out of a trade deficit with a 76% increase in its seed exports.
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Sesame seed is the ideal Nigerian export product because it is easy to produce; it does not require much water, or fertiliser, is easy to preserve and in high demand internationally.