"NNPC cannot be broke"- Kachikwu

The Nigerian National Petroleum Corporation, NNPC, has affirmed that in view of its assets base and equity holding in the petroleum industry, there is no way the Corporation can be broke. This is despite the fact that NNPC owes in excess of $billion in joint venture cash calls as well as losing annually over N200 billion through the Pipeline and Products Marketing Company, PPMC, and additional N10billion from each of the nation’s refineries.

The Group Managing Director, GMD, NNPC, Dr. Emmanuel Ibe Kachikwu, who reassured of the Corporation’s solvency in Lagos, during a Q & A session with journalists, said what is wrong with the establishment is cash flow management.

Kachikwu, who was responding to the constant speculations that NNPC is broke, and as the main purse of the Federal Government that by extension Nigeria too is broke, maintained that such assertions are not true.