NNPC is insolvent - Babalola

•Current liabilities now exceed assets The Nigerian National Petroleum Corporation (NNPC) does not have enough money to fund its operations and is technically insolvent because of unpaid subsidies it is demanding from government, Remi Babalola, minister of state for finance said on Tuesday. The state owned oil behemoth, which oversees Nigeria’s vast oil industry, is locked in a standoff with the Federal Government, saying it is owed more than N1 trillion in subsidies. The Federation Accounts ...
Read the rest of the story on Businessday Nigeria

Added July 13, 2010
from Businessday Nigeria