It’s meant to be a cash cow, but the state oil company of Africa’s biggest producer is bleeding money. The Nigerian National Petroleum Corporation, the Abuja-based behemoth that dominates Nigeria’s energy industry, has recorded losses for at least last three years, culminating in a total loss of N546.63 billion, statements on its website show. The corporation’s unaudited financial operations reports showed that NNPC reported losses of N267.14 billion, N197.49 billion and N82 billion in 2015, 2016 and 2017, respectively, in contrast to its budgets that showed operating surpluses of N466.94 billion, N334.04 billion and N601.15 billion for the three years under review. NNPC will probably register another loss in 2018, according to Ecobank Transnational Inc., as its refineries and fuel-retailing arm fail to generate profit. The pain for NNPC, which produces oil and natural gas in partnership with Royal Dutch Shell Plc, Exxon Mobil Corp. and Chevron Corp., comes […]