In Port Harcourt Refinery, total comprehensive loss recorded in 2014 stood at N27.2 billion; N35.8 billion in 2015; N43.4 billion in 2016; N53.8 billion in 2017 (N55.8 billion in the published 2018 report) and N45.6 billion in 2018. Non-current liabilities included Corporate Headquarters funding of N372.5 billion in 2018 and N330.3 billion in 2017; retirement benefits N10.3 billion for defined contribution plans and N12.4 billion for defined benefit plans for 2018 and 2017 respectively.

In 2018, operating loss stood at about N46.6 billion as against N57.8 billion in 2017, with about N1.5 billion realized as revenue in 2018 and N4.8 billion in 2017 and processing expenses in 2018 put at N24 billion and N23.8 billion in 2017, and administrative expenses at N24 billion in 2018 and N38.8 billion. Administrative expenses include N9.2 billion and N10.9 billion as salaries, allowances and bonuses for 742 and 815 staff in 2018 and 2017 respectively.

Other expenses included staff welfare N1.3 billion in 2018 and N1.4 billion in 2017; staff terminal benefit N121.5 million in 2018 and N99.7 million in 2017; retirement benefits (defined plan) N1.6 billion in 2018 and N2.2 billion in 2017, and defined benefits N12.4 billion in 2017. On turnover, N2.5 billion was realized in 2014; N683.5 million in 2015; N3.4 billion in 2016; N4.8 billion in 2017 and N1.5 billion in 2018.

However, processing expenses gulped about N20.6 billion in 2014; N25.7 billion in 2015; N24.4 billion in 2016; N23.8 billion in 2017, and N24 billion in 2018. Details of the processing expenses included direct materials cost, direct labour, direct expenses and processing overheads. On Directors’ emoluments, the report showed that about N58.8 million each for 20188 and 2017 the Chairman of the Board and other directors, while the other directors received a minimum of N12 million and above every year.

The directors include the former NNPC GMD, Maikanti Baru as Chairman; Managing Director, Abbar Bukar; Executive Director (Finance & Accounts) Aramide Ekundayo; Executive Director (Services), Ngini Amaka Nwakaife, and Executive Director (Operations), Ganiyu Abiodun Owolabi.