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The Nigerian National Petroleum Corporation (NNPC) wrote off debts incurred by its subsidiary, the Nigerian Petroleum Development Company (NPDC), raising questions about fiscal prudence and commitment to the Extractive Initiative Transparency Initiative (EITI) standards.
Parent companies enjoy profits in the form of dividends from their subsidiaries; think of it like royalties or tribute to a Queen. The Nigerian Petroleum Development Company Ltd (NPDC), however, denied her parent company, Nigerian National Petroleum Corporation (NNPC) any such tribute in 2018. NPDC made ₦179 billion profit-after-tax, yet declared no dividends to NNPC.
