NNPC’s UK subsidiary in belated financial statement

…Records decline in revenue, profit

By Michael Eboh

In a belated financial statement, Duke Oil Services (United Kingdom) Limited, an offshore subsidiary of the Nigerian National Petroleum Corporation, NNPC, posted a revenue of £844,015, about N337.606 million, for its 2015 financial year.

Financial documents of Duke Oil from the UK authorities, obtained by Sweetcrude, showed that the company’s revenue dipped by 19.92 per cent compared to revenue of £1.054 million recorded in the 2014 financial year.

The 2015 financial statement of the company was submitted to the UK authorities January 2017, while its 2016 financials would be submitted October 7, 2017.

Following the decline in its revenue, Duke Oil, the documents showed, cut down on its running costs, as its administrative expenses also dropped by 19.92 per cent to £734,130, from £916,733 recorded in 2014.

Duke Oil also recorded a profit before taxation of £109,885, about N43.95 million, representing a decline of 20.09 per cent from £137,510 (about N55 million) recorded in 2014, while its profit for the year dipped by 19.18 per cent to £86,458 (N34.58 million) in 2015, from £107,083 (N42.83 million), after it had appropriated for taxation of £23,427 in 2015, compared to £30,427 in 2014.

Duke Oil, still very active, is registered in the United Kingdom, with registration number: 03646098, with its registered address listed as Capitol House, 159 Hammersmith Road, London, W6 8BS.
It is listed as a Private Limited Company and incorporated October 7, 1998.

The ultimate beneficial owners of Duke Oil was listed by the UK authorities as the Federal Republic of Nigeria, with the country’s address listed as Radio House, Herbert Macaulay Way (South) Area 10, Garki, Abuja.

Current directors of Duke Oil, listed by the UK Authorities, are Abdulkamir Umar Saidu, appointed as a director, August 11, 2015, about three months into the administration of President Muhammadu Buhari; Aisha Mata Abdurrahman, appointed August 18, 2014, Kimashinor Thomas Nwakalo-Imu, appointed as Company Secretary January 25, 2006 and Mele Kolo Kyari, appointed director, August 11, 2015.

Others are Musa Yola Usman, appointed August 9, 2017; Olu Gbenga Komolafe, August 18, 2014 and later removed August 11, 2015; Roland Aiyeki Omoregbee, appointed August 18, 2014; Stephen Adekunle Adegun, appointed August 11, 2015 and Victor Babatunde Adeniran, appointed August 11, 2015.

Ironically, Esther Nnamdi-Ogbue, is still listed as a director in Duke Oil, as the document stated that she was appointed into the company’s Board, August 11, 2015.

The NNPC had in April 2017, retired Nnamdi-Ogbue, who was until her retirement, the Managing Director, NNPC Retail Limited.

In its related party segment, Duke Oil said its administration costs include recharges of office costs from NNPC London office of £190,810, compared to £538,034 in 2014, adding as at December 31, 2015, £546,918, compared with £520,021, remained payable to the NNPC London Office.

It also added that its administration costs include recharges of office costs and staff salaries from NNPC Nigeria office of £301,176, compared to £322,621 in 2014, adding as at December 31, 2015, £699,647, compared to £398,471 remained payable to NNPC Nigeria office.

Duke Oil further stated that its turnover of £844,015, compared to £1.04 million, relates to management services charged to Duke Oil Corporation Incorporated, a subsidiary of the NNPC, with £2.15 million due from the same company as at December 31, 2015.

The post NNPC’s UK subsidiary in belated financial statement appeared first on Vanguard News.