Nigeria, Sept. 9 -- Nigeria's state-owned oil company, Nigerian National Petroleum Corporation (NNPC), could be teetering on the brink of bankruptcy as the group's current liabilities outweigh its current assets by as much as N4.6 trillion, the auditors' report of its 2020 financials issued on Wednesday showed.

"The group reported a net profit of N287.2 billion (Corporation: N235.3 billion) during the year ended 31 December 2020 and, as at that date, the current liabilities exceeded its current assets by N4.6 trillion (Corporation: N729.1 billion)," the auditors PricewaterhouseCoopers (PwC) said.

"These events or conditions, along with other matters as set forth in Note 42, indicate that a material uncertainty exists that may cast signi...