Kyari To Release NNPC’s 2019 Audited Financial Statement Soon

…Restates Commitment To Transparency

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari has reiterated his commitment towards openness and greater transparency in the operations of the NNPC.

The GMD, speaking on TVC News, Business Nigeria Programme said that in the months ahead, the Corporation would make public its 2019 Audited Financial Statements as a sequel to the 2018 AFS released in June.

He said, “In pursuance of transparency, accountability and effective service delivery, the Corporation will in no distant time declare its dividend to shareholders.”

Speaking further, Kyari pledged the support of the Corporation towards the ongoing initiatives by the Ministry of Petroleum Resources to provide alternate energy source to Nigerians through aggressive activation of Compressed Natural Gas refill stations for motorists across the country.

“National Oil Company has already keyed into the gas penetration agenda as championed by the Honourable Minister of Petroleum Resources, Timipre Sylva,” he added.

He said as an energy company with focus on cleaner and cheaper sources of fuel, the Corporation would continue to work with other stakeholders in the industry to provide viable alternatives to petrol.

This, according to him, would ultimately lead to reduction in demand for the product and eventual reduction in price.

Kyari explained that the shutdown of four refineries across the country was deliberate to allow for rehabilitation needed to boost the capacity of the facility.

“All the four Refineries in the country are shutdown as the pipeline network has been compromised by vandals leading to poor operating capacity.

“The shutdown also became inevitable due to difficulties in feeding them with crude oil via the pipelines that have been completely compromised by vandals.

“Every Refinery is expected to operate at least 90 per cent of installed capacity. It is impossible to run any of these refineries before the shut down at that level.

“We tried running at 60 per cent of the installed capacity but it will lead to value destruction, where you take $100 crude to the refinery and bring out only $70.”

He said the Corporation was moving rapidly to execute complete rehabilitation of the Refineries under an exercise that would guarantee restoration of the facilities to at least 90 per cent capacity utilization.