NNPC Deepens Transparency, Partners EITI As Supporting Company

The Nigerian National Petroleum Corporation (NNPC) has become an EITI supporting company

According to the corporation, the move  is in line with its focus to deepen commitment towards transparency and accountability.

With the action, the NNPC  joins a group of over 65 extractives companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners supporting EITI.

Welcoming the commitment, EITI Board Chair, Hon. Helen Clark, said “NNPC plays a vital role in Nigeria’s economy. Joining the EITI as a supporting company is a welcome step in the NNPC’s journey toward achieving greater transparency and to help ensure that Nigeria’s citizens benefit from their natural resource wealth.”

Zainab Ahmed, Nigeria’s Minister of Finance, Budget and National Planning and former EITI Board member, also stressed the importance of ensuring that natural resource wealth contributes to sustainable development.

 “Increased transparency of Nigeria’s national oil company revenues is contributing to improvements in our country’s domestic resource mobilisation efforts.”

Established in 1977, NNPC has grown to become the largest asset holder across Nigeria’s oil and gas industry value chain. 

The state-owned company has recently taken measures to become more transparent. In June 2020, it published audited accounts for 20 of its subsidiaries.

 Pushing further with its transparency,  the corporation  publishes monthly financial and operations reports on its website.

 
Group Managing Director, NNPC, Mele Kyari,  said, “Becoming an EITI supporting company aligns with NNPC’s corporate vision and principles of transparency, accountability and performance.”