NNPC’s Disclosure Of Audited Financial Statements Demonstrates Transparency- EITI

The Extractive Industries Transparency Initiatives, has commended the commitment of the Nigerian National Petroleum Corporation to its Transparency, Accountability and Performance Excellence Initiative which was launched in July, 2019.

EITI, a multi-stakeholder coalition that promotes extractives transparency and accountability in over 50 countries, said this in a letter signed by the Executive Director, Mark Robinson.

It said by publishing it’s audited financial statements, the NNPC has set a good example and could lead in championing transparency for its contemporaries in Africa.

While commending NNPC on its recent transparency efforts, such as the monthly publication of its Financial and Operations Reports since 2016 as well as recent publication of the Corporation’s 2018 and 2019 Audited Financial Statements, EITI said that these efforts demonstrate the corporation’s continued commitment to openness in its business dealings.

It said, “A review of the group’s Audited Financial Statement shows that NNPC has reduced its losses by 99.7 per cent from N803bn in 2018 to N1.7bn in 2019 which is attributable to a huge increase in profit from the operations of the subsidiaries.

“This is an indication of good practice and commitment to principles of transparency and accountability.”

Recognising NNPC’s commitment to the EITI Principles, the global body said it had invited the NNPC GMD, Mele Kyari to speak at its virtual workshop on the topic “Learning from mainstreaming disclosure efforts.”

This is aimed at exploring further opportunities for making the systematic disclosure of extractive data the norm.