Isiaka AbdulRazaq, Chief Financial Officer/Group Executive Director (CFO/GED), Finance & Accounts of the Nigerian National Petroleum Corporation (NNPC) has said in August 2015, when the current management of the Finance & Accounts Directorate took over the mantle of leadership they inherited a total of 65 unaudited financial statements for NNPC Group Corporate and its subsidiaries, covering 2011 – 2014.
However, he said the corporation under the current management has now successfully completed the outstanding audit of the Group Financial Statements from the years 2011 to 2016.
The audited backlog he explained, has since been formally approved by the Board of the corporation in line with extant laws governing the operations of the national oil company.
He provided this details in an interview published in the Q1 2018 edition of the NNPC Magazine. The CFO stated that the delivery of the audited financial statements would help foster better relations with stakeholders and further promote transparency and accountability in the corporation.
“There were, undoubtedly, challenges that led to the backlog which may have been beyond the control of the previous management,” the CFO said, adding “However, the important factor was not to look to the past. We saw an opportunity to challenge the problem and resolved to clear the arrears in the shortest possible time,’’
He said the NNPC Management constituted a Project Steering Committee (PSC) under his chairmanship, which met on a weekly basis with the auditors and all relevant stakeholders to identify and isolate key challenges and give them priority attention.
“With this approach, Management achieved the first step of concluding the audit of the 2011 – 2012 financial positions and presented same to the Board in 2016 and in recognition of that modest achievement, the NNPC Board further mandated management to clear the remaining outstanding reports for the years 2013 – 2016 and the result today is the delivery and Board approval of the audited Group Financial Statements as at 31 December 2016,’’ he stated.