The Extractive Industries Transparency Initiative (EITI), has commended the Nigerian National Petroleum Corporation over the publication of its 2019 Audited Financial Statement published recently.
The EITI, a global multi-stakeholder initiative that promotes extractives transparency and accountability with over 50 member countries, commended the Group Managing Director of the NNPC, Mr Mele Kyari, for honouring his commitment to promote and deepen the culture of transparency and accountability in the Corporation.
In a letter addressed to Mr. Kyari, the EITI’s Executive Director, Mr Mark Robinson said, “The NNPC has set a good example and could lead in championing transparency for other NOCs in Africa.”
A statement by the Corporations spokesman Dr. Kennie Obateru said, in recognition of the NNPC’s commitment to the EITI Principles, the global body has invited Mr Kyari to speak at its virtual workshop on the topic “Learning from Mainstreaming Disclosure Efforts,” scheduled to hold next month. The workshop will explore further opportunities for making the systematic disclosure of extractive data the norm.
“The EITI has welcomed NNPC’s 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 (AFS). These efforts demonstrate the corporation’s continued commitment to openness in its business dealings,” the statement read in part.
“A review of the group’s Audited Financial Statement shows that NNPC has reduced its losses by 99.7% from N803 billion in 2018 to N1.7 billion 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,” Robinson was quoted as saying in the letter.
The statement added that the EITI, in its letter, further affirmed its support for the NNPC in tailoring monthly financial and operations reports and financial statements in line with the EITI Standard and Expectations for EITI supporting companies and highlighted the opportunity for the NNPC to champion discussions on upstream contract disclosure in Nigeria.
Mr. Kyari, under the Transparency, Accountability and Performance Excellence (TAPE) initiative which he launched on assumption of office in July, 2019, made opening the books of the Corporation a cardinal aspect of its management under his leadership.