In a recent global assessment, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has received a commendable rating from the Extractive Industries Transparency Initiative (EITI), a prominent global transparency organization.
Chief Corporate Communications Officer NNPC Ltd., Abuja Olufemi O. Soneye said the disclosure came during a visit by an EITI delegation to the Group Chief Executive Officer of NNPC Ltd., Mr. Mele Kyari, in Abuja on Thursday.
Mr. Bady Baldé, the Deputy Executive Director of EITI, conveyed the findings of the global assessment, highlighting NNPC Ltd.’s impressive performance within its category. Baldé noted that, among the companies evaluated, only Equinox of Norway outperformed NNPC Ltd. He emphasized that while NNPC Ltd. had excelled, there remained opportunities for further improvement, emphasizing that adherence to global EITI standards would enhance the company’s credibility.
Baldé urged NNPC Ltd. to maintain active engagement with its Nigerian unit, the Nigeria Extractive Industries Transparency Initiative (NEITI), to play a proactive role in fostering transparency and compliance.
During his welcome remarks, Mr. Mele Kyari outlined key operational changes since NNPC Ltd.’s transformation into a commercially focused limited liability company in 2021. He acknowledged the positive impact of NNPC Ltd.’s partnership with EITI/NEITI, citing increased reliability.
However, Kyari expressed disappointment with NEITI for publicly reporting alleged non-remittance of funds into the Federation Account without seeking clarification on perceived gaps in its assessment. Kyari clarified that NNPC Ltd. held no public funds back and explained that the reported non-remittance was payment due to the company for assuming the burden of the fuel subsidy on behalf of the Federal Government.
Kyari disclosed that NNPC Ltd.’s Audited Financial Statement (AFS) for 2022 would be published on the company’s website in the coming days. He attributed the delay to the absence of a substantive Board of Directors at the time but assured that the AFS would be made available shortly.
Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI, called for the reconstitution of the NNPC/NEITI Joint Committee on Reconciliation to address any potential discrepancies. The committee, he emphasized, could play a pivotal role in resolving any uncertainties.
