…Invites Kyari to Speak at Its Virtual Meeting
The Extractive Industries Transparency Initiatives (EITI), a multi-stakeholder coalition promoting financial transparency and accountability in the extractive industry, has commended the Nigerian National Petroleum Corporation (NNPC), for abiding by its pledge to promote and deepen the culture of transparency and accountability.
In a letter addressed to the Group Managing Director (GMD) of NNPC, Mallam Mele Kyari, the EITI’s Executive Director, Mark Robinson, stated: “The NNPC has set a good example and could lead in championing transparency for other NOCs in Africa.”
NNPC’s commitment to the EITI principles, has apparently impressed the global body who has invited Mallam Kyari to speak at its virtual workshop on: “Learning from Mainstreaming Disclosure Efforts”, scheduled for December. The workshop will explore further opportunities for entrenching the systematic disclosure of extractive data.
NNPC’s recent transparency efforts, such as the monthly publication of its ‘Financial and Operations Reports’ since 2016, as well as recent publication of its 2018 and 2019 Audited Financial Statements (AFS) has earned the delight of the international transparency group.
According to Robinson, “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.”
EITI further affirmed its support for the corporation in tailoring the monthly financial and operations reports and financial statements with the group’s standard and expectations.
The GMD, Mallam Kyari, on assumption of office in July 2019, engrained disclosure of the corporation’s books as a cardinal aspect of his management through the Transparency, Accountability and Performance Excellence (TAPE) Initiative which he launched.