EXCLUSIVE: Five Months After Publishing 2018 Audited Account, NNPC Set To Release 2019 Financial Statement Today

Barely five months after publishing it’s 2018 Audited Financial Statement, the Nigerian National Petroluem Corporation will today release its 2019 Audited Accounts, THE WHISTLER can authoritatively report.

The release of the financial statement under the management of the NNPC GMD, Mele Kyari is unprecedented in the history of the Corporation.

The move is part of efforts aimed at promoting transparency and accountability in the management of the Corporation.

Sources with knowledge of the development told THE WHISTLER exclusively that the 2019 figures showed an impressive performance of the financial activities of the Corporation.

It was learnt that through the effective management of the activities of the Corporation, many gaps that would have resulted in revenue leakages have been covered.

For instance, in the 2019 Audited Account, the NNPC reduced it’s loss profile by 99.7 per cent from N803bn in 2018 to N1.7bn in 2019.

It was learnt that general administrative expenses also witnessed a 22 per cent dip from N894bn in 2018 to N696bn in 2019.

Findings also revealed that majority of the subsidiaries posted improved performance during the 2019 financial period.

The subsidiaries, according to findings are the Nigerian Petroleum Development Company Limited which recorded N479bn profit in 2019 compared to N179bn in 2018 representing an increase of 167 per cent; the Integrated Data Sciences Limited which posted N23bn profit in 2019 compared to N154m in 2018 representing 14, 966 per cent increase.

Similarly, this Newspaper also gathered that the Petroleum Products Marketing Company recorded N14.28bn profit in 2019 compared to N9.3bn in 2018 representing 52 per cent increase.

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari had in an interview reiterated his commitment towards openness and greater transparency in the operations of the NNPC.

The GMD had given indication that the Corporation would make public its 2019 Audited Financial Statements as a sequel to the 2018 AFS released in June.

He said, “In pursuance of transparency, accountability and effective service delivery, the Corporation will in no distant time declare its dividend to shareholders.”

The NNPC had in a bid to improve transparency and accountability around it’s operations released its 2018 audited financial statements in June

While acknowledging the release of the 2018 audited financial statement, the Executive Secretary Nigeria Extractive Industry Transparency Initiative, Waziri Adio had in June said the development was good for the country’s transparency and accountability.

He said, “Having such disclosures is good for transparency and accountability. I congratulate Mele Kyari and his team and urge them to make this a regular practice and in open data format.”

Credit: The Whistler