The Extractive Industries Transparency Initiatives (EITI), a multi-stakeholder coalition that promotes extractives transparency and accountability in over 50 countries, has commended the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mele Kyari for the publication of the corporation’s 2018 and 2019 audited account.
A statement on Monday by NNPC spokesman Kennie Obateru quoted EITI Executive Director Mark Robinson in a letter addressed to Mr Kyari saying: “The NNPC has set a good example and could lead in championing transparency for other NOCs in Africa.”
Kyari had promised to promote and deepen the culture of transparency and accountability in the corporation under the transparency, accountability and performance excellence (TAPE) initiative which he launched on assumption of office in July 2019.
Recognising NNPC’s commitment to the EITI principles, the global body has invited Kyari to speak at its virtual workshop on the topic “Learning from Mainstreaming Disclosure Efforts” in December.
This workshop will explore further opportunities for making the systematic disclosure of extractive data the norm.
The EITI also welcomed NNPC’s monthly publication of its financial and operations reports since 2016.
According to Mr 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.”
In its letter, the EITI 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. It highlighted the opportunity for the NNPC to champion discussions on upstream contract disclosure in Nigeria.
