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NNPC begins monthly publication of financial, operational reports

12 October 2015, 13:12

Abuja - The Group General Manager Group Public Affairs Division, Ohi Alegbe, said the publication would be available on the corporation’s official website.

In other to ensure transparency in Nigeria’s state-owned oil company, NNPC, the new management has begun a monthly publication of its provisional financial and operational reports.

The publication is in line with the pledge of the new Group Managing Director of the state-owned oil firm, Ike Kachikwu, to open the books of the corporation for public scrutiny.

Billions of dollars have been stolen or mismanaged in the state-owned firm since Nigeria began commercial exploitation of crude oil in the 1960’s, various reports have shown. The statement by Nigeria’s immediate past Governor of the Central Bank, Lamido Sanusi, that about $20 billion was missing from the firm’s account led to his removal from office by ex-President Goodluck Jonathan. The current administration of President Muhammadu Buhari has, however, pledged to ensure transparency in the oil firm and recover monies stolen between 2011 and 2015.

Also read: NNPC begins process of recovering $9.6bn owed Nigeria

Recently, the Minister of Petroleum during that period, Diezani Alison-Madueke, who travelled to the UK since Buhari’s emergency as president, was arrested in London for money laundering and is expected to be prosecuted there.
On Sunday, the General Manager Group Public Affairs Division of the NNPC , Ohi Alegbe, said the monthly publication would be available on the corporation’s official website.

He said details of the reports include overview of NNPC’s operations across the oil and gas value chain (Upstream, Midstream & Downstream) as well as NNPC’s agency functions on behalf of the federal government for the period between January and August 2015.
Specifically, Alegbe said the report provides detailed and unprecedented statistical insight into crucial aspects of the Corporation’s activities ranging from National Crude Oil & Natural Gas Production, Lifting and Utilization; Refineries Plants Operations; and Petroleum Product Supply & Distribution to NNPC Budget Performance Report and Federation Crude Oil & Gas Revenue.
The report also includes illustrated tables, graphs and charts on all aspects of NNPC’s operations which were considered opaque. These include issues like the status of the JP Morgan Foreign account, management and custody of revenue from crude oil sales, actual production capacity of the refineries, dollar accruals to NNPC/FGN from export crude oil and gas, as well as receipts & payments.

- News 24


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