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    EITI commends NNPC for transparency

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    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    By Edith Ike-Eboh

    Abuja, Nov. 2, 2020 The Extractive Industries Transparency Initiatives (EITI), has commended the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari for deepening the culture of transparency and accountability in the corporation.

    Dr Kennie Obateru, the corporation’s spokesman in a statement in Abuja on Monday, said the commendation was conveyed in a letter to Kyari by the its Executive Director Mark Robinson

    EITI is a multi-stakeholder coalition that promotes extractives transparency and accountability in over 50 countries.

    The statement quoted Robinson as saying that the NNPC had set a good example and could lead in championing transparency for other National Oil Companies (NOCs) in Africa.

    Robinson noted that in recognition of NNPC’s commitment to the EITI’s principles, the global body had invited Kyari to speak at its virtual workshop.

    According to him, Kyari will speak 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 has welcomed NNPC’s recent transparency efforts such as the monthly publication of its Financial and Operations Reports since 2016 as well as recent publication of the corporation’s 2018 and 2019 Audited Financial Statements (AFS).

    “These efforts demonstrate the corporation’s continued commitment to openness in its business dealings,” he said.

    Robinson said that a review of the group’s Audited Financial Statement showed that NNPC had reduced its losses by 99.7 per cent from N803 billion in 2018 to N1.7 billion in 2019.

    He said this was 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.” he said.

    He also 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 will be recalled that Kyari had made opening the books of the corporation a cardinal aspect of its management under its Transparency, Accountability and Performance Excellence (TAPE) initiative, which he launched on assumption of office in July, 2019

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