The Nigerian National Petroleum Corporation (NNPC) has successfully completed outstanding audit of the Group Financial Statements from the years 2011 to 2016. The audited backlog has since been formally approved by the Board of the corporation according to extant laws governing the operations of the national oil company.
Providing info about the development in an exclusive interview published from the Q1 2018 edition of the NNPC Magazine, Isiaka AbdulRazaq, Chief Financial Officer/Group Executive Director (CFO/GED), Finance & Accounts of your NNPC, said the delivery of the audited fiscal reports would help foster better relations with stakeholders and further promote transparency and accountability within the corporation.
AbdulRazaq said the drive to get the clean slate dated to August 2015, when the current Management of the Finance & Accounts Directorate took control of the mantle of leadership and inherited when using 65 unaudited financial statements for NNPC Group Corporate as well as subsidiaries, covering 2011 – 2014.
\”There were, undoubtedly, challenges that resulted in the backlog which may have been beyond the control over the previous managements. However, the important factor had not been to look to the past. We saw an opportunity to challenge the problem and resolved to clear the arrears in the shortest possible time,\’\’ the NNPC CFO said.
Moving swiftly, the NNPC Management constituted a task Steering Committee (PSC) under the Chairmanship of AbdulRazaq which met weekly with the auditors and all relevant stakeholders to recognize and isolate key challenges and give them priority attention.
\”With this process, Management achieved the first step of concluding the audit of your 2011 C 2012 financial positions and presented same for the Board in 2016 and in recognition of the particular modest achievement, the NNPC Board further mandated Management to the remaining outstanding reports for that years 2013 C 2016 and the result today will be the delivery and Board approval of your audited Group Financial Statements as at 31 December 2016,\’\’ he was quoted saying.
Also, in the publication, Managing Director within the Nigerian Pipeline and Storage Company (NPSC), Engr. Luke Anele, has revealed plans because of the company which was created out from the old Pipelines and Products Marketing Company (PPMC), to begin comprehensive audit of the over 5000km of petroleum products and crude oil pipelines under its watch.
According to Anele, the project which has already been approved by the NNPC Management shall be executed by the National Engineering and Technical Company (NETCO) an upstream subsidiary on the NNPC Group.
\”It covers the conduct of integrity test on crude pipelines, the merchandise pipelines and our depots, with special emphasis on refinery attached depots and refinery evacuation lines,\’\’ he stated.
The NPSC MD said the outcome within the project would guide the company in coming to informed decisions and enable appropriate strategies during the planned Private Public Partnership arrangement for any pipelines.