NNPC EARNS HIGH EITI COMPLIENCE RATING FOR TRANSPARENCY

Mr. Bady Baldé, the deputy executive director of EITI, revealed this information during a visit by an EITI delegation to Mr. Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, in Abuja on Thursday. Baldé explained that the purpose of the delegation’s visit was to communicate the group’s findings from its recent global assessment to NNPC Ltd. He noted that NNPC Ltd performed exceptionally well within its category, with only Equinox of Norway surpassing its rating in the assessment.

However, Baldé emphasized that there is still room for improvement for NNPC Ltd, highlighting that adherence to global EITI standards would enhance the company’s credibility. He encouraged NNPC Ltd to maintain active engagement with its Nigerian unit, the Nigeria Extractive Industries Transparency Initiative (NEITI).

During the welcome remarks, Kyari outlined key operational changes in NNPC Ltd since its transformation into a commercially focused limited liability company in 2021. He acknowledged the positive impact of NNPC Ltd’s partnership with EITI/NEITI, making the company more reliable. Kyari expressed disappointment with NEITI for publicly disclosing a report claiming NNPC Ltd failed to remit certain funds to the Federation Account, without seeking clarification on perceived gaps in the assessment. He clarified that NNPC Ltd was not withholding public funds, and what NEITI reported as non-remittance was payment due to the company for shouldering the burden of the fuel subsidy on behalf of the Federal Government.

Kyari revealed that NNPC Ltd would have released its Audited Financial Statement (AFS) for 2022 in June 2023 but couldn’t do so due to the absence of a substantive Board of Directors at that time. He assured that the AFS would be published on the company’s website in the next few days. Dr. Orji Ogbonnaya Orji, the executive secretary of NEITI, called for the reconstitution of the NNPC/NEITI Joint Committee on Reconciliation, emphasizing its potential in addressing any uncertainties.

Source: Techeconomy