2018 Audited Reports: You Are Doing Well , Nigerians Hail NNPC Boss

The laudable action by the Group Managing Director of NNPC, Malam Mele Kyariand the Chief Executives of the various subsidiaries has received many numerous appraisals and positive remarks as the country’s oil block released it first audited statement of accounts to the public in forty-three years.

In the corporation’s first-ever audited financial statements, three of its refineries, namely Warri, Kaduna and Port-Harcourt refineries, recorded a combined loss of N154 billion in the corporation’s audited financial statements for 2018. Kaduna refinery also recorded zero revenue for the group.

The group’s most profitable subsidiary reported revenue of N5.04 trillion in 2018 and profit of N1.01 trillion as against the N1.65 trillion it recorded in 2017. The report shows total assets managed by NAPIMS stood at N18.6 trillion, with the oil and gas components valued at N14.2 trillion.

Nigerians Praise Mele Kyari

One of those who had praised  Mele Kyari led management on the audited report is Waziri Adio, the Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI).

According to Adio via his twitter handle below

👇Link to the 2018 audited financial statements of @NNPCgroup. Having such disclosures is good for transparency and accountability. I congratulate @MKKyari and his team and urge them to make this a regular practice and in open data format. @nigeriaeiti https://t.co/0k9MHCRFjK

— Waziri Adio (@Waziriadio) June 14, 2020

NNPC also received accolades from BudgIT ” a civic organisation committed to the application of technology to intersect citizen engagement with institutional improvement to facilitate societal change, has commended the corporation for publishing the audited accounts of its subsidiaries and business divisions for the first time,

In her remarks on the public accounts disclosure by the corporation, a Project Officer with BudgIT’s Extractive Department, Adejoke Akinbode, noted that “Launching an OpenData segment on its official website is a very commendable step by the NNPC. We encourage Nigerians to download the audit reports and other data put up by NNPC, study them, and Ask Questions.”

Commenting, BudgIT’s Principal Lead, Gabriel Okeowo, said: “The federal government needs to reform the NNPC to reverse the trend of the massive losses recorded by some of the NNPC subsidiaries annually.

here are the reaction s of Other Nigerians  who praised mele kyari led management.

I know the man, Mele Kyari is capable and incorruptible; his main/biggest task, is making NIGERIA to stop importing petroleum products and making #NNPC as competitive as Saudi Aramco. It’s doable @MKKyari

— Marwan H Abdulkarim (@abumujahidm) June 17, 2020

Is one of your legacies and transparent administration may he almighty Allah bless you

— AbdullahiBarau (@barauazare) June 16, 2020

Step by step, we shall get there.

We shall keep pushing the boundaries.

— GAS – #WeAreWhatNigeriaIs! (@shittu10) June 16, 2020

 

Where is 2019 statement of accounts

However, despite the appraisals and positive remarks by many Nigerians of the laudable act, there are fears that the report released by mele Kyari led management had falsified before been released as the corporation failed to publish consolidated audited accounts for the group. According to several Nigerians who reacted on Twitter,

The NNPC must also produce the 2019 statement of account.  here are the series of tweets below

Good start. Hope other MDAs will emulate this development. Some of them have as many as outstanding 6 years audit. NIG Minting not audited for years despite having CBN gov as chairman.
Let's demand audited A/C from all of them.
NNPC should pls speed up on 2019 FYE

— Emmy ®️ (@emmybac) June 14, 2020

Please give us link to 2019 full year financial statements and Q1 2020 financial statements.

That is what we should be seeing now not 2018.

Q2 2020 is about to finish and you are telling us about 2018.

— Investogist (@investogist) June 15, 2020