After six yeas, the Nigerian National Petroleum Corporation (NNPC) has finally updated its financial statement which had remained unaudited since 2011. The present management inherited a total of 65 unaudited financial statements for NNPC group corporate and its subsidiaries covering 2011–2014. In a statement by NNPC Spokesman, Ndu Ughamadu, and made available to journalists on Sunday, the audited backlog has been approved by the board of the corporation in line with the laws governing its operations.
The Chief Financial Officer/ Group Executive Director, Finance and Accounts, NNPC, Isiaka AbdulRazaq, according to the statement will be presented publicly, as it would not only promote transparency and accountability in the corporation, it would also foster better relationship between NNPC and stakeholders. ”There were, undoubtedly, challenges that led to the backlog which may have been beyond the control of the previous managements. ”However, the important factor was not to look at the past. We saw an opportunity to challenge the problem, and resolved to clear the arrears in the shortest possible time,” he said.
He said the NNPC management constituted a project steering committee, which met weekly with the auditors and relevant stakeholders to identify and isolate key challenges and give them priority attention. “With this approach, management achieved the first step of concluding the audit of the 2011 – 2012 financial positions and presented same to the board in 2016. ”In recognition of that modest achievement, the NNPC board further mandated management to clear the remaining outstanding reports for the period 2013 – 2016.
“The result today is the delivery and board approval of the audited group financial statements as at December 31, 2016,’’ he said. Mr Ughamadu said that the Managing Director, Nigerian Pipeline and Storage Company, Luke Anele, would embark on a comprehensive audit of the over 5000 kilometre petroleum products and crude oil pipelines under its watch. He said the project which had already been approved by the NNPC management would be executed by the National Engineering and Technical Company, an upstream subsidiary of the NNPC.