The Nigerian National Petroleum Corporation (NNPC) General Managing Director (GMD) Kyari, has disclosed that the corporation has been able to scale up to level transparency and used the opportunity to maximize development and innovations which had brought robust growth to NNPC within two years of taking leadership of the regulatory body.
He said that under years in review, through his leadership, the corporation was able to secure employment of 1000 young Nigerians across entire geopolitical zones of the nation and that the move was to ensure rejuvenation of the corporation’s talent mix.
The NNPC boss noted that the transparency drive and accompanied recruitment of 1000 youths have been considered as the turning point for the corporation by Nigerians, particularly stakeholders in the oil and gas industry, adding that the growth had also been achieved with the support and cooperation of staff who buy into his developmental agenda.
Giving stewardship of his two years as the NNPC’s helmsman, Kyari, who was appointed by President Muhammadu Buhari as the 19th GMD for the corporation, said that the corporation’s level of transparency and accountability had repositioned the national oil company such that had brought about an outpouring of accolades from Nigerians and key industry players.
The outpouring accolades, Kyari said, were a reflection of the policies and programmes piloted under his administration that clocked two years on July 8th, and that such had given another perception about the corporation abilities to assist in the development of the country aside from the oil and gas sector which NNPC regulates their affairs.
He added that upon assuming office as the GMD, he embarked on his agenda of bringing developments across the tiers of the oil and gas industry including the upstream to gas development and downstream to refineries rehabilitation across the country guided by transparency and accountability which led to the launch of a management’s strategic objectives christened ‘Transparency, Accountability and Performance Excellence (TAPE)’.
“Under this initiative, we have opened up the books of the corporation with the publication of the 2018 and 2019 Audited Financial Statements (AFS) of the Corporation and its 19 subsidiaries registered under the Companies and Allied Matters Act (CAMA) 1990 as amended alongside that of the National Petroleum Investment and Management Services (NAPIMS) to provide clarity on Joint Venture finances.
“We also mandated that the AFS be published on the Corporation’s website and several other medium for all interested parties to access and scrutinize NNPC’s yearly performance; this is the first time the Corporation’s AFS were made public in such a manner.
“After the report was placed in the public domain, a major revelation was discovered, and in the AFS so far published was the 99.7 percent reduction of the Corporation’s loss profile from ₦803 billion in 2018 to ₦1.7 billion in 2019. And following this trajectory, the Corporation has been considered to declare profit in the 2020 AFS which is billed to be released soon, he said.
He said that while NNPC remains the only national oil company that publishes its financial and operations reports monthly worldwide, he had ensured the corporation also enlist with the Global Extractive Industry Transparency Initiative as an EITI Supporting Company.