The Extractive Industries Transparency Initiatives (EITI), has commended the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari, for honouring his commitment to promote and deepen the culture of transparency and accountability in the corporation.
The commendation, it claimed, was in recognition of his outstanding leadership which the NNPC boss had entrenched through dedication to a culture of transparency and accountability.
EITI’s Executive Director, Mark Robinson, said that the Kyari-led NNPC had set a good example that could lead to championing transparency for other NOCs in Africa through his transparency drive.
Through a letter addressed to the NNPC boss, Robinson who heads the multi-stakeholder coalition that promotes extractives transparency and accountability in over 50 countries, said that the body would keep providing guidelines and framework for greater transparency and efficient service delivery.
He also stated that upon recognizing his giant stride and dedication to transparency, the global body had invited Kyari to speak at its virtual workshop on the topic “Learning from Mainstreaming Disclosure Efforts” next month.
According to Robinson, the workshop would explore further opportunities for making the systematic disclosure of extractive data the norm.
“The EITI has welcomed NNPC’s recent transparency efforts, such as the monthly publication of its Financial and Operations Reports since 2016 as well as recent publication of the Corporation’s 2018 and 2019 Audited Financial Statements (AFS). These efforts demonstrate the corporation’s continued commitment to openness in its business dealings.
“A review of the group’s Audited Financial Statement shows that NNPC has reduced its losses by 99.7% from N803 billion in 2018 to N1.7 billion in 2019 which is attributable to a huge increase in profit from the operations of the subsidiaries. This is an indication of good practice and commitment to principles of transparency and accountability.
“The EITI further affirmed its support for the NNPC in tailoring monthly financial and operations reports and financial statements in line with the EITI Standard and Expectations for EITI supporting companies. It highlighted the opportunity for the NNPC to champion discussions on upstream contract disclosure in Nigeria,” the statement said.