The Nigerian National Petroleum Corporation (NNPC) has announced the successful completion of its outstanding audit of the Group Financial Statements from the years 2011 to 2016.
Isiaka AbdulRazaq, Chief Financial Officer/Group Executive Director, Finance, and Accounts, NNPC, noted that the audited backlog has since been formally approved by the Board of the corporation in line with extant laws governing the operations of the national oil company.
AbdulRazaq however, regretted the challenges that led to the backlog which may have been beyond the control of the previous management. He noted that the new management saw an opportunity to challenge the problem and resolved it to clear the arrears in the shortest possible time.
Recall that recently the Federation Accounts and Allocation Committee FAAC meeting for the month of March queried the NNPC over the low revenue remitted by the corporation into the federation’s account. The FAAC meeting held in December last year was equally tense as states protested the discrepancies in the revenue figures of the agency and ordered for a reconciliation of accounts.
AbdulRazaq said the drive to achieve the clean slate dated back to August 2015, when the current Management of the Finance & Accounts Directorate took over the mantle of leadership and inherited a total of 65 unaudited financial statements for NNPC Group Corporate and its subsidiaries, covering 2011 – 2014.
The Nigerian National Petroleum Corporation (NNPC) was established on April 1, 1977.
In addition to its exploration activities, the Corporation has powers and operational interests in refining, petrochemicals and products transportation as well as marketing. Between 1978 and 1989, NNPC constructed refineries in Warri, Kaduna and Port Harcourt and took over the 35,000-barrel Shell Refinery established in Port Harcourt in 1965.