The Nigeria Extractive Industries Transparency Initiative (NEITI) has lauded the decision of the Nigeria National Petroleum Corporation (NNPC) to make public its audited accounts for the first time in its history with the publication of its 2018 Audited Financial Statement (AFS).
NEITI acknowledged that this historic development fulfils a pledge made by the GMD of NNPC, Mr Mele Kyari, to the management of NEITI at a meeting on 6th August 2019, a pledge which Mr Kyari reiterated on 25th November 2019 during the official visit to Nigeria of Mr Mark Robinson, the Executive Director of the global EITI.
Waziri Adio, Executive Secretary, NEITI, said, “We welcome the eventual fulfilment of this important pledge and obligation. Given NNPC’s antecedents and its prominent role in the sector and in the country, the publication of its audited accounts is positive, signalling more openness for the oil and gas sector and for Nigeria.
“When combined with the monthly reports that NNPC started publishing in 2016, this development marks a sea-change for a national oil company that used to be renowned for opacity. We urge NNPC to make this a routine practice and to mainstream transparency into all facets of its operations.”
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NEITI calls on NNPC to go further by publishing its previous audited accounts and in open data formats so that the reports can be more accessible to citizens who are the shareholders of the corporation. NEITI also urges NNPC to strengthen and sustain its commitment to data mainstreaming and systemic disclosure.