BusinessInside Nigeria

NNPC Boss Vows More Transparency

The Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Mele Kyari, has promised to open up the books of the corporation for all stakeholders, as the oil and gas world is set to see a more transparent NNPC in the days ahead. Kyari, who was appointed GMD on July 8, 2019, disclosed this at the Corporation’s headquarters when officials of the Nigerian Extractive Industries Transparency Initiative (NEITI), paid him a courtesy visit on Tuesday.

Kyari further revealed that the NNPC under him would publish its audited accounts next week, and would henceforth publish all crude oil term contract holders and the Direct Sales and Direct Purchase (DSDP).

Kyari said: “NNPC and NEITI share a lot in common and NNPC will gain more by disclosing its activities to its shareholders.

“This is particularly compelling considering that NNPC is seen by the global community as Nigeria’s window to the world.

“NNPC will publish its audited accounts next week, and it will publish all crude oil term contracts holders and Direct Sales and Direct Purchase.”

 The GMD further disclosed that the NNPC would in future publish all monthly reports in soft copies, adding that its report from January-June 2019 was already on the Corporation’s website.

Speaking earlier, the Executive Secretary of NEITI, Waziri Adio, who led the delegation, described the NNPC GMD as “a transparency champion” and “a key member of global transparency community.”

Adio further stated that NEITI was excited by Kyari’s appointment as GMD and expressed desire to partner with NNPC, in order to improve transparency and accountability in Nigeria’s oil and gas sector.

NEITI also requested among others, that the NNPC should use its website to publicize NEITI activities and advocacy; improve on its commendable monthly operations and financial records and help in the disclosure of contracts and beneficial ownership.

NEITI, the Nigerian chapter of the extractive industry global watchdog, was one of several organizations who had described Kyari’s appointment as worthy.

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