January 29, (THEWILL) – The Group Managing Director of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mallam Mele Kyar, has declared that the national oil establishment had not failed to remit statutory oil income to the Federation Account contrary to earlier damning report by the Nigerian Extractive Industry Transparency Initiative (NEITI) against NNPCL.
Kyari disclosed this to visiting delegation of the global Extractive Industry Transparency Initiative (EITI) that its Nigerian affiliate, NEITI, had erred in its re/port that NNPC Ltd failed to remit some monies into the Federation Account instead of seeking clarification on any perceived gap assessment.
The GMD made it clear that NNPC Ltd was holding no public funds back and that what NEITI reported as non-remittance was what was due to the company as payment for taking the burden of fuel subsidy on behalf of the Federal Government.
He disclosed that NNPC Ltd would have released its Audited Financial Statement (AFS) for 2022 since June 2023 but could not do so because it had no substantive Board of Directors at that time, adding that the AFS will be published on the company’s website in the next few days.
On his part, the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, called for the reconstitution of the NNPC/NEITI Joint Committee on Reconciliation, stressing that the committee could help in straightening out any grey areas.
With the visit, the NNPC Limited recovered its transparency status with the global transparency body which rated the company very high in its latest global assessment.
EITI’s Deputy Executive Director, Mr. Bady Baldé, said the delegation’s visit was to communicate the group’s findings in its recent global assessment to the company said NNPC Ltd fared very well among companies in the same category, adding that only Equinox of Norway fared better than NNPC Ltd in the assessment.
He, however, said there was still room for NNPC Ltd to improve; stressing that compliance with global EITI standards will help boost the company’s credibility.
The EITI boss also urged NNPC Ltd to remain engaged to play an active role in its Nigerian unit, the Nigeria Extractive Industries Transparency Initiative (NEITI).
THEWILL recalls that NEITI had accused NNPC Ltd in September 2023, of not remitting $2 billion to the Federal Government before transiting to a commercial entity.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
