The Nigerian National Petroleum Corporation (NNPC) said it has successfully completed outstanding audit of its Group Financial Statements from the years 2011 to 2016, even as it is set to embark on comprehensive audit of the over 5000km of petroleum products and crude oil pipelines.
The audited backlog, according to the corporation, has since been formally approved by the Board of the corporation in line with extant laws governing the operations of the national oil company.
NNPC’s Chief Financial Officer/Group Executive Director (CFO/GED), Finance & Accounts, Isiaka AbdulRazaq, provided details of the development in an interview in the Q1 2018 edition of the NNPC Magazine, an in-house publication of the corporation.
He said the delivery of the audited financial statements would help foster better relations with stakeholders and further promote transparency and accountability in the corporation.
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.
“With this approach, Management achieved the first step of concluding the audit of the 2011 – 2012 financial positions and presented same to the Board in 2016 and in recognition of that modest achievement, the NNPC Board further mandated Management to clear the remaining outstanding reports for the years 2013 – 2016 and the result today is the delivery and Board approval of the audited Group Financial Statements as at 31 December 2016,” he said.
Meanwhile, the Managing Director of the Nigerian Pipeline and Storage Company (NPSC), Engr. Luke Anele, also in the publication revealed plans by the company which was created out of the old Pipelines and Products Marketing Company (PPMC), to embark on comprehensive audit of the over 5000km of petroleum products and crude oil pipelines in the country.
According to Anele, the project which has already been approved by the NNPC management, is to be executed by the National Engineering and Technical Company (NETCO) an upstream subsidiary of the NNPC Group.
“It covers the conduct of integrity test on crude pipelines, the products pipelines and our depots, with special emphasis on refinery attached depots and refinery evacuation lines,” he said.
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