The Nigerian National Petroleum Corporation (NNPCL) has asserted itself as the sole entity in the country that publishes comprehensive 100% account statements. This statement was made during a session at the National Assembly, addressing transparency and accountability in the nation’s oil sector.
NNPC’s Group Managing Director (GMD), Mallam Mele Kyari, highlighted the corporation’s commitment to openness in its financial operations. He emphasized that NNPC provides detailed reports to the National Assembly, ensuring transparency in financial transactions and operational expenditures.
The GMD clarified that NNPC’s practice of publishing complete account statements sets it apart from other entities in the industry. This transparency, he argued, is crucial for accountability and fostering trust among stakeholders and the public.
Kyari further elaborated on NNPC’s efforts to uphold global best practices in financial reporting, aligning its operations with international standards to enhance credibility and governance. He assured the National Assembly of NNPC’s readiness to cooperate fully with oversight functions, providing necessary documentation and information as required.
In response to queries from lawmakers, the NNPC management reaffirmed its commitment to improving transparency mechanisms continuously. The corporation pledged to implement recommendations from audits and oversight bodies to strengthen financial controls and reporting frameworks.
The session underscored NNPC’s role in Nigeria’s economic landscape and its responsibility to operate with integrity and accountability. The corporation’s initiative to disclose complete account statements aims to enhance public trust and ensure effective legislative oversight over the country’s oil and gas sector.
As discussions continue, NNPC remains steadfast in its mission to maintain transparency standards that meet international benchmarks, contributing to Nigeria’s socio-economic development goals.