Home » Energy » NNPC To Publish Annual Reports

NNPC To Publish Annual Reports

Following groundswell of allegations of shady transactions and missing funds, Nigerian National Petroleum Corporation (NNPC) which is witnessing internal restructuring will now start publishing its financial result for public inspection. Before now the corporation’s audited reports were only made available to investigating panels in response to allegations of missing funds or shady transactions.

The newly appointed Group Managing Director of the corporation, Dr. Ibe Kachikwu, stated the change to publication of financial results as measure to enhance transparency and address suspicion in the corporation’s financial transaction. He declared that transparency would now be the watchword of every staff in the new NNPC.

He charged the staff to bring creative solutions to the numerous challenges facing the Corporation, and challenged them strictly adhere to the rules of sound business practices. “I want transparency. Beginning from next month, I want to be able to publish what the company makes. I have told the President that as from next week I will be sending him weekly reports”, he said.

Speaking further on the culture of transparency, he said it should begin with establishing the current financial status of the Corporation and that he would sign on auditors “to do a proper forensic audit to tell us where we are.” He promised to revisit old processes that used to make for efficient operations, adding that staff should see themselves the drivers of the changes required to bring about the new NNPC. “You are the best consultants there are.

While there may be need to refer certain issues to consultants, ultimately you are the ones who will implement whatever recommendations they come up with; you are the ones who have been around and who understand the system and so you are the ones who should drive the change,” he charged the staff. He said the change would be anchored on three key issues of people, processes, and profit, adding that the people element was key to the success of the other two elements which was the reason personnel motivation was dear to his heart.

He dismissed reports that he was out to sack 1000 staff and that nothing could be farther from the truth as he needed quality staff to drive the processes and business in the new NNPC. Speaking on behalf of members of the Petroleum and Natural Gas Senior Staff Association, PENGASSAN Comrade Francis Johnson pledged the readiness of NNPC staff with the GMD to achieve the Federal Government’s reform agenda for the Corporation and the oil and gas industry at large. Echoing the position of the PENGASSAN President, Comrade Igwe Achese, President of the National Union of Petroleum and Natural Gas Workers, NUPENG, said that as a group, the union has implicit confidence in the ability of the new GMD to deliver on the President Mohammadu Buhari reform agenda in the oil and gas industry.

%d bloggers like this: