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NNPC Has Never Published Its Audited Financial Statement In 43 Years – Kyari

Mallam Mele Kyari, Group Managing Director, Nigeria National Petroleum Corporation, NNPC, has said the Corporation has never published its audited financial statement in 43 years.

Kyari stated this in a media parley with energy journalists on Friday evening in Abuja, the nation’s capital, adding that his administration did that in 2018, shortly after he was appointed Group Managing Director (GMD).

“NNPC has never published its audited financial statement in 43 years. We came and started doing that and released the 2018 financial statement. We were not afraid of doing that and there were a lot of criticisms that we lost money in refinery operations and pipeline business.

“We went ahead and published the 2019 audited report and were able to learn and cut cost and became more efficient. There is no company in the country which has cut its losses within one financial year by N800bn. We have improved efficiency by cutting 97% in our losses”, Kyari said.

The GMD said president Muhammadu Buhari has never controlled what the oil corporation wants to do and the company is ready to declare dividends to Nigerians and shareholders at the end of 2020.

Kyari said, “I have been around in this company for 29 years and have worked closely with top management of the NNPC for about 15 years. This is the only President who has never asked NNPC to do something. Under no circumstances has President Buhari controlled what we want to do.

“Our vision is that NNPC will become a company of excellence and declare dividends to Nigerians and shareholders. We are optimistic that at the end of 2020, NNPC should be able to declare dividends to Nigerians in spite of the impact of the COVID-19 pandemic”.

He added that, “These are truly difficult times for our Industry. But I am proud to say that we were able to maintain our obligations to the Federation Account for seven months without any fail despite the huge impact of the COVID-19 pandemic on the oil and gas industry”.


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