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65 Financial Statements of NNPC subsidiaries unaudited for 4 years

By Mohammed Shosanya on 09/04/2018

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•NNPC Headquarters Abuja
•NNPC Headquarters Abuja

Sixty-five financial statements by Nigerian National Petroleum Corporation (NNPC) and its subsidiaries were not audited between 2011 and 2014, according to Isiaka AbdulRazaq, Chief Financial Officer/Group Executive Director (CFO/GED), Finance & Accounts of NNPC.

AbdulRazaq, who disclosed this in an exclusive interview published in the Q1 2018 edition of the NNPC magazine, according to a statement on Sunday, said the unaudited statements were inherited by the current management of the corporation when it came on board in August 2015.


“There were, undoubtedly, challenges that led to the backlog which may have been beyond the control of the previous managements.


“However, the important factor was not to look to the past. We saw an opportunity to challenge the problem and resolved to clear the arrears in the shortest possible time,” the NNPC CFO said.


He added that the NNPC management constituted a Project Steering Committee (PSC) with him as the chairmanship, which met on a weekly basis with the auditors and all relevant stakeholders to identify and isolate key challenges and give them priority attention.


“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 December 31, 2016,” he said.


Besides, in the publication, Managing Director of the Nigerian Pipeline and Storage Company (NPSC), Engr. Luke Anele, 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 5,000km of petroleum products and crude oil pipelines under its watch.


He added that 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.


The NPSC MD said the outcome of the project would guide the company in arriving at informed decisions and enable appropriate strategies in the planned public private partnership arrangement for the pipelines.


Meanwhile, over 160 firms of professional estate surveyors and valuers participated in the bid to provide the NNPC with valuation and land acquisition services.


The Group General Manager (GGM), Supply Chain Management, NNPC, Shehu Liman, disclosed this during a public bid opening exercise conducted by the corporation in furtherance of its commitment to transparency in its procurement process.


Represented by the General Manager, Supply Chain Management, Mrs. Sophia Mbakwe, Liman stated that NNPC was desirous of engaging reputable and competent firms of estate surveyors and valuers that could provide unparalleled and exceptional valuation and land acquisition services to the corporation in order to sustain its drive towards excellence in service delivery.


The General Manager, Group Administration Services (GAS), who was represented by the Deputy Manager, Valuation and Acquisition, Chuks Ogbunude, explained that the bid opening was in compliance with the Public Procurement Act.


He assured bidders of a level playing field to guarantee the emergence of the best firm. (INDEPENDENT)


 

Source News Express

Posted 09/04/2018 1:57:31 PM

 

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