Fidelity bank banner UBA banner
65 Financial Statements of NNPC subsidiaries unaudited for 4 years

By Mohammed Shosanya on 09/04/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 539

•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


Share on facebook Yahoo mail icon Gmail icon Share on Google+




You may also like...
Amaechi’s 2nd term as Presidential Campaign DG and...

Abacha’s loot, Mohammed’s deal and the Abacha in...

Just In: Commissioner dies while jogging with Governor...

Imo approves N28,000 minimum wage for judicial workers...

Ukah to be honoured with Enyi 1 of...

Police promotes 233 officers in Delta

Duterte crushes $5.5M worth of luxury cars

Eid-el Kabir: Sokoto State Govt. disburses N14.68m for...

How defending champions Spain crashed out Euro 2016...

Is anyone really trying to save Nigeria’s kidnapped...

Court grants NCC, MTN 60 days to resolve...

FG bows to pressure, produces Radio Biafra Director...


Latest News Boko Haram kills another abducted Red Cross worker, threatens to enslave Leah Sharibu Microsoft co-founder succumbs to cancer Presidency reportedly orders EFCC to detain Fayose indefinitely Kano lawmakers probe alleged bribery by Governor Ganduje How I’ll deliver one million votes for Governor Emmanuel’s second term — Elijah Ifot, Akwa Ibom leader in Lagos 2019: NEFAD endorses Atiku, Umahi 2019 Presidency: Igbo Ekunie berates Southeast PDP for position on Atiku’s choice of Peter Obi as running mate Police summons PDP guber candidate over alleged murder 2019 elections: INEC insists Zamfara APC has no candidate Adeleke to be docked 31 October for exam fraud ASUU splits in two over attack on vice-chancellor of FUOYE Atiku can get our economy working again — Spokesman


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (406,534 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (382,234 views) Shameless Genevieve Nnaji exposes breasts in public (314,579 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (256,585 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (237,275 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (224,225 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (203,968 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (185,464 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (170,011 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (165,828 views) Lagos plane crash: Journalist releases victims’ names (161,395 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,215 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (67) Business & Economy (3,680) Business Verdict (52) Columnists (945) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (559) Features (659) Global Business Monitor (304) International (2,530) Interview (165) Live Commentary (28) Love Matters (145) News (39,629) Opinion (1,123) Pidgin (13) Politics (7,230) Religion (880) Sports (1,730) Stock Watch (35) AMA & Al Jazeera Global Update


Zenith Zero Balance

NLNG Expression of Interest banner

CBN banner

Firstmobile banner




Fulham vs Arsenal 1-5 All Goals & Extended Highlights


APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera