ABUJA – The Nigerian National Petroleum Company Limited (NNPC Ltd) has received high praise from the Extractive Industries Transparency Initiative (EITI) in its latest global assessment, according to a statement by EITI’s Deputy Executive Director, Mr. Bady Baldé.
During a visit by an EITI delegation to the NNPC Ltd’s Group Chief Executive Officer, Mr. Mele Kyari, in Abuja on Thursday, Baldé revealed that NNPC Ltd performed exceptionally well in the assessment, ranking only behind Equinox of Norway in its category.
Despite the commendation, Baldé emphasized that there is still room for improvement, urging NNPC Ltd to enhance its compliance with global EITI standards to bolster the company’s credibility.
Baldé also encouraged NNPC Ltd to remain actively engaged in its Nigerian unit, the Nigeria Extractive Industries Transparency Initiative (NEITI).
In response, Kyari highlighted key operational changes since NNPC Ltd.’s transformation into a commercially focused limited liability company in 2021. He acknowledged the positive impact of the partnership with EITI/NEITI, making NNPC Ltd. a more reliable entity.
Expressing disappointment, Kyari addressed NEITI’s public disclosure of a report claiming NNPC Ltd. had failed to remit funds to the Federation Account. Kyari clarified that the funds in question were not withheld but rather due to the company as payment for handling the burden of fuel subsidies on behalf of the Federal Government.
Kyari also revealed that NNPC Ltd. would soon release its audited financial statement (AFS) for 2022, which was delayed due to the absence of a substantive board of directors at the time.
Meanwhile, Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI, called for the reconstitution of the NNPC/NEITI Joint Committee on Reconciliation to address any potential discrepancies and strengthen collaboration between the two entities.
