The Nigerian National Petroleum Corporation (NNPC) made history on Friday with the publication of its first audited financial statementsafter 43 years of its operation.
The annual reports and financial statements for the year ended December 31, 2018, were for 20 of the state-owned national oil company’s subsidiary companies operating within and outside the country
The companies covered in the reports published in corporation’s websitelast Friday included the Nigerian Petroleum Development Company (NPDC), Warri Refining & Petrochemical Company Limited (WRPC), Port Harcourt Refining Company Limited (PHRC), Kaduna Refining & Petrochemical Company (KRPC), and Integrated Data Services Limited (IDSL), Nigerian Products and Marketing Company Limited (NPMC), Nigerian Pipelines and Storage Company (NPSC).
The others include the National Engineering & Technical Company Limited (NETCO), Nigerian Gas and Marketing Company Limited (NGMC), Duke Oil Services (UK) Limited, Duke Global Energy Investment Limited, Duke Oil Incorporated, NNPC Retail Limited, National Petroleum Investments Management Services (NAPIMS), The Wheel Insurance, NIDAS Shipping Services, NIDAS UK Agency, and NIDAS Marine.
This is viewed as a reaction to the criticism that has been on the government-owned oil firm, for years of conducting the country’s oil business in secret by only publishing unaudited financial reports. The audited financial statements for NNPC and its subsidiaries, which were published on the company’s website yesterday, were signed by the Group Managing director/Chief Executive Officer of NNPC and the Chief Executives of the various subsidiaries.
The NNPC also published the audited accounts of its 20 subsidiaries and business divisions for the first time.
While acknowledging the release of the audited financial statement, the Executive Secretary Nigeria Extractive Industry Transparency Initiative (NEITI), Waziri Adio said, “Having such disclosures is good for transparency and accountability. I congratulate Mele Kyari and his team and urge them to make this a regular practice and in open data format.”
The audited financial statements focused more on the subsidiaries of the NNPC group as there was no consolidated financial statement.
As part of the highlights of the audited financial statement, the National Petroleum Investment Management Services (NAPIMS), its most profitable subsidiary according to the statements, reported a revenue of N5.04 trillion in 2018 and a profit of N1.01 trillion as against a loss of N1.65 trillion that was recorded in 2017.