The Nigerian National Petroleum Corporation has made audited financial statements public so as to promote transparency around its operations.
The nation’s owned oil company, abbrieviated as NNPC, has been faced with backlash for years of keeping the country’s oil business operations from the eye of the public by publishing only unaudited financial reports.
According to the publication on the company’s website yesterday, The statements released were for 2018 and were signed by Chief Executive Officer Mele Kyari.
NNPC also released audited accounts online of its 20 subsidiaries and business divisions for the first time.
Disclosure “is good for transparency and accountability,” Waziri Adio, executive secretary of Nigeria Extractive Industry Transparency Initiative, said in a statement on Twitter. “I urge them to make this a regular practice and in open data format.”
National Petroleum Investment Management Services is the group’s most profitable division, according to the statements. It reported revenue of 5.04 trillion naira ($13 billion) in 2018 and profit of 1.01 trillion naira. That compares with a loss of 1.65 trillion naira in 2017.
The report revealed that total assets managed by NAPIMS stands at 18.6 trillion naira, with the oil and gas components valued at 14.2 trillion naira.
Also, the Nigerian Petroleum Development Company, an oil production subsidiary of NNPC reported a profit of 179 billion naira after tax in 2018. The corporation’s three refineries reported a combined loss of 154 billion naira with the Kaduna refinery recording zero revenue for that year. NNPC didn’t publish consolidated audited accounts for the group.
- Source: Bloomberg
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