The Nigerian National Petroleum Corporation (NNPC) on Sunday, said that its management inherited a total of 65 unaudited financial statements for the group’s corporate office and her subsidiaries between 2011and 2014.
In a statement made available to newsmen, NNPC’s spokesman, Ndu Ughamadu, noted that the audit backlog had since been approved by the board of the corporation in line with the laws governing its operations.
The spokesman quoted Isiaka AbdulRazaq, Chief Financial Officer/Group Executive Director, Finance and Accounts, NNPC, as saying that the corporation had updated its outstanding audit of financial statements from 2011 to 2016.
He said that the presentation of the audited financial statements would help foster better relationship between NNPC and stakeholders.
”However, the important factor was not to look at the past. We saw an opportunity to challenge the problem and resolved to clear the arrears in the shortest possible time,” he said.
“There were, undoubtedly, challenges that led to the backlog which may have been beyond the control of the previous managements.
”In recognition of that modest achievement, the NNPC board further mandated management to clear the remaining outstanding reports for the period 2013 – 2016.
He said that the presentation would further promote transparency and accountability in the corporation.
“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.
“The result today is the delivery and board approval of the audited group financial statements as at December 31, 2016,’’ he stated.
Ughamadu said that the Managing Director, Nigerian Pipeline and Storage Company, Luke Anele, would embark on a comprehensive audit of the over 5,000-kilometre petroleum products and crude oil pipelines under its watch.
He said the project which has already been approved by the NNPC management would be executed by the National Engineering and Technical Company, an upstream subsidiary of the NNPC.