Port Harcourt: The Nigerian National Petroleum Corporation (NNPC) says that it had updated its outstanding audit of the group financial statements from 2011 to 2016.
NNPC Spokesman, Ndu Ughamadu, said in a statement in Abuja that the audited backlog had since been approved by the board of the corporation in line with the laws governing its operations.
He quoted Mr Isiaka AbdulRazaq, Chief Financial Officer/Group Executive Director, Finance and Accounts, NNPC, as saying that the presentation of the audited financial statements would help foster better relationship between NNPC and stakeholders.
He said that the presentation would further promote transparency and accountability in the corporation. Ughamadu said that the management inherited a total of 65 unaudited financial statements for NNPC group corporate and its subsidiaries covering 2011 – 2014.
“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 at the past. We saw an opportunity to challenge the problem, and resolved to clear the arrears in the shortest possible time,” he said.
He said the corporation management constituted a project steering committee, which met weekly with the auditors and 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.
“In recognition of that modest achievement, the NNPC board further mandated management to clear the remaining outstanding reports for the period 2013 – 2016.
“The result today is the delivery and board approval of the audited group financial statements as at Dec. 31, 2016,” he said.
Ughamadu said that the Managing Director, Nigerian Pipeline and Storage Company, Luke Anele, would embark on a comprehensive audit of the over 5000 kilometre petroleum products and crude oil pipelines under its watch.
He revealed that the project, which had already been approved by the NNPC management, would be executed by the National Engineering and Technical Company, an upstream subsidiary of the NNPC.