Business

HURIWA applauds NNPCL’s transparency, accountability in 2023 financial report

Published

3 months ago

August 25, 2024

HURIWA applauds NNPCL’s transparency, accountability in 2023 financial report

The Human Rights Writers Association of Nigeria (HURIWA) has commended the Nigerian National Petroleum Company Limited (NNPCL) for its unprecedented display of transparency and accountability in releasing its 2023 Audited Financial Statement (AFS).

HURIWA stated that the NNPCL’s declaration of a net profit of N3.3 trillion, alongside the announcement of a N2.1 trillion dividend, marks a significant milestone in the company’s history and represents a clear departure from the opacity and inefficiency that once characterized the former Nigerian National Petroleum Corporation (NNPC).

In a statement released on Sunday, HURIWA’s National Coordinator, Comrade Emmanuel Onwubiko lauded the management of NNPCL under the leadership of the Group Managing Director, Mele Kyari, noting that the company’s impressive financial performance and commitment to openness signal a new era in Nigeria’s petroleum industry. According to HURIWA, the reborn NNPCL has demonstrated a commitment to upholding the principles of good corporate governance, a stark contrast to the previous practices that plagued the then NNPC.

The human rights group emphasized that NNPCL’s release of its audited financials, which showed a 28% increase in profit from the previous year, is a testament to the company’s resolve to operate with integrity and transparency. “This is a remarkable achievement that reflects the positive changes implemented since NNPC transitioned to NNPCL. The company’s ability to post such impressive returns amidst the challenges in the operational and economic environment is commendable,” HURIWA stated.

HURIWA highlighted that the NNPCL’s progress in financial transparency is directly linked to the leadership of Mele Kyari, who assumed the role of Group Managing Director in 2019. The organization pointed out that Kyari’s tenure has been marked by a series of transformative reforms aimed at improving the efficiency and profitability of NNPCL. “Since taking office, Mele Kyari has demonstrated an unwavering commitment to repositioning NNPCL as a transparent and accountable entity.His leadership has ushered in a new era of corporate responsibility, which has now culminated in the remarkable financial performance recorded in 2023,” HURIWA noted.

READ ALSO:

The human rights group also praised the NNPCL Board for its role in driving the company’s success. The approval of a final dividend of N2.1 trillion by the company’s shareholders, as announced by NNPCL Board Chairman, Chief Pius Akinyelure, was described by HURIWA as a reflection of the confidence reposed in the company’s management. “The decision to declare such a substantial dividend underscores the commitment of the NNPCL Board and Management to delivering value to shareholders and contributing to Nigeria’s economic growth,” HURIWA remarked.

Furthermore, HURIWA underscored the significance of the Petroleum Industry Act (PIA) 2021 in enabling NNPCL’s transformation. The group argued that the PIA has provided the necessary framework for the company to operate more efficiently and transparently, thereby enhancing its ability to achieve sustained profitability. “The PIA 2021 has played a crucial role in creating an enabling environment for NNPCL to thrive. The Act’s provisions have empowered the company to implement strategic initiatives that have resulted in the impressive financial outcomes we are witnessing today,” HURIWA observed.

However, while commending NNPCL’s progress, HURIWA also issued a stern reminder that the company must remain vigilant in safeguarding its newfound transparency and accountability. The organization urged NNPCL to resist any attempts to revert to the practices of the past, which were characterized by corruption, inefficiency, and a lack of transparency. “NNPCL must never return to the days of the locusts, when the then NNPC was synonymous with corruption and mismanagement. The company must continue to build on its recent successes by strengthening its capacity for transparency, accountability, and operational efficiency,” HURIWA warned.

READ ALSO:

In addition, HURIWA called on NNPCL to implement measures that will further enhance its financial reporting and governance practices. The group stressed the importance of maintaining a culture of transparency across all levels of the company’s operations, including its dealings with stakeholders and the general public. “NNPCL must ensure that its commitment to transparency and accountability is institutionalized. This requires continuous improvement in its financial reporting processes, as well as a proactive approach to engaging with stakeholders and addressing any concerns that may arise,” HURIWA advised.

The human rights group also expressed hope that NNPCL’s transparency and accountability will set a positive example for other government-owned enterprises in Nigeria. HURIWA urged other state-owned entities to emulate NNPCL’s approach to corporate governance, particularly in the areas of financial reporting and stakeholder engagement. “NNPCL has set a high standard for transparency and accountability, which other government-owned enterprises should strive to meet. We believe that adopting similar practices will contribute to the overall improvement of Nigeria’s public sector,” HURIWA concluded.

Looking ahead, HURIWA expressed confidence in NNPCL’s ability to sustain its profitability and achieve its production targets. The organization noted the company’s ambition to reach 2 million barrels per day of crude oil production by December 2024, as outlined by NNPCL’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan. HURIWA acknowledged that this goal, if achieved, would further enhance Nigeria’s energy security and economic stability.

In conclusion, HURIWA reaffirmed its support for NNPCL’s ongoing reforms and urged the company to remain committed to its principles of transparency, accountability, and operational excellence. The organization reiterated that NNPCL’s transformation is a testament to the positive impact of good leadership and sound governance, and called on all stakeholders to continue supporting the company’s efforts to build a brighter future for Nigeria’s petroleum industry.

HURIWA applauds NNPCL’s transparency, accountability in 2023 financial report

Related Topics:financial report HURIWA NNPCL

Up Next

Fuel queues persist in Lagos, others despite NNPC assurances

Don't Miss

Naira exchanges for N1,600/$ in parallel market

Aviation

Disaster averted as bird strike hits Abuja-Lagos Air Peace flight

Published

11 hours ago

November 14, 2024

Trends Admin

Disaster averted as bird strike hits Abuja-Lagos Air Peace flight

An Abuja-Lagos flight was on Thursday aborted following a bird strike on the airplane belonging to Air Peace, forcing the authorities to ground the aircraft.

The bird strike experienced in the early hours reportedly prompted a ramp return to ensure the safety of passengers onboard.

All the passengers quickly disembarked and were calmed down before they were moved into another plane for the one-hour journey.

A bird strike is a collision between a bird and an aircraft, or other airborne animal, while the aircraft is in flight, taking off, or landing. And it can be a significant threat to aircraft safety.

Air Peace in a statement by its Head of Corporate Communications, Ejike Ndiulo, said the bird strike occurred at 6:30am, and all passengers disembarked normally.

The statement read, “We wish to inform our esteemed passengers that our Abuja- Lagos 06:30 flight experienced a bird strike before take-off, prompting a ramp return as a safety measure. All passengers disembarked normally.

“We have deployed a replacement aircraft for the affected flight in order to minimize disruptions, thus ensuring that passengers continue their journeys promptly.

“We appeal for the understanding of our valued passengers impacted by this development, as well as those on other flights that may experience delays.

“At Air Peace, we are committed to providing safe, comfortable, and reliable air travel for all our passengers.”

Business

NNPC achieves 1.8mbpd crude oil production

Published

12 hours ago

November 14, 2024

Trends Admin

NNPC achieves 1.8mbpd crude oil production

The Nigerian National Petroleum Company Limited (NNPC Ltd) and its partners have revved up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd).

The company which announced this at a press briefing said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.

Speaking on the development, the Group Chief Executive Officer, Mr. Mele Kyari, congratulated the Production War Room Team that anchored the production recovery process.

“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders based on the mandates that we
have from the President, the Honourable Minister, and the Board,” Kyari explained.

Giving details of the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, disclosed that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.

READ ALSO:

He said the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.
He stressed that when the Production War Room team was inaugurated on 25th June 2024, production was at 1.430mbpd, but the team swung into action, culminating into sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd in November.
“We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” he stated.
Also speaking on the development, Chairman of the NNPC Ltd Board of Directors, Chief Pius Akinyelure, who also congratulated the team, said he was happy to be part of the production recovery process, adding: “today, I will leave this place with my heart full of joy”.

He charged the Company’s Management to come up with a cashflow projection based on the new production figures to facilitate planning, stressing that he was looking forward to further production increase to 3mbpd.

On his part, the Honourable Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more.

NNPC achieves 1.8mbpd crude oil production

Business

FG gets fresh $134m loan from AfDB for agric projects

Published

12 hours ago

November 14, 2024

Trends Admin

FG gets fresh $134m loan from AfDB for agric projects

The Federal Government has secured a loan facility of $134million from the African Development Bank (AfDB) to help farmers boost seeds and grain production in the country.

This is contained in a statement issued by Anthonia Eremah, Chief Information Officer, Ministry of Agriculture and Food Security, on Thursday, in Abuja.

Minister of Agriculture and Food Security, Sen. Abubakar Kyari, made his know at the unveiling of the 2024/2025 National Dry Season Farming in Calabar, Cross River State capital.

Kyari explained that with the re-introduction of the national dry season farming to boost year-round agricultural production, the loan would be handy and guarantee national food security in the country.

The minister said the initiative is under the National Agricultural Growth Support Scheme-Agro Pocket (NAGS-AP) Project.

He said the federal government had declared an emergency on food production to enable all Nigerians to get easy access to quality and nutritional food at affordable rates.

Kyari also said government wants to use the agricultural sector for national economic revival through increase in production of some staple food crops such as wheat, rice, maize, sorghum, soybean, and cassava during both dry and wet season farming.

He added that 107,429 wheat farmers were supported under phase 1 of the 2023/2024 dry season, and 43,997 rice farmers under the second phase of the 2023/2024 dry season.

READ ALSO:

The minister said recently, government supported 192,095 rice, maize, sorghum/millet, soyabean and cassava farmers under the 2024 wet season across the 37 States including the FCT.

He said Cross River was leading 16 other states in wheat production, adding that over 3000 wheat farmers have been listed to benefit from the support to grow the grain.

Kyari noted the Cross River government’s commitment to wheat production.

He said it informed why the federal government is partnering with the state to kick start the maiden wheat production and enlisting them among states commencing the current 2024/2025 dry season farming.

“The 2024/2025 dry season farming, the project is targeted to support 250,000 wheat farmers across the wheat-producing states with subsidised agricultural inputs.

“This is to cultivate about 250,000 hectares with an expected output of about 750,000 metric tonnes of wheat to be added to the food reserve to reduce dependence on importation of the product and also increase domestic consumption.

“Equally the programme will provide support to 150,000 rice farmers under the second phase to cover all the 37 states, including FCT, with an expected output of about 450,000 metric tonnes,” he said.