By John Ikani
President Muhammadu Buhari is set to announce the audited financial statements of the Nigerian National Petroleum Corporation (NNPC) for 2019 and 2020.
Group Managing Director of the NNPC, Mele Kyari disclosed this to the House of Representatives Committee on Finance at the ongoing interactive session on the 2022-2024 Medium Term Expenditure Framework on Wednesday in Abuja.
Kyari hinted that the audited report will be good news to Nigerians, a statement that elicited applause from the members of the committee.
The state-owned oil company has a record of not releasing its statements of account, until last year when it released its first audited financial reports in 43 years.
“Mr Chairman, this is not the good time to make this announcement. Mr President will make the announcement himself. I can confirm to you that we have the audited financial statement of not just for 2019 but we have for 2020. It will be good news,” Mr Kyari said.
Reacting to the disclosure, the Chairman of the Committee, James Faleke said “You have made profit now, you have made our day.”
The companies covered in last year’s reports published on the corporation’s website included the Nigerian Petroleum Development Company (NPDC), Warri Refining & Petrochemical Company Limited (WRPC), Port Harcourt Refining Company Limited (PHRC), Kaduna Refining & Petrochemical Company (KRPC), Integrated Data Services Limited (IDSL), Nigerian Products and Marketing Company Limited (NPMC), Nigerian Pipelines and Storage Company (NPSC).
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.
All the refineries posted losses, while only the NPDC posted profit, according to the report.