By John Ikani
The Nigerian National Petroleum Company Limited (NNPCL) has announced its remittance of N123 billion to the Federation Account in June this year.
The substantial contribution includes N81 billion as interim dividend and an additional N42 billion as 40 per cent PSC profit oil.
It is worth noting that this remittance comes just two months after the NNPC’s liberation from the fuel subsidy burden following its removal by President Bola Tinubu.
Umar Ajiya, the NNPC Chief Financial Officer, attributed the successful remittance to the provisions of the Petroleum Industry Act 2021.
The move highlights the company’s commitment to operating in accordance with the new legislation and signifies a step forward in aligning with the PIA’s objectives.
“The payment of dividends by the NNPC Limited clearly shows that the company under the leadership of the Group Chief Executive Officer, Mallam Mele Kyari is moving in a positive trajectory as enshrined in the PIA,” noted an NNPC source.
The latest financial contribution is particularly significant as it coincides with the announcement from the Office of the Accountant General that the Federation Account Allocation Committee (FAAC) disbursed a total sum of N907.054 billion to the federal government, states, and local government councils during the same period.
NNPC’s June remittances played a crucial role in augmenting the shared revenue.
Under the visionary leadership of Mallam Mele Kyari, the NNPC has diligently pursued the “Transparency, Accountability, and Performance Excellence” (TAPE) agenda, which lays out a five-step strategic roadmap for the corporation’s success and efficiency.
Elaborating on the TAPE agenda, the source stated, “Kyari, during the inauguration, had said pursuing TAPE was the only way to turn around the corporation and make it competitive.
“Under the roadmap, the Transparency component of the agenda was aimed at maintaining a positive image, sharing values of integrity and transparency with all stakeholders, while the Accountability segment of the campaign is to assure compliance with business ethics, policies, regulations, and accountability to all stakeholders.”
Furthermore, the agenda’s two-pronged approach of “Performance Excellence” seeks to foster a high level of efficiency by implementing business processes with precision and introducing an appropriate reward system for exceptional employee performance.
