HeadlinesOil & Gas NNPC shed light on 2020 audited report By maritimemag September 20, 2021 ShareTweet 0 The Nigerian National Petroleum Corporation (NNPC) started its weekly activities by throwing more light on the controversial areas of its 2020 audited financial report that placed the corporation on a profit lane. It will be recalled that on Aug. 26, President Muhammadu Buhari announced a profit after tax of N287billion by the corporation in 2020, the first of its kind in the oil giant’s 44-year history. This feat which was commended by President Buhari had also won the Group Managing Director of the corporation Malam Mele Kyari-led management accolades from stakeholders and Nigerians from all walks of life. Kyari however, explains how the corporation’s performance turn out positive at a time the negative impact of the COVID-19 pandemic affected businesses worldwide? Also. the Group Executive Director, Finance & Accounts, Mr Umar Ajiya, also shed more light on the development and equally addressed some of the issues raised by those who doubt the veracity of the profit declared by the Corporation. He said the trend of real openness has begun not only in the NNPC but also in the Nigerian petroleum industry, especially with the signing of the Petroleum Industry Act (PIA). He said that during the period under review, the NNPC took some unprecedented steps among which was cost optimisation aimed at refocusing its businesses. Also, in the week, the Nigerian Gas Marketing Company Limited (NGMC), a subsidiary of NNPC, restated its commitment to the development of its host communities. Managing Director of the Company, Mr Justin Ezeala, made the commitment at the opening ceremony of the Women Skills Acquisition Program for its host communities in its Northern operations He said NGMC was committed to developing a robust sustainable relationship with all its host communities and disclosed that the beneficiaries were carefully nominated by executives of their respective communities and would undergo intensive three-week training in catering, tailoring/fashion design, hairdressing and make-up (including pedicure, manicure and gele tying). He tasked the host communities on the sustenance of the existing peaceful relationship while assuring them of the company’s continued support. Addressing the beneficiaries, the Lead Consultant, Bernard Emekpe, said the program was a testament to NNPC’s vision of engaging the communities in which it operates. He advised the beneficiaries to see this as a lifetime opportunity and take control of their destiny. A representative of the host communities, Otokina Goodluck, and some of the beneficiaries said the program was a life-changing opportunity and promised to make judicious use of it. The beneficiaries were drawn from Ajaokuta, Geregu, and Aku communities in Kogi State. Meanwhile, the Republic of Norway has commended the federal government on the successful signing of the Petroleum Industry Act, PIA. The Norwegian Ambassador to Nigeria, Knut Eiliv Lein gave the commendation during a business visit to the Minister of State for Petroleum Resources Chief Timipre Sylva in Abuja. He said they were delighted at the signing of the bill which he said would accelerate development and strengthen the oil and gas industry. On his part, Chief Sylva said the difference between past efforts and the eventual PIB that was passed by the National Assembly was that all industry stakeholders, including government agencies were carried along. Still, on the week under review, the GMD was conferred the BusinessDay Energy Executive of the Year Award by Businessday Newspaper Management in recognition of his giant strides in repositioning the oil and gas industry in Nigeria. Receiving the award in Abuja, Kyari said the trust by President Buhari was the propelling force behind the many achievements recorded in the nation’s oil and gas sector within the last two years. He described his position and the confidence that he enjoys from the President as a privilege, stressing that he and members of his management team were working hard to justify the trust in the interest of the nation and to the benefit of Nigerians. He attributed the transformation and recent profit by the Corporation to quality leadership and prudent management of resources, noting that it was part of his efforts towards keeping the trust. The GMD stated that the Corporation’s courage to publish its 2018 Audited Financial Statement with a huge loss was in line with his management resolve to be transparent and accountable to the public, emphasizing that the success story of ₦287bn profit in the 2020 financials was a result of the determination to do things differently. The NNPC helmsman, while appreciating the management of BusinessDay Media Limited for the award, declared: “As the biggest company with the largest assets in Africa, NNPC has no reason not to make a profit.” Earlier in his remarks, the Managing Director of BusinessDay Media Limited, Dr Ogho Okiti, said globally acceptable parameters were adopted in selecting the awardees. “In addition, our Business Research and Intelligence Unit (BRIU) in conjunction with our Oil and Gas Editorial Team have carefully analysed the data available on each company as well as their work programme recorded with the DPR for the period between 2019 and 2020 to arrive the selection”, he said. Also speaking at the event, the Father of the Day, HRM King Alfred Papapreye Diete-Spiff, acknowledged the contributions of the oil and gas industry to national development and called for diversification of the economy. For piloting the Corporation into the post-Petroleum Industry Act era, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has pledged its unalloyed support for the Management of the NNPC. The Group Chairman, PENGASSAN, Comrade Victor Odor, disclosed this during a courtesy visit to the Group General Manager, Group Public Affairs Division (GPAD), Garba Deen Muhammad, in his office in Abuja. Comrade Odor, who said the visit was to felicitate with the Corporation’s spokesman on his appointment, declared that the union would stop at nothing to defend the Corporation’s current position as a profit-making company against those who believe that NNPC could never do well, adding that the NNPC GMD and his management team have done well in repositioning the Corporation and deserved support. He said the union would focus more on functional conflict management than disruptive conflict management in its constructive engagement with the Management to ensure sustainable growth and profitability for the Corporation. Responding, the Group General Manager, Group Public Affairs Division, Garba Deen Muhammad, who appreciated the union leaders for the kind gesture, said the GMD was very passionate about repositioning the Corporation and the entire oil and gas industry. He assured the union leaders that Management was appreciative of their support and was always ready to work with them to take the Corporation to greater heights. The Group Chairman of PENGASSAN was accompanied on the visit by the Group Vice Chairman, Comrade Eghosa Aghimien, and Group Secretary of PENGASSAN, Comrade Olugbenga Shokunbi. © 2021, maritimemag. All rights reserved.