Senate commends NNPC’s drive towards profitability

The Senate has commended the Nigerian National Petroleum Corporation (NNPC) for its efforts towards attaining profitability and stamping out corruption from its system.

Suleiman Abdu Kwari, Chairman Senate committee on anti-corruption and financial crimes, gave the commendation at a hearing which was held at the national assembly complex, Abuja.

Kwari said it was heart-warming to learn that the NNPC was making great strides towards profitability and urged the corporation to sustain the gains recorded so far for the good of the country.

In his presentation at the hearing, Mele Kyari, the Group Managing Director of NNPC, said the corporation was championing the fight against corruption in the oil and gas industry by placing measures to curb incidences of corruption across its various business portfolios and by enlisting as a partner company of the Extractive Industries Transparency Initiative (EITI).

He also said that the corporation has reported several incidences of infractions such as products diversion and crude oil theft to the police, EFCC and other investigating agencies of the Federal government to stem corruption within the oil and gas industry.

In an effort to clampdown on fuel smuggling, the ministry of petroleum resources launched the operation white project in October 2019 to monitor and track the movement of petroleum products in the country.

Also in February 2021, the Department of Petroleum Resources (DPR) launched the downstream remote monitoring system (DRMS) to track the movement of petroleum products from depots to retail outlets.

“We have created an anti-corruption desk in NNPC that engages the Economic and Financial Crimes Commission (EFCC) and other anti-corruption agencies on a regular basis,” NNPC GMD said.

“The desk ensures that in all our operations, every staff complies to the code of conduct procedures with consequence management.

“We have established a regulatory compliant governance charter and transparency policy; this is a mark of our compliance to the anti-corruption strategy.

“For the first time in 43 years, NNPC, as a part of the evolving culture of transparency and accountability, published its Audited Financial Statements (AFS) for 2018 and 2019. We are going to publish that of 2020.

“The AFS is the only document that tells how a company does its transaction. We are happy that by the time the 2020 AFS will be published, Nigerians will see the dividends of our accountability.”

Kayri further said that NNPC, in collaboration with security agencies, has reduced incidences of pipeline vandalism to four percent across the country