The Nigerian National Petroleum Company Limited (NNPC Ltd.) has received a commendable rating from the Extractive Industries Transparency Initiative (EITI), showcasing strong compliance with global standards. Bady Baldé, Deputy Executive Director of EITI, conveyed this during a visit to Mr. Mele Kyari, the Group Chief Executive Officer of NNPC Ltd. in Abuja.
According to Baldé, NNPC Ltd. performed exceptionally well in the global assessment, with only Equinox of Norway surpassing its performance within the same category. While acknowledging NNPC Ltd.’s achievement, Baldé emphasized the importance of continuous improvement to uphold credibility.
Mr. Kyari, in his remarks, highlighted the transformations within NNPC Ltd. since its transition into a commercially focused limited liability company in 2021. He credited the partnership with EITI/NEITI for enhancing the company’s reliability but expressed disappointment with NEITI’s public report alleging non-remittance of funds to the Federation Account. Kyari clarified that NNPC Ltd. had not withheld any public funds and explained the reported non-remittance as payment for fuel subsidy on behalf of the Federal Government.
Dr. Orji Ogbonnaya Orji, Executive Secretary of NEITI, advocated for the reconstitution of the NNPC/NEITI Joint Committee on Reconciliation to address any discrepancies. NNPC Ltd. plans to publish its Audited Financial Statement (AFS) for 2022 on its website shortly, pending the resolution of board governance issues.