Business

NNPC Becomes EITI Supporting Company To Boost Transparency

Nigeria’s national oil company, the Nigerian National Petroleum Corporation (NNPC), has become an Extractive Industries Transparency Initiative (EITI) supporting company.

According to a statement posted on the initiative’s website on Tuesday, NNPC joined a group of over 65 extractives companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners who commit to observing the EITI’s supporting company expectations.

EITI Board Chair, Rt Hon. Helen Clark, welcomed the company’s commitment to the EITI.

“NNPC plays a vital role in Nigeria’s economy. Joining the EITI as a supporting company is a welcome step in the NNPC’s journey toward achieving greater transparency and to help ensure that Nigeria’s citizens benefit from their natural resource wealth,” Clark said.

Nigeria’s Minister of Finance, Budget and National Planning and former EITI Board member, Zainab Ahmed, also stressed the importance of ensuring that natural resource wealth contributes to sustainable development.

“Increased transparency of Nigeria’s national oil company revenues is contributing to improvements in our country’s domestic resource mobilisation efforts,” she said.

Group Managing Director at NNPC, Mele Kyari, affirmed his company’s commitment to the EITI.

“Becoming an EITI supporting company aligns with NNPC’s corporate vision and principles of transparency, accountability and performance excellence,” the GMD said.

“Our partnership with NEITI and EITI strengthens our commitment towards commodity trading transparency, contract transparency and systematic disclosure of revenues and payments.

“We are on a journey towards greater transparency and look forward to deepening our collaboration with the EITI to further this work.”

NNPC

Nigeria Extractive Industries Transparency Initiative (NEITI) Executive Secretary, Waziri Adio, commended NNPC’s move to support the EITI.

“NNPC joining the EITI as a supporting company is a major inflection point in the quest for transparency – for the company, for Nigeria’s oil and gas sector, and for the country as a whole,” he said.

“This is so given how critical NNPC is to the sector and to the country. NEITI welcomes this bold commitment. We will continue to work and walk with NNPC to translate its espoused commitments to transparency and accountability into concrete and sustained actions and results.”

Established in 1977, NNPC has grown to become the largest asset holder across Nigeria’s oil and gas industry value chain.

The state-owned company has recently taken measures to become more transparent. In June 2020, it published audited accounts for 20 of its subsidiaries. It is working with Nigeria EITI (NEITI) on an action plan to routinely disclose information and it currently publishes some of the data required by the 2019 EITI Standard on its website.

The initiative’s statement stated that cecoming an EITI supporting company can help state-owned companies make progress on the journey to transparency.

“A recent example is Qatar Petroleum, which has been an EITI supporting company since October 2019 and has now published its annual and sustainability plans for the first time,” it added.

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