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Transparency Issues Persist As Nigerian Oil Company NNPCL Fails To Release 2023 Financial Statements 7 Months Into 2024

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The NNPCL only released its 2022 financial statements in January 2024 after facing significant pressure. The Petroleum Industry Act mandates that the NNPCL, as a limited company, must undergo financial audits annually, in line with the Companies and Allied Matters Act.

The Nigerian National Petroleum Company Limited (NNPCL) has not published its financial records for 2023, as the year 2024 draws to a close.

This lack of transparency has sparked concerns about the company’s operations, especially since it became a limited company.

The NNPCL only released its 2022 financial statements in January 2024 after facing significant pressure. The Petroleum Industry Act mandates that the NNPCL, as a limited company, must undergo financial audits annually, in line with the Companies and Allied Matters Act.

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Oil revenue is a significant contributor to the Nigerian government’s fiscal intake, serving as a crucial indicator of revenue generation.

The company is an Incorporated Joint Venture owned in the following proportions: Nigerian National Petroleum Company Limited (NNPC) (49%), Shell Gas B.V. (25.6%), TotalEnegies Gaz & Electricité​ Holdings (15%), and Eni International N.A. N.V. S.àr.l (10.4%).

However, the financial performance of the NNPCL remains opaque, with Nigerians unable to access its financial statements and gauge its fiscal health.

Previous financial statements of the NNPC have raised concerns regarding the organisation’s financial management and the stewardship of the country’s oil revenue.

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A review of the 2021 financial statement highlighted several issues, including high indebtedness. Notably, the NNPC wrote off debts amounting to N140 billion over a three-year period between 2019 and 2021, raising questions about its financial prudence and revenue management practices.

One of the NNPC subsidiaries gave out loans worth N2 billion to employees despite recording zero profit in 2021.

Previous financial statements reveal that the NNPC has been funding loss-making subsidiaries, raising concerns about its operational efficiency. Additionally, the NNPCL has secured various crude-backed loans, including a $3 billion loan in 2023, the impact of which on the company’s revenue and operations remains unclear.

Furthermore, the Nigerian Extractive Industry Transparency Initiative (NEITI) has alleged that the NNPCL failed to remit N2.8 trillion in taxes to the government in 2022, highlighting potential revenue management issues.

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While the NNPCL continues to state that it is committed to accountability, experts note that publishing financial statements was a key pointer to such commitment.

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10m beneficiaries of cash transfers don’t have phones, not on social media – APC Chairman

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The National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, says more than 10 million vulnerable Nigerians who benefited from the N75,000 conditional cash transfer programme do not have access to mobile phones or social media.

Yilwatda disclosed this on Saturday while speaking with journalists after a three-day retreat of the APC National Executive Council in Maiduguri, Borno State.

The beneficiaries, whom he described as poor and vulnerable Nigerians, were largely unable to participate in public discussions about government policies because they lacked access to phones, television and social media.

“We have given 75,000 naira to over 10 million Nigerians across the country using the conditional cash transfer under the Ministry of Humanitarian Affairs and Poverty Reduction.

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“Mind you, these people who are poor and vulnerable don’t have telephones to make calls; they are not on social media. They don’t have a television. They cannot come and challenge and discuss as we are doing here, but they are out there,” he said.

Yilwatda also criticised former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, over his position on the fuel subsidy.

“We are constructing roads and paying people that are working on the road site, and construction is going across the country,” he said.

“Over 30 states could not pay salaries and pensions. After we removed subsidies, all states can pay salaries and pensions, and no state is left behind.

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“Today, if you return it, you are saying states shouldn’t pay salaries again. And what suffering are you bringing to Nigeria?”

The APC chairman also argued that a return to fuel subsidy would affect the government’s student loan scheme and other projects.

“The projects we’re doing across the country, like the coastal road and gas project to the north, which have passed Abuja, which are aimed at easing the suffering of Nigerians, will be suspended,” he said.

Yilwatda further accused Atiku of seeking to reverse the gains of the Tinubu administration in pursuit of the presidency, saying the APC and Nigerians would not accept such a move.

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The APC chairman said the NEC retreat also reviewed the party’s activities at the national, state, local government, ward and polling-unit levels.

According to him, the party concluded that it remained strong and prepared for the 2027 general elections.

He said the NEC passed a vote of confidence in President Bola Tinubu, Vice President Kashim Shettima and other APC candidates who emerged from the party’s primaries for the 2027 elections.

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‘I’m like three women’ — Ivie Atuwatse rules out polygamy for Olu of Warri

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Ivie Atuwatse III, wife of Ogiame Atuwatse III, the Olu of Warri, has opened up on the joys and challenges of being married to the traditional ruler, saying she takes pride in seeing people celebrate his achievements.

Ivie spoke in a recent interview with BBC News Pidgin, where she discussed life as the wife of the monarch and the demands that come with his position.

She said one of the things she enjoys most about the marriage is watching people appreciate her husband’s personality and achievements.

“The thing wey I like about being married to His Majesty is that, all the fame or the popularity wey him get, na say I get to see the world celebrate his genius, his swag also, cos me too I dey celebrate am,” she said.

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“And when the world dey celebrate am, e dey ginger me more. I dey extremely proud of am as a human being, and to see that they also appreciate am dey give me much joy.”

However, Ivie admitted that the Olu’s responsibilities can sometimes make it difficult for her to have enough time with him.

“But on the other side, dem say food wey dey sweet sometimes flies dey like to chop from am,” she said.

“Sometimes e dey busy and it can be hard to want to share my husband with all the many different duties that he has, and so that can be equally difficult.”

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She said they were learning to adjust to the demands of his position.

“And so, we are learning to navigate it because sometimes I just want him to myself,” she added.

The interviewer also asked whether she would accept another wife if the Olu changed his position on polygamy, having previously said he was not open to it.

Ivie dismissed the possibility, insisting that she was confident her husband would not change his mind.

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“Firstly, His Majesty no go fit change him mind about polygamy. Make we just settle that one for there,” she said.

“Me alone, one me, I be like three women, so I dey alright for am.”

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PHOTOS: Jerry Eze leads thousands in prayer at Man United’s Old Trafford

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Old Trafford, Manchester United’s 74,000-capacity stadium, became a house of worship on Saturday as Nigerian pastor Jerry Eze led the NSPPD UK Prayer Conference, drawing believers from across Britain and beyond.

Hosted by Streams of Joy International, the conference brought together believers from across the United Kingdom and around the world for prayer, worship and fellowship.

Worshippers at the NSPPD UK Prayer Conference held at Old Trafford, Manchester, on Saturday. Photo: X / @AgborMoses34

Admission to the event was free, though attendees were encouraged to register in advance as places were limited.

Despite that, demand reportedly outstripped availability, with some social media users claiming the event was fully booked and turning to TikTok in the days leading up to the conference in search of spare tickets.

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Worshippers during the NSPPD UK Prayer Conference at Old Trafford, Manchester, on Saturday. PHOTO: NSPPD/YouTube

Worshippers during the NSPPD UK Prayer Conference at Old Trafford, Manchester, on Saturday. PHOTO: NSPPD/YouTube

The gathering featured several well-known gospel ministers alongside Eze, including Sunmisola Agbebi, Mercy Chinwo, Dunsin Oyekan and Kaestrings.

Worshippers during the NSPPD UK Prayer Conference at Old Trafford, Manchester, on Saturday. PHOTO: NSPPD/YouTube

(Credit: Saturday PUNCH)

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