Making NNPC audited financial statements public, positive development for extractive industry ― Don

The Deputy Vice-Chancellor of Afe Babalola University, Ado Ekiti (ABUAD), Professor Damilola Olawuyi (SAN), who is also an energy law expert, has lauded the Nigerian National Petroleum Corporation (NNPC) for the recent publication of its 2020 audited financial statements.

The Senior Advocate of Nigeria, who is a board member of the Nigerian Extractive Industries Transparency Initiative (NEITI), stated this during an interactive online session with reporters at the weekend, adding that the audited financial statement of the NNPC which was recently made publicly available on the website of the corporation highlights its current operational and financial position.

This is the third consecutive year that the NNPC is publishing its audited financial statements, having done so in 2018 and 2019.

While commending this feat, Professor Olawuyi noted that “international law emphasizes the need for openness and transparency across all aspects of regulatory enforcement and supervision. NEITI has been particularly active in raising awareness of the need for proactive information disclosure as a tool for enhancing public confidence and eradicating corruption. The publication of audited financial statements by the NNPC shows that such efforts are paying off and will significantly boost investor confidence in ongoing efforts by the Federal Government to sanitize the extractive industry.”

While discussing the need for the NNPC to ensure that such proactive information disclosure becomes a regular practice, Olawuyi noted that regulatory excellence requires frequent, timely and detailed reporting on operational and financial activities. He, therefore, enjoined other extractive sector entities to follow NNPC’s lead in this regard, so that members of the public can be carried along in the development of this very important sector of the economy.

“Reducing secrecy, through the publication of open and transparent data, allows stakeholders to monitor corruption risks across the entire oil and gas value chain and to make sure they are properly addressed,” Professor Olawuyi concluded.

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