The Presidency has revealed how the Nigerian National Petroleum Corporation (NNPC) was able to declare a profit despite a year plagued by the COVID-19 pandemic.
This was contained in a statement issued on Friday by the Media Adviser to President Muhammadu Buhari, Femi Adesina, via a piece titled ‘How Buhari Broke The Jinx At NNPC’, posted on his Facebook page.
According to Adesina, the NNPC was able to declare a net profit after tax of N287 billion in a COVID-19-hit year because the President did not turn it into a personal purse.
“Well, it happened because perhaps for the first time in the history of the country, and of the NNPC, there is a President who is not using the place like a personal Automated Teller Machine (ATM),” he noted.
“He (Buhari) is not collecting millions upon millions of dollars by fiat, nor is he giving directives for any under-the-table deal. And that President also happens to be the Minister for Petroleum Resources.”
The presidential aide listed some of the steps taken by the management of the NNPC, attributing them to previous remarks by the NNPC Group Managing Director, Mele Kyari.
The NNPC also took its transparency drive further by publishing its audited financial statement for the 2018 and 2019 financial years on its website, he explained.
On the new order of transparency in NNPC, he quoted Kyari as saying President Buhari never made any demand nor asked for anything for himself or any individual, as the minister of petroleum resources.
“NNPC is transforming from an integrated oil and gas company into an energy company, Mele Kyari disclosed. And quite contrary to the opacity of the past, operations of the energy company are as transparent as possible. His words:
“Over the past one and a half years, we have tried to keep that promise by sustaining the publication of our Monthly Financial and Operations Report (MFOR). No company, to my knowledge, does this.
“We have taken our transparency drive a notch higher by publishing our Audited Financial Statement for the 2018 and 2019 financial years on our website for all interested persons to see the significant turnaround in our performance recording 99.8% year-on-year,” Adesina said.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
If you are motivated and passionate about building a global society, founded on justice, equity, fairness, transparency, accountability and superior knowledge, kindly consider donating to Ripples Nigeria’s solutions journalism.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: Inside UNILAG’s multi-million naira budgetary abuse and academic discord
The University of Lagos located in Nigeria’s commercial capital, Lagos, has been embroiled in controversies with allegations bothering on misappropriation of...
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...