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Don hails NNPC’s financial transparency

By Yetunde Ayobami Ojo
22 September 2021   |   3:41 am
Energy law expert and Deputy Vice Chancellor of Afe Babalola University, Ado Ekiti (ABUAD), Professor Damilola Olawuyi, has lauded the Nigerian National Petroleum Corporation (NNPC) for the recent publication of its 2020 audited financial statements.

Energy law expert and Deputy Vice Chancellor of Afe Babalola University, Ado Ekiti (ABUAD), Professor Damilola Olawuyi, 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 newsmen.

While commending the feat, Professor Olawuyi noted: “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 on 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.”