Our financial statements up to date, says NNPC executive director

• Commences audit of over 5000km oil pipeline network
• Plans groundbreaking of $2.8b gas project

The Nigerian National Petroleum Corporation (NNPC) said yesterday in Abuja that it has completed audit of the group’s financial statements from 2011 to 2016.

The group said audited backlog of the company has since been formally approved by the board of the corporation in line with extant laws governing the operations of the national oil company.

Chief Financial Officer/Group Executive Director (CFO/GED), Finance & Accounts of the NNPC, Isiaka AbdulRazaq, said in its latest quarterly publication that the audited financial statements would help foster better relations with stakeholders and further promote transparency and accountability in the corporation.

AbdulRazaq said the drive to achieve the clean slate dated back to August 2015, when the current management of the finance and accounts directorate took over the mantle of leadership and inherited a total of 65 unaudited financial statements for NNPC Group Corporate and its subsidiaries, covering 2011 – 2014.

Managing Director of the Nigerian Pipeline and Storage Company (NPSC), Luke Anele, has also disclosed plans to embark on comprehensive audit of the over 5000km of petroleum products and crude oil pipelines under its watch.

The project, which has already been approved by the NNPC management, is to be executed by the National Engineering and Technical Company (NETCO) an upstream subsidiary of the NNPC group.

The corporation has also said arrangements were being concluded for the groundbreaking of the $2.8 billion trans-Nigeria gas pipeline project. The 40inch x 614km Ajaokuta – Kaduna – Kano, (AKK) project was awarded last week.

The contract was consummated in Abuja between Oilserv/Oando Consortium represented by the Chairman/ Group Chief Executive Officer, Emeka Okwuosa and the Managing Director, Gbite Falade and the NNPC team led by the Group Managing Director, Maikanti Baru.

According to the Group General Manager, Group Public Affairs Division, Ndu Ughamadu, in a statement yesterday, upon completion, 24 months from now, the AKK gas pipeline would enable connectivity between the East, West and North, currently non-existent.

NNPC said, it would also enable gas supply and utilisation to key commercial centres in the Northern corridor of Nigeria with the attendant positive spin-off on power generation and industrial growth.

Providing details of the contract awarded to consortium of indigenous and Chinese entities under a 100 per cent contractor financing model, the NNPC said Lot 1 with total length of 40inch x 200km stretching from Ajaokuta to Abuja Terminal Gas Station awarded to the Oilserv/Oando Consortium had a contract value of about $855million.

Lot 2 whose contract agreement is yet to be executed covers 40inch x 193km, stretching from Abuja to Kaduna with contract value of about $835 million.

The NNPC said Lot 3, which runs from Kaduna Terminal Gas Station (TGS) to Kano TGS, with total length of 40inch x 221km was awarded to the Brentex/China Petroleum Pipeline Bureau (CPP) Consortium under a contract value of about $1.2 billion.