The Human Rights Writers Association of Nigeria (HURIWA) has commended the Nigerian National Petroleum Company Limited (NNPCL) for its remarkable display of transparency and accountability with the release of its 2023 Audited Financial Statement (AFS). The statement, which declared a net profit of N3.3 trillion and a dividend of N2.1 trillion, represents a significant departure from the opacity that once defined the former Nigerian National Petroleum Corporation (NNPC).
In a statement issued on Sunday, HURIWA’s National Coordinator, Comrade Emmanuel Onwubiko, praised the leadership of NNPCL under Group Managing Director Mele Kyari for its commitment to good corporate governance. According to HURIWA, the transition from NNPC to NNPCL has ushered in a new era of financial transparency and accountability, as evidenced by the company’s impressive 28% profit increase compared to the previous year.
“This is a major achievement that reflects the positive impact of the reforms initiated since the NNPC transformed into NNPCL. Despite the challenging operational and economic environment, NNPCL’s ability to generate such remarkable returns is commendable,” HURIWA stated.
HURIWA emphasized that the success recorded by NNPCL can be directly attributed to the strategic leadership of Mele Kyari, who has been at the helm since 2019. Under his tenure, NNPCL has undergone transformative reforms to enhance efficiency and profitability. “Mele Kyari has been instrumental in repositioning NNPCL as a transparent and accountable entity, driving the company to achieve the outstanding financial performance seen in 2023,” HURIWA noted.
The association also praised the NNPCL Board, led by Chairman Chief Pius Akinyelure, for securing shareholder confidence, as reflected in the approval of a final dividend of N2.1 trillion. HURIWA highlighted that this move demonstrates the Board’s commitment to delivering value and fostering economic growth.
HURIWA further acknowledged the critical role of the Petroleum Industry Act (PIA) 2021 in enabling NNPCL’s transformation. The group stressed that the PIA has provided the necessary legal framework for the company to operate more transparently and efficiently, ensuring its sustained profitability.
However, HURIWA also issued a strong reminder for NNPCL to remain vigilant against any attempts to revert to past practices of corruption and inefficiency that plagued the former NNPC. “NNPCL must not return to the dark days of corruption and mismanagement. The company should continue to prioritize transparency, accountability, and operational efficiency,” HURIWA warned.
The association called on NNPCL to implement further measures to enhance its financial reporting and governance practices, ensuring that its commitment to transparency becomes deeply rooted across all levels of the organization. “NNPCL must institutionalize transparency by continually improving its financial reporting processes and actively engaging with stakeholders,” HURIWA advised.
In addition, HURIWA expressed optimism that NNPCL’s example of transparency and accountability will inspire other government-owned enterprises in Nigeria to adopt similar practices. “NNPCL has set a new benchmark for state-owned enterprises in Nigeria, and we hope others will follow suit to improve the public sector’s overall performance,” HURIWA stated.
Looking ahead, HURIWA voiced confidence in NNPCL’s ability to maintain its profitability and achieve its target of producing 2 million barrels per day of crude oil by December 2024. The group noted that achieving this goal would further bolster Nigeria’s energy security and economic stability.
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In conclusion, HURIWA reaffirmed its support for NNPCL’s ongoing reforms and urged the company to stay committed to transparency, accountability, and operational excellence. The association believes that NNPCL’s transformation is a powerful testament to the positive impact of effective leadership and governance and called on all stakeholders to continue supporting the company’s efforts to secure a brighter future for Nigeria’s petroleum industry.
