…Embarks on integrity audit of over 5000km oil pipeline network

The NNPC has successfully completed outstanding audit of its financial statements from 2011 to 2016. The audited backlog has since been formally approved by the board of the corporation in line with extant laws governing its operations.

Providing details of the development in an exclusive interview published in the Q1 2018 edition of NNPC Magazine, Isiaka AbdulRazaq, Chief Financial Officer/ Group Executive Director (CFO/GED), Finance and Accounts of the NNPC, said the delivery of the audited financial statements would help foster better relations with stakeholders and further promote transparency and accountability in the corporation.

The Group General Manager, Public Affairs, NNPC, Ndu Ughamadu, quoted the CFO/GED as saying, “The drive to achieve a clean slate dates back to August 2015, when the current management of the Finance and Accounts Directorate took over leadership and inherited a total of 65 unaudited financial statements of the NNPC and its subsidiaries, covering 2011 to 2014.

Also, in the publication, Managing Director of the Nigerian Pipeline and Storage Company (NPSC), Engr. Luke Anele, revealed plans by the company which was created out of the old Pipelines and Products Marketing Company (PPMC), to embark on comprehensive audit of the over 5000km of petroleum products and crude oil pipelines under its watch.

Engr. Anele said the project which had already been approved by the NNPC was to be executed by the National Engineering and Technical Company (NETCO), an upstream subsidiary of the NNPC.