NNPC Retirees Tackle Presidency, Others Over 2020 Audited Accounts



NNPC's Revenue Falls By N916bn Despite Posting N287bn Profit — Economic  Confidential

… It was not the first audited accounts

…missing N2.8bn emanated from audited accounts of 1977

Olusola Bello

Some former employees of the Nigerian National Petroleum Corporation (NNPC) have debunked claims in some quarters that the organisations’ 2020 audited account was the first.

According to those of them that spoke to Business Standards, they said, it is grossly erroneous for government officials and some people to make claims that it is the first audited report knowing fully well that each year an audited report is submitted to the government through the Auditor General of the Federation.

They said while they are not arguing that the report is coming out on time or early enough, they however disagreed with the impression being created by government officials that this is the first time in the corporation’s 44 years of existence that it is preparing an audited report.

According to one of the retirees who was a member of the corporation’s management, he said: “I am not commenting on this audit report. I am commenting on the so called feat in timely publishing the NNPC Audit report for the first time in 44 years. This is a lie that should be corrected but the media does no research and therefore cannot rebut these lies.”

“Remember that NNPC was incorporated in 1977. Remember the 1979 rumour of N2.8b missing from NNPC accounts. This rumour emanated from one of the media houses on the 19th September 1979. The origin of the rumour was from the audited accounts of 1977 which the media house erroneously interpreted the external auditors comments.”


He said over the years following, NNPC Audit reports were not published but statutorily channelled through the Auditor General among that of hundreds of reports by MDAs.” It would take like years to get endorsement and so the reports become outdated and no good to be published.”


Things may have changed now and NNPC audit may not now pass through the Auditor general, so it would be ready for publication in time.


According to him, this erroneous impression needs to be corrected. But unfortunately, no one wants to do so because the chest beating by government officials and NNPC would be interrupted.


The retiree who was an official of the company long before 1977, reiterated that it is important to point this out to avoid people being informed.


President Muhammadu Buhari who doubles as Minister of Petroleum Resources, had announced a Profit after Tax of N287 billion by the Nigerian National Petroleum Corporation (NNPC) in 2020.

The declaration was in fulfillment of an earlier pledge by the federal government to publicly announce the financial position of the NNPC.

He noted that the net profit was the first in the 44-year history of the establishment.

“I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty-Seven Billion Naira (N287 billion) in Year 2020 by the Nigerian National Petroleum Corporation.

“This is sequel to the completion of the statutory Annual Audit exercise for Year 2020.

“The NNPC losses were reduced from N803 billion in year 2018 to N1.7 billion in year 2019 and the eventual declaration of Net Profit in year 2020 for the first time in its 44-year history.

“This development is consistent with this administration’s commitment to ensuring prudent management of resources and maximization of value for the Nigerian people from their natural resources.

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