EITI To Back NNPC In Financial Reporting

The Extractive Industries Transparency Initiatives (EITI) has promised to support the Nigerian National Petroleum Corporation in the aspect of the oil firm’s financial reports.

EITI is a multi-stakeholder coalition that promotes extractives transparency and accountability in over 50 countries.

The global agency said it would support NNPC in tailoring the oil firm’s monthly financial and operations reports and financial statements to be in line with the EITI Standard and Expectations for EITI supporting companies.

The spokesperson of NNPC, Kennie Obateru, who disclosed this in a statement issued in Abuja on Monday, said the EITI made the promise in a letter to the corporation.

In the letter, the EITI also highlighted the opportunity for NNPC to champion discussions on upstream contract disclosure in Nigeria.

The Transparency group commended NNPC’s Group Managing Director, Mele Kyari, for deepening transparency and accountability in the corporation.

The statement quoted EITI’s Executive Director, Mark Robinson, as saying, “The NNPC has set a good example and could lead in championing transparency for other NOCs (National Oil Companies) in Africa.”

The global body invited Kyari to speak at its virtual workshop holding next month on the topic ‘Learning from mainstreaming disclosure efforts’.

The workshop will explore opportunities for making the systematic disclosure of extractive data the norm.