The Human Rights Writers Association of Nigeria, HURIWA, has expressed surprise over what appears to be a new era in the Nigerian National Petroleum Company Limited, NNPCL.
This was after the company’s release of its 2023 Audited Financial Statement, AFS.
The association said that the NNPCL’s declaration of a net profit of N3.3 trillion, alongside the announcement of a N2.1 trillion dividend, marks a significant milestone in its history and represents a clear departure from the opacity and inefficiency that once characterized the NNPC.
In a statement released on Sunday, HURIWA’s National Coordinator, Comrade Emmanuel Onwubiko lauded the management of NNPCL, adding that this level of transparency was supposed to take preeminence in government agency.
The rights group said the company’s display of its financial performance and commitment to openness signal a new era in Nigeria’s petroleum industry.
According to HURIWA, “the reborn NNPCL has demonstrated a commitment to upholding the principles of good corporate governance, a stark contrast to the previous practices that plagued the then NNPC.”
DAILY POST reports that the NNPCL’s release of its audited financials showed a 28% increase in profit from the previous year.
“This is a remarkable achievement that reflects the positive changes implemented since NNPC transitioned to NNPCL.
“The company’s ability to post such impressive returns amidst the challenges in the operational and economic environment is commendable,” HURIWA stated.
Furthermore, HURIWA underscored the significance of the Petroleum Industry Act (PIA) 2021 in enabling NNPCL’s transformation.
HURIWA also issued a stern reminder that the company must remain vigilant in safeguarding its newfound transparency and accountability.
The organization urged NNPCL “to resist any attempts to revert to the practices of the past, which were characterized by corruption, inefficiency, and a lack of transparency.”
‘Don’t revert to past practices’ – HURIWA reacts to NNPCL’s newly released Financial Statement