fbpx
Connect with us

News

NNPC Consolidates on Gains, Publishes 2020 Audited Financial Statements

Published

on

Mele Kyari

 

 

Following up on President Muhammadu Buhari’s recent announcement of the declaration of two hundred and eighty-seven billion Naira (N287bn) Profit After Tax (PAT) in the year 2020 by the Nigerian National Petroleum Corporation (NNPC), the Corporation has consolidated on the remarkable achievement, by publishing the Audited Financial Statements (AFS) on its official website.

 

It would be recalled that while announcing the outstanding feat a little over a fortnight ago, President Muhammadu Buhari, who is also the Minister of Petroleum Resources, had said: “I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial Statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.”

 

In compliance with the President’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today.

 

Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years.

Over 2000 Pensioners In Rivers Protest Non-Payment Of Benefits

#

The Group Managing Director of the NNPC Mal. Mele Kyari, had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost-cutting, automation of the system, and renegotiation of contracts downwards by about 30 percent, among other tough measures.

 

Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7% compared to that of 2019, its total current liabilities increased by 11.4% within the same period.

 

The group’s working capital remained below the line at N4.56trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed.

 

Similarly, the Corporation’s group revenue for the 2020 financial year stood at N3.718trillion as against N4.634trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to the global impact of the Covid-19 pandemic.

 

This is the third consecutive year that the NNPC is publishing its AFS, having done so for 2018 and 2019.

 

The full document of the NNPC 2020 AFS is available on the Corporation’s website.

News

Mutiu Adepoju Urges NFF to Retain Augustine Eguavoen as Super Eagles Coach

Published

on

 

Former international, Mutiu Adepoju, has urged the Nigeria Football Federation (NFF) to keep Augustine Eguavoen in charge of the Super Eagles.

Eguavoen took charge of the Super Eagles in interim capacity in September.

The 59-year-old guided the team to qualify for AFCON 2025 with three wins, two draws and one defeat.

The NFF are reportedly still planning to hire a foreign coach for the three-time African champions.

Adepoju however said his former teammate should stay in charge of the team.

“I would rate him very well. Number one, we’ve qualified for the AFCON, which is one of the objectives,” he told Brila FM.

“I would say he has done well and is still doing well.

“They should keep encouraging him. I believe he’s getting things done, I will rate him high, let just keep supporting him.”

#
Continue Reading

News

Kano State Hosts 8th Annual Audit Forum to Enhance Transparency and Accountability

Published

on

 

The 8th Annual Audit Forum, organized by the Office of the Auditor General of Kano State, was held recently, focusing on strengthening transparency and accountability in public financial management. .

Isma’ila Musa, the Auditor General of Kano State, welcomed the participants and highlighted the constitutional and legal mandates that guide the auditing process. “Sections 125(2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and 36(i) of the Kano State Audit Law, 2021 (as amended) mandate the Office of the Auditor General to audit the accounts and financial statements of the State Government and all Offices and Courts,” he stated.

Musa expressed immense gratitude to His Excellency, Engineer Abba Kabir Yusuf, the Governor of Kano State, for his support in making the event possible. “It is very important to note that a strengthened fiscal transparency will help build trust in governance,” he emphasized. He added that the Audit Forum is a reform intended to reduce opportunities for corruption and abuse of public resources, thereby increasing the efficiency of public expenditures.

The Auditor General also acknowledged the contributions of various officials, including the Hon. Commissioner Ministry of Planning and Budget, the Accountant General, the Executive Chairman of Kano Internal Revenue Services, and former Auditors General, among others. “My sincere appreciation to all the invitees here present for honoring our invitation. I wish us a successful 8th Kano State Annual Audit Forum,” Musa concluded.

In his remarks, the Chairman of the House Committee on Public Accounts, Honorable Tukur Fagge, praised the exercise for its potential to enhance resource management and ensure the success of the tasks at hand. “This exercise will enhance resources management and will realize the success of the task,” Fagge stated.

#

Sarkin Shanon Kano, Shehu Muhammad Dankadai, who served as the royal father of the day, also graced the event, adding to the significance of the occasion.

The forum underscored the commitment of the Kano State Government to upholding transparency and accountability, reflecting the administration’s dedication to effective and efficient service delivery.

 

Continue Reading

News

Breaking: Former Secretary of Federal Electoral Commission, FEDECO, Ahmadu Kurfi Passes On at 93

Published

on

Late Alhaji Ahmadu Kurfi

 

A former secretary of the Federal Electoral Commission, Alhaji Ahmadu Kurfi, has passed away.

A family source, Jafar Yakubu, informed NIGERIAN TRACKER about the death of the pioneer secretary of the Federal Electoral Commission, who supervised the 1979 general election.

 

Jafar Yakubu said Alhaji Ahmadu Kurfi died at the age of 93 and his Janaza funeral prayers will take place by 2:30 PM at Kurfi in KATSINA state .

 

Dr. Amadu Kurfi, OFR, was born in 1931. He was a former chairman of the then Marketing Board, former Federal Permanent Secretary of the Federal Ministry of Defence, and the first person to acquire a BSc degree in the whole of Katsina State, at University College London in 1957.

 

#

Continue Reading

Trending