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NNPC Consolidates on Gains, Publishes 2020 Audited Financial Statements

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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.

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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.

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Commission of inquiry to hold inaugural sitting Monday

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Governor Abba Kabir Yusuf

 

The judicial commission of inquiry on public properties and assets established by Governor Abba Kabir Yusuf of Kano State to probe the previous administration led by former Governor Abdullahi Umar Ganduje has scheduled its inaugural session for Monday, 29th April 2024.

The commission’s secretary, Salisu Mustapha, said this in a letter addressed to the Director General Media and Publicity on Saturday.

Mustapha specified that the session will take place at High Court No. 3 within the Audu Bako Secretariat on Monday 29th April, 2024 by 10.am prompt.

Earlier this month, Governor Yusuf inaugurated two judicial commissions of inquiry (JCI) to investigate instances of misappropriation of public properties and assets, political violence, and missing persons between 2015 and 2023.

During the inauguration of the JCI members, Governor Yusuf pledged to hold accountable anyone found culpable, emphasizing his commitment to uncovering and prosecuting those responsible for political violence in the state before and during previous elections.

The governor urged the Commission to thoroughly investigate cases of misappropriated public properties and assets during the tenure of immediate past administration.

He instructed the commission members to uphold their integrity, remain true to their oath, and serve the people of Kano State by ensuring justice is served. Governor Yusuf clarified that the initiative was not politically motivated or directed at any individual but rather a response to the mandate of the people of Kano State.

You may recall that Justices of the State High Courts, Farouq Lawan Adamu and Zuwaira Yusuf a long with other eminent personalities were selected and appointed as chairmen and members of the two commissions of inquiry respectively.

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Almajiri Returns Lost Phones Worth Over 2.5 Million Naira

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Haruna Adamu left who found the phones ,right Ibrahim Muhammad Abdullahi the owner

Haruna Adamu, a 37-year-old resident of Kano who recites Quran at Tsangayar Malam Sani, has returned lost phones worth over 2.5 million Naira at Masjidurrahma Mosque in Kano.

The owner of the phones, Ibrahim Muhammad Abu Abdallah, recounted that after prayers, the Muazzin usually cautioned people to take care of their pockets. However, upon checking his pockets after prayers, Abdallah realized his two phones, worth over 2.5 million Naira, were missing. He recalled having visited the mosque’s toilet during that time.

The two phones, both with two terabytes of storage, were essential for Abdallah’s work, and he expressed immense gratitude upon their recovery through Haruna Adamu after forgetting them inside the toilet . He acknowledged that losing the phones could have resulted in a loss of over 20 million Naira due to the valuable data they contained.

The mosque later announced the discovery of the phones, which were found by another worshipperi inside the toilets Mosque , Haruna Adamu , a 37-year-old resident of Tarauni located close to the Mosque. Adamu, who is staying at Tsangayar Malam Sani for Quranic memorization and recitation, returned the phones promptly.

Masjidurrahma is a multi-million Naira Mosque situated along Maiduguri Road,Kano built by renowned businessman AY Maikifi and recently commissioned by Sultan of Sokoto Muhammad Saad Abubakar.

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In appreciation, Abdallah later gifted 100 thousand Naira to Haruna Adamu for his honesty. Adamu resides at Tsangayar Malam Sani, where he recites and memorizes the entire Quran in Tarauni local government area.

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Ace Nigerian Journalist and Parliamentarian Dies at 86, Governor Yusuf Offers Condolences

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Late Sidi Ali

 

The First Republic politician and Second Republic parliamentarian reportedly died in Kano on Thursday evening at 86.

Late Sidi Ali was a prolific writer with National dailies and was one of the Nigerian journalist who covered the civil war.

In his later life, he was a stalwart of the All Progressives Congress (APC) and a member of the party’s Elders Committee in Kano State.

The elder statesman spent years serving the Nigerian International Press Centre, Ministry of Information and National Broadcasting Commission, among other critical institutions.

Born in Kano but raised in Ghana, Ali’s wide travels reportedly influenced his love for journalism and communication.

 

In his 2018 birthday message, ex-President Muhammadu Buhari noted that Ali spent most of his life serving the country as a Public Affairs Officer, “most remarkably for ensuring accurate and balanced information on government activities during and after the Civil War.

 

Kano State Governor, Alhaji Abba Kabir Yusuf has condoled with the families of late Sidi Ali who died Thursday evening at the age of 86.

In a statement by the Governor’s Spokesperson, Sanusi Bature Dawakin Tofa, Governor Abba Kabir Yusuf described late Sidi Ali as a trusted Public Affairs Officer who worked hard to ensure the flow of true stories during the Civil war.

The Governor also noted the positive contributions of the deceased as a Senator in the Second Republic in shaping the Senate and the overall development of democracy in the country.

On behalf of the Government and people of Kano State, Governor Alhaji Abba Kabir extend condolences to his families, prayed for the repose of his soul, Aljannah be his final resting place, the courage and the fortitude to bear the loss.

 

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