HURIWA Applauds NNPCL’s ‘transparency, accountability’ in 2023 financial report 

The Human Rights Writers Association of Nigeria (HURIWA) has commended the Nigerian National Petroleum Company Limited (NNPCL) for what it called unprecedented display of transparency and accountability in releasing its 2023 Audited Financial Statement (AFS).

HURIWA stated that the NNPCL’s declaration of a net profit of N3.3 trillion, alongside the announcement of a N2.1 trillion dividend, marked a significant milestone in the oil company’s history and represented a clear departure from the opacity and inefficiency that once characterised the former Nigerian National Petroleum Corporation (NNPC).

In a statement released on Sunday, HURIWA’s National Coordinator, Comrade Emmanuel Onwubiko, lauded the management of NNPCL under the leadership of the Group Chief Executive Officer, Mele Kyari, noting that the company’s impressive financial performance and commitment to openness signalled a new era in Nigeria’s petroleum industry.

According to HURIWA, the new 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.

The human rights group emphasised that NNPCL’s release of its audited financials, which showed a 28% increase in profit from the previous year, is a testament to the company’s resolve to operate with integrity and transparency. “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.

HURIWA highlighted that the NNPCL’s progress in financial transparency was directly linked to the leadership of Kyari, who assumed the role of Group Managing Director (GMD) in 2019. The organization pointed out that Kyari’s tenure has been marked by a series of transformative reforms aimed at improving the efficiency and profitability of NNPCL. “Since taking office, Mele Kyari has demonstrated an unwavering commitment to repositioning NNPCL as a transparent and accountable entity.His leadership has ushered in a new era of corporate responsibility, which has now culminated in the remarkable financial performance recorded in 2023,” HURIWA noted.

The human rights group also praised the NNPCL Board for its role in driving the company’s success. The approval of a final dividend of N2.1 trillion by the company’s shareholders, as announced by NNPCL Board Chairman, Chief Pius Akinyelure, was described by HURIWA as a reflection of the confidence reposed in the company’s management. “The decision to declare such a substantial dividend underscores the commitment of the NNPCL Board and Management to delivering value to shareholders and contributing to Nigeria’s economic growth,” HURIWA remarked.

Furthermore, HURIWA underscored the significance of the Petroleum Industry Act (PIA) 2021 in enabling NNPCL’s transformation. The group argued that the PIA has provided the necessary framework for the company to operate more efficiently and transparently, thereby enhancing its ability to achieve sustained profitability. “The PIA 2021 has played a crucial role in creating an enabling environment for NNPCL to thrive. The Act’s provisions have empowered the company to implement strategic initiatives that have resulted in the impressive financial