…Assures NNPC to Declare Dividends to Nigerians, Stakeholders at End of 2020
By JAMES EZEMA
The Group Managing Director (GMD) of the Nigeria National Petroleum Corporation (NNPC), Mallam Mele Kyari, at the weekend said gave insight into how the published the 2019 audited report helped the corporation cut its losses by 97%, amounting to a total loses cut of about N800bn in a single financial year despite criticisms that trailed the audited account.
He also assured Nigerians and stakeholders that corporation would begin to declare dividends from end of 2020.
The GMD made this known at a media parley with journalists in Abuja late Friday.
Faces at the NNPC Media Parley with Journalists
On how the published financial statement help in efficient management of the Corporation, he said the “NNPC went ahead and published the 2019 audited report and were able to learn and cut cost and became more efficient.
“There is no company in the country which has cut its losses within one financial year by N800bn. We have improved efficiency by cutting 97% in our losses”, Mallam Kyari said.
“NNPC has never published its audited financial statement in 43 years.
“We came and started doing that and released the 2018 financial statement.
“We were not afraid of doing that and there were a lot of criticisms that we lost money in refinery operations and pipeline business”, the GMD explained.
He noted that “Our vision is that NNPC will become a company of excellence and declare dividends to Nigerians and shareholders.
“We are optimistic that at the end of 2020, NNPC should be able to declare dividends to Nigerians in spite of the impact of the COVID-19 pandemic.”
Mallam Kyari who also spoke on other wide-ranging issues and developments within the NNPC and the larger oil and gas industry further maintained that “I have been around in this company for 29 years and have worked closely with top management of the NNPC for about 15 years.
“This is the only President who has never asked NNPC to do something.
“Under no circumstances has President Muhammadu Buhari controlled what we want to do.
“These are truly difficult times for our Industry. But I am proud to say that we were able to maintain our obligations to the Federation Account for seven months without any fail despite the huge impact of the COVID-19 pandemic on the oil and gas industry”, he said.