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NNPC says financial statemnet up to date
News & Trends •
however the important factor was not to look at the past. we saw an opportunity to challenge the problem and resolved to clear the arrears in the shortest possible time he said1 the nigerian national petroleum corporation nnpc said on sunday that it had updated its outstanding audit of the group financial statements from 2011 to 20161 he quoted mr isiaka abdulrazaq chief financial officergroup executive director finance and accounts nnpc as saying that the presentation of the audited financial statements would help foster better relationship between nnpc and stakeholders1 he said that the presentation would further promote transparency and accountability in the corporation1 ughamadu said that the management inherited a total of 65 unaudited financial statements for nnpc group corporate and its subsidiaries covering 2011 20141 there were undoubtedly challenges that led to the backlog which may have been beyond the control of the previous managements1 nnpc spokesman mr ndu ughamadu said in a statement in abuja that the audited backlog had since been approved by the board of the corporation in line with the laws governing its operations1 he said the corporation management constituted a project steering committee which met weekly with the auditors and relevant stakeholders to identify and isolate key challenges and give them priority attention1 with this approach management achieved the first step of concluding the audit of the 2011 2012 financial positions and presented same to the board in 20161 in recognition of that modest achievement the nnpc board further mandated management to clear the remaining outstanding reports for theperiod 2013 20161 the result today is the delivery and board approval of the audited group financial statements as at dec. 31 2016 he said1 ughamadu said that the managing director nigerian pipeline and storage company mr luke anele would embark on a comprehensive audit of the over 5000 kilometre petroleum products and crude oil pipelines under its watch1 he said the project which had already been approved by the nnpc management would be executed by the national engineering and technical company an upstream subsidiary of the nnpc1