The Nigerian National Petroleum Corporation (NNPC) announced yesterday that it has completed the outstanding audit on its financial statements from the years 2011 to 2016, but it failed to make them public.

The audit backlog, the state-run oil firm said in statement by its spokesman Ndu Ughamadu, has since been formally approved by the NNPC board in line with extant laws governing the operations of the national oil company. But a visit to the corporation’s website showed that the audited accounts for the six years in question had not been uploaded. The statement was also silent on if the corporation’s accounts and auditor’s reports had been presented to the Federal Executive Council (FEC) for approval in compliance with the NNPC establishment Act. The group’s audited financial statement for 2017 is also expected to be ready not later than June 30, 2018, as stipulated by the Act. When contacted on the issue, Ughamadu said the NNPC Act does not require the corporation to make its audited accounts public but it will consider doing so and publishing them on the NNPC website.

Selected by SPTEC Advisory from This Day