Nigerian NNPC to begin transparency operations to regain lost credibility

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The Group Managing Director, GMD, of the Nigerian National Petroleum Corporation, NNPC, Dr Emmanuel Kachikwu, has again expressed his resolve to make the state-owned corporation embark on a transparency operations as a way of helping it regain its lost credibility.
Kachikwu, who disclosed this on Friday in his first interactive session with journalists in Lagos since emerging the NNPC boss, stressed that the transparency operation would begin with an audit of the corporation?s finances, which was last audited in 2010‎.

While pledging that the corporation?s finance would not only be audited and brought up to date, but would also be made available to the general public, Kachikwu said the transparency operation would also involve posting of the corporation?s activities on its website regularly.

He added that along with the regular data, there would also be a weekly broadcast of issues concerning the corporation on its website from now henceforth.


According to him, ?Contracts will be made open to the public and we will choose the best module that works for us and that helps us save money.

?We need to clean the system and carry everybody along. The concept of what is right and wrong will take us very far?.

While noting that there are huge challenges in driving the corporation forward but they will be surmounted with good planning and efficiency, he said the challenge of cleaning NNPC would be a bumpy, exciting ride, which would eventually yield positive results.

As regards the state of the nation?s refineries, he said they were currently working at 30 percent capacity, which was unprofitable.


Kachikwu noted that for the refineries to be profitable, they needed to attain a minimum of 60 percent operation capacity.

?Personally, I will have chosen to sell the refineries, but President Buhari has instructed that they should be fixed.

?After they are fixed, if they still operate below 60 per cent, then we will know what to do.

?The 90-day ultimatum for the refineries to be fixed will end in December and Port Harcourt Refinery looks like the only one that will meet the deadline, but we will wait and see what happens at the end of the 90 days,?? he stated.