NNPC Becomes EITI Partner Company
The Nigerian National Petroleum Corporation, NNPC is now an Extractive Industries Transparency Initiative partner company.
This brings the number of extractives companies, state-owned enterprises, commodity traders, financial institutions and industry partners to over 65 who ho commit to observing the EITI’s supporting company expectations.
The new status would require that NNPC publicly declare support for the EITI Principles and, by promoting transparency throughout the extractive industries, help public debate and provide opportunities for sustainable development; publicly disclose taxes and payments; ensure comprehensive disclosure of taxes and payments made to all EITI implementing countries; publicly disclose beneficial owners and take steps to identify the beneficial owners of direct business partners, including Joint Ventures and contractors; engage in rigorous procurement processes, including due diligence in respect to partners and vendors; deliver natural resources in a manner that benefits societies and communities; and ensure that company processes are appropriate to deliver the data required for high standards of accountability.
In welcoming NNPC’s commitment, the EITI Board Chair, Rt. Hon. Helen Clark, said: “NNPC plays a vital role in Nigeria’s economy. Joining the EITI as a supporting company is a welcome step in the NNPC’s journey towards achieving greater transparency and to help ensure that Nigeria’s citizens benefit from their natural resource wealth.”
Nigeria’s Minister of Finance, Budget and National Planning and former EITI Board member, Zainab Ahmed, also stressed the importance of ensuring that natural resource wealth contributes to sustainable development, saying: “Increased transparency of Nigeria’s national oil company revenues is contributing to improvements in our country’s domestic resource mobilisation efforts.”
Established in 1977, NNPC has grown to become the largest asset holder across Nigeria’s oil and gas industry value chain.
Traditionally an oil and gas entity, it is transitioning towards becoming an integrated energy company with an interest in power generation and transmission
By Peace Obi