NNPC Cuts 97 Percent Losses In Operation To Achieve Efficiency, Kyari

The Nigerian National Petroleum Corporation (NNPC) has cut about 97 percent of losses being incurred in its operations and currently on the path of efficiency.

The Group Managing Director (GMD), Malam Mele Kyari, made this disclosure on Saturday via of his verified Twitter handle, @MKKyari

Kyari who noted that NNPC for about 43 years never published its audited financial statement, said his administration was bold enough to start publishing the statement to ensure transparency in its operations.

According to the GMD in series of tweets Saturday, “#NNPC has never published its audited financial statement in 43 yrs.We came & started doing that & released the 2018 financial statement.We were not afraid of doing that & there were a lot of criticisms that we lost money in refinery operations & pipeline business”

“We went ahead & published the 2019 audited report & were able to learn and cut cost & 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”

“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.”

He exonerated President Muhammadu Buhari from alleged interference with the Management and operations of the Corporation as the substantive Minister of Petroleum Resources.

Kyari said, “I have been around in this company for 29 yrs & have worked closely with top management of the #NNPC for about 15 yrs. This is the only President who has never asked #NNPC to do something. Under no circumstances has President @MBuhari 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.”