The Nigerian National Petroleum Corporation (NNPC) has declared plans to break the 42-year-old jinx of shielding the exact figures of petroleum product supply across the country in secrecy.
If done, this will be the first time in the history of the corporation to make details of its petroleum product supply public.
The Group Managing Director of NNPC, Mallam Mele Kyari, disclosed the plan to publish the figures yesterday while receiving a delegation of Media Initiative for Transparency in Extractive Industries (MITEI) at the NNPC Towers in Abuja.
Kyari stated that beyond publishing the corporation’s monthly financial and operations reports, arrangements were afoot to make public all petroleum products supply transactions in the country to further deepen the culture of transparency in the system.
“We will continue to be transparent to our stakeholders; we will do more than you can ever imagine in terms of transparency. We will not just publish our financial records, but very soon, we will publish more things that Nigerians need to know, particularly details of petroleum products supply and distribution, which is an area most people don’t understand,” Kyari assured.
He said the corporation stood to gain more in terms of reputation and goodwill from being transparent, noting that trust in business required corresponding responsibility of accountability to all stakeholders.
“You lose nothing by being accountable and transparent, and the combination of the two will enable you have a good relationship with your stakeholders and ultimately lead you to excellent performance,” he said.
Kyari explained that his relationship with MITEI was based on the principle of “common good” since the objective of the group aligns with the core values of the corporation.
Earlier in his remarks, National Coordinator of MITEI, Mr. Bassey Udo commended the Transparency, Accountability and Performance Excellence (TAPE) initiative of the GMD as a visionary move to reposition the oil and gas sector.
Meanwhile, the NNPC has declared readiness to collaborate with African Export and Import Bank (AFREXIMBANK) or any financial institution willing to finance its multi-million dollars refinery rehabilitation and other critical projects.
The projects, Kyari said, also included downstream infrastructure, especially pipelines.
Kyari stated this when he played host to the Executive Vice President of AFREXIMBANK, Mr. Amr Kamel, and other top officials of the bank, who paid him a business visit at the NNPC Towers.
The parley with the bank CEO is coming just as the corporation also declared that it would, henceforth, make public details of petroleum product supply across the country.
While responding to the bank CEO’s readiness to participate in the oil sector, Kyari said that the corporation was open to financial and technical partnership with reputable financial institutions like AFRIXIMBANK to develop the industry.
“We have a number of financing needs; it depends on how much you are bringing to the table. We need support, particularly in refineries rehabilitation, depot optimization and pipelines financing,” the GMD stated.
He assured the team of his readiness to work with the bank, adding “we will provide you with basic information. We are ready to talk to you.”
Speaking earlier, Kamel said he was in NNPC to congratulate the GMD and his management team on behalf of the board and management of the bank.
He said the bank’s management team thought it imperative to interact with NNPC, being a key player in one of the most viable sectors of the Nigerian economy, which is the largest in Africa, with a view to seeking collaboration on ways to further grow the oil and gas sector.
Apart from financing of refineries’ rehabilitation and other downstream projects, the AFREXIMBANK boss expressed interest in participating in some other projects such as the Ajaokuta-Kaduna-Kano (AKK) pipeline system.