The Head of Transparency Worldwide (TI) Nigeria and Government Director of the Civil Society Legislative Advocacy Centre (CISLAC), Comrade Auwal Musa Rafsanjani, has thrown his assist behind requires a full-scale investigation into the Nigerian Nationwide Petroleum Firm Restricted (NNPCL).
Talking to Channels Tv on the sidelines of the Spring Conferences of the World Financial institution Group (WBG) and the Worldwide Financial Fund (IMF) in Washington, D.C., Rafsanjani stated an intensive probe of the NNPCL’s operations is essential to selling transparency, enhancing accountability, and guaranteeing that revenues from the oil sector are correctly managed for the advantage of Nigerians.
“It’s a welcome improvement to have an audit of NNPCL,” Rafsanjani said. “Nevertheless, we’re advocating not only for a monetary audit, but in addition for bodily and course of audits. Solely a complete, multi-layered overview can uncover systemic weaknesses and chart a course for real reform and revitalization of Nigeria’s oil and fuel sector.”
Rafsanjani emphasised that the audit should transcend funds to cowl all key facets of NNPCL’s operations. He defined that whereas monetary audits assess data and transactions to make sure compliance with regulatory requirements and confirm the accuracy of experiences submitted to our bodies just like the Nigeria Extractive Industries Transparency Initiative (NEITI), bodily audits confirm the existence and state of belongings corresponding to pipelines and oil wells. Course of audits, alternatively, look at inside controls and operational procedures to make sure effectivity, transparency, and adherence to world requirements.
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Regardless of the enactment of the Petroleum Trade Act and Nigeria’s ongoing membership within the Extractive Industries Transparency Initiative (EITI), Rafsanjani warned that the oil and fuel sector continues to be suffering from inefficiency, mismanagement, and lack of professionalism.
“There isn’t a means we will proceed like this. If we’re severe about liberating the Nigerian financial system, the oil and fuel sector have to be reformed and made actually productive for the folks,” stated Rafsanjani, who additionally serves as Chairman of the Board of Trustees of Amnesty Worldwide Nigeria.
He additional advisable that the President ought to now not double as Minister of Petroleum Assets to make sure independence and efficient oversight of the NNPCL.
“For NNPCL to perform as a real business entity, free from political interference, the President should relinquish the function of Petroleum Minister. This can allow the corporate to function independently and be topic to correct oversight from each the Presidency and the Nationwide Meeting. In any other case, it dangers persevering with as a political spending instrument moderately than a strategic financial asset,” he stated.
Rafsanjani additionally acknowledged the efforts of former NNPCL Group Chief Government Officer, Mele Kyari, who, in June 2019, oversaw the publication of the corporate’s first audited monetary statements in 43 years. The 2018 report revealed a lack of N803.9 billion (roughly $2.2 billion). Whereas stakeholders had hoped the transparency initiative would proceed, Rafsanjani famous that it was nonetheless a big milestone that ought to be constructed upon.
He recalled a earlier audit initiated throughout the tenure of former Central Financial institution Governor Sanusi Lamido Sanusi, which uncovered main monetary discrepancies throughout the then-NNPC. Sadly, he lamented, the report was dismissed by the Nationwide Meeting, regardless of its essential findings.
Rafsanjani expressed hope that the present push for a complete audit of NNPCL wouldn’t be equally ignored. Signed by Auwal Musa Rafsanjani Government Director Civí Society Legislative Advocacy Centre(CISLAC) & Head of Transparency Worldwide Nigeria ????????
