Publicado: Mar, Abril 10, 2018
Global | Por Milagro Delgado

NNPC Completes Five Years Group Financial Audit

NNPC Completes Five Years Group Financial Audit

The corporation has also said arrangements were being concluded for the groundbreaking of the $2.8 billion trans-Nigeria gas pipeline project.

The first contract, Lot 1, covers a 200km span on the 614km Ajaokuta-Kaduna-Kano (AKK) pipeline, connecting the East, West, and North.

According to the official, the AKK Project is a section of the Trans-Nigerian Gas Pipeline under the Gas Infrastructure Blueprint created to enable industrialisation of the Eastern and Northern parts of Nigeria.

The NNPC said that Lot 3, which runs from Kaduna TGS to Kano TGS (total length of 40 in. x 221 km), was awarded to the Brentex/China Petroleum Pipeline Bureau (CPP) Consortium under a contract value of approximately US$1.2 billion.

Between 2010 and today, nearly 500 kilometres of pipelines had been completed, commissioned and now delivering gas. Some of them include Oben-Geregu, Escravos-Warri-Oben, Emuren-Itoki, Itoki-Olorunshogo, Imo River-Alaoji and etc.

"In addition, there is ongoing construction of the strategic East-West OB3 pipeline (127km), scheduled for completion by Q3 2018 and the expansion of the Escravos-Lagos Gas Pipeline System (ELGPS) scheduled for completion later in 2018".

The highest volume of gas was flared in December 2017 at 31.88 bscf.

The drop, it said, was from a peak of 2500 million cubic feet per day (mmcf/d) a few years ago to about 700mmcf/d presently.

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Recall that recently the Federation Accounts and Allocation Committee FAAC meeting for the month of March queried the NNPC over the low revenue remitted by the corporation into the federation's account.

He quoted Mr Isiaka AbdulRazaq, Chief Financial Officer/Group Executive Director, Finance and Accounts, NNPC, as saying that the presentation of the audited financial statements would help foster better relationship between NNPC and stakeholders.

He stated that the drive to achieve a clean slate dated back to August 2015, when the current management of the corporation took over the leadership and inherited a total of 65 unaudited financial statements for the NNPC and its subsidiaries, covering 2011 to 2014.

"There were, undoubtedly, challenges that led to the backlog which may have been beyond the control of the previous managements". However, the important factor was not to look to the past.

"In recognition of that modest achievement, the NNPC board further mandated management to clear the remaining outstanding reports for the period 2013 - 2016".

Also, the Managing Director, Nigerian Pipeline and Storage Company, Luke Anele, announced plans by the firm, which was created out of the old Pipelines and Products Marketing Company, to embark on a comprehensive audit of the over 5,000 kilometres of petroleum products and crude oil pipelines under its watch.

The project, which has already been approved by the NNPC management, is to be executed by the National Engineering and Technical Company (NETCO) an upstream subsidiary of the NNPC group.

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