Transparency Issues Persist As Nigerian Oil Company NNPCL Fails To Release 2023
The NNPCL only released its 2022 financial statements in January 2024 after facing significant pressure. The Petroleum Industry Act mandates that the NNPCL, as a limited company, must undergo financial audits annually, in line with the Companies and Allied Matters Act.
The Nigerian National Petroleum Company Limited (NNPCL) has not published its financial records for 2023, as the year 2024 draws to a close.
This lack of transparency has sparked concerns about the company’s operations, especially since it became a limited company.
The NNPCL only released its 2022 financial statements in January 2024 after facing significant pressure. The Petroleum Industry Act mandates that the NNPCL, as a limited company, must undergo financial audits annually, in line with the Companies and Allied Matters Act.
Oil revenue is a significant contributor to the Nigerian government’s fiscal intake, serving as a crucial indicator of revenue generation.
