‘NNPC to publish financial transactions periodically’

Kachikwu, NNPC GMD

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has said that the corporation will from next month publish periodically its financial transactions. The new development, according to Kachikwu,is aimed at ensuring transparency in the financial transactions of the corporation.

Stressing that transparency must be the new watchword of the corporation, the Group Managing Director who held a town hall meeting with employees of the NNPC, maintained that the corporation must be built on the foundation of accountability and transparency.

Meanwhile, the Department of Petroleum Resources (DPR) in Bayelsa State yesterday read the riot act to petroleum marketers in the state over the selling of fuel above the approved pump price of N87 per litre. In a related development, the DPR yesterday in Calabar suspended the operations of a marketer over alleged selling of fuel above the approved pump price.

DPR’s Operations Controller in the state, Bassey Nkanga, therefore ordered marketers in the state to revert to the price regime of N87 per litre as directed by the Federal Government. He gave the order during a meeting between the agency and the petroleum marketers in Yenagoa.

The Guardian investigations shows that except the NNPC Mega Filling Station which sells at N87 per litre, others had been dispensing petrol at N110 per litre since the last crisis in May between the Federal Government and the Independent Petroleum Marketers Association of Nigeria (IPMAN) over unpaid bills.

Nkanga who said the directive was “with immediate effect” urged the marketers to ensure full compliance. He warned against under-dispensing of fuel to consumers, noting that such act meant surcharging the public and selling above the pump price through the back door. He told the marketers that defaulters would be sanctioned, stressing that the punitive measures would include fines, shutting down filling stations for six and nine months and outright sealing off.

The DPR said the affected firm would pay a fine of N2 million to the government for flouting government order while their operations would be reviewed after all considerations and deliberations. But officials of the firm have denied the allegation ,saying it was false and a blackmail to associate it with selling above approved price.

DPR Controller in charge of Calabar and Eket, Mr Antai Asuquo who paid a surprise visit to tank farms, said the action was in line with the Federal Government’s renewed fight against corruption in the oil sector. He said, “we have concrete evidence beyond doubt that the affected firm sold product at N87 as against approved price of N77.66.


About empire360

An undergraduate at the University of Lagos. Department of Accounting.

Posted on August 19, 2015, in Uncategorized. Bookmark the permalink. Leave a comment.

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