Energy law expert and Deputy Vice-Chancellor of Afe Babalola University, Ado Ekiti (ABUAD), Professor Damilola Olawuyi, has lauded the Nigerian National Petroleum Corporation (NNPC) on the recent publication of its 2020 audited financial statements.
Olawuyi, SAN, board member of the Nigerian Extractive Industries Transparency Initiative (NEITI), stated this during an interactive online session with reporters.
The audited financial statement highlights its current operational and financial position. It is the third consecutive year the NNPC is publishing its audited financial statements.
While commending the feat, the legal expert noted: “International law emphasises the need for openness and transparency across all aspects of regulatory enforcement and supervision. NEITI has been particularly active in raising awareness of the need for proactive information disclosure as a tool for enhancing public confidence and eradicating corruption. The publication of audited financial statements by the NNPC shows that such efforts are paying off and will significantly boost investor confidence in ongoing efforts by the Federal Government to sanitize the extractive industry.”
While discussing the need for the NNPC to ensure that such proactive information disclosure becomes a regular practice, Olawuyi noted that regulatory excellence requires frequent, timely, and detailed reporting on operational and financial activities.