Oil Expert Blasts NNPCL’s Transparency Claims: “What You See Isn’t What You Get”
A prominent oil and gas expert, Henry Adigun, has strongly criticized the Nigerian National Petroleum Company Limited’s (NNPCL) audited financial statement for 2023. During an interview on Channels Television, Adigun pointed out various gaps and inconsistencies in the company’s reports, claiming that the public is being shown only a selective overview of the company’s finances.
Adigun stated that the oil and gas sector’s problems are structural, starting from the top, and that transparency is still a goal, but not yet achieved. He explained that transparency doesn’t just mean providing information but also ensuring that the information is accurate and verifiable.
The energy expert used an example to illustrate his point. According to Adigun, last year’s audited report stated that NNPCL had invested $2 billion in the Dangote Refinery, whereas the latest report decreased this figure to $1.67 billion, without explaining why. Similarly, Adigun cited discrepancies between the company’s claims of investment and information provided by Dangote Group.
Adigun suggested that audited financials should be broken down to highlight the profits of various entities within the organization, such as Nigeria Liquefied Natural Gas Limited, NNPC Retail, and NNPC Group. This would enable the public to get a more realistic picture of the company’s performance.
In conclusion, Adigun maintained that what we see is not what we get, but rather what we are presented with. He stressed that the lack of transparency in the sector is unhealthy and that the government should focus on providing accurate and transparent information to prevent inflation and other negative consequences.
