The Nigerian National Petroleum Company Limited, NNPCL, says its engagement with private security is paying off in the quest to end crude theft in the country.
The Chief Executive Officer of the company, Mele Kyari, made the declaration at a summit on Legislative Transparency and Accountability with the theme ‘Enhancing Transparency and Accountability in the Oil and Gas Sector: Challenges and Prospects’.
For several years, Nigeria’s oil and gas sector has been synonymous with opacity.
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The NNPC’s accounts were kept secret until 2018 in contravention of the Act creating it.
Generally, the operations of many government agencies in the oil and gas sector were kept away from public scrutiny, giving room for corruption.
The summit organised is one of the contributions of the House of Representatives at helping to eradicate graft and make the sector more efficient, especially in view of the new Petroleum Industry Act.
For the NNPC Limited, crude theft remains a huge challenge in Nigeria with about 60 per cent of the nation’s revenue being lost to the vice.
However, it acknowledged some progress with the involvement of private security firms.
So far, two trunks have been restored, but the NNPC warns about potential life dangers as a result of the fight against crude theft.
Discarding confidential clauses in contract agreements, consistent and Transparent Audit of NNPC Limited and regular audit of its physical assets, are some of the suggestions made to attain transparency and accountability in the oil and gas sector.
The summit brought to fore the significance of transparency and accountability for an effective petroleum sector management.
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