The Group Managing Director, Nigerian National Petroleum Corporation, (NNPC) Dr. Ibe Emmanuel Kachikwu, has said that the corporation would urgently embark on a transparency operation to regain its lost credibility.
He said the transparency operation would start with an audit of the corporation’s finances, which was last audited in 2010‎ adding that the corporation’s finance would not only be audited and brought up to date, but would also be made available to the general public.

The NNPC GMD said the transparency operation would also involve posting of the corporation’s activities on its website regularly as well as a weekly broadcast of issues concerning the corporation on its website from now henceforth.

“Contracts will be made open to the public and we will choose the best module that works for us and that helps us save money.
“We need to clean the system and carry everybody along. The concept of what is right and wrong will take us very far,” Kachikwu stressed.

According to him, the challenge of cleaning NNPC would be a bumpy, exciting ride, which would eventually yield positive results. Commenting on the state of the nation’s refineries, he said they were presently working at 30 % capacity, which was unprofitable.

Kachikwu noted that for the refineries to be profitable, they needed to attain a minimum of 60 % operation capacity.
 
“The 90-day ultimatum for the refineries to be fixed will end in December and Port Harcourt Refinery looks like the only one that will meet the deadline, but we will wait and see what happens at the end of the 90 days,” he told Punchnews