The Nigerian National Petroleum Corporation (NNPC) slashed the various fees collected by directors of the national oil company from N606 million in 2019 to N214 million in 2020, a THISDAY’s analysis of the just-released Audited Financial Statement (AFS) for 2020 has shown.

This represents a 60.2 per cent reduction in directors’ fees.

Typically, directors’ fees entail compensation for services as a member of the board of directors of the company, excluding reimbursement of expenses or other non-regular forms of compensation.

In all, the audited statement showed that in certain areas, the corporation did remarkably well in its avowed cost-cutting efforts during the year under review, while other administrative cost centres, gulped a substantial portion of the NNPC’s finances.

Following the economic downturn occasioned by the COVID-19 pandemic last year, which led to the fall in oil prices, the NNPC said it was embarking on the internal restructuring of its operations, including shaving off unnecessary spending as well as automation of its processes.

“The corporation saved a lot of cost through contract renegotiation by up to 30 per cent on the heels of the COVID-19 pandemic, introduction of technology that drastically cut travel cost through reduction in in-person meetings and the general automation of processes that enhanced efficiency across the group’s businesses,” Group Managing Director of the NNPC, Mallam Mele Kyari, said last week. He was speaking on how the NNPC made its first gain in 44 years, amounting to N287 billion in 2020.

Under general administrative expenses, although the NNPC paid N6.2 billion for rent and rates as opposed to N5 billion in 2019, it however reduced repairs and maintenance costs from N38 billion to N26.6 billion.
Security expenses were reduced from N12.6 billion in 2019 to N12.3 billion, in 2020, while directors’ fees were reduced from N606 million to N214 million, a slump of about 60 per cent.

https://witnessngr.com/nnpc-slashes-directors-fees-by-60-2-reduces-other-expenses/

Nice one

This can only happen under the leadership of Nigerian patriots and the insistence on transparency in our oil and gas industry by President Muhammadu Buhari.
So we can have a day where we can see and read the audited accounts of NNPC!
God bless President Muhammadu Buhari, the
Minister of State for Petroleum ,the GMD, NNPC and all the other patriots who made this a reality.
"All the enemies of Nigeria will lose las las . They always lose. God bless Nigeria "
FreeStuffsNG

Slash the senator’s salaries too.

Things that can only happen under Buhari