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FRC reviews NNPC, banks financial statements

Felix Oloyede

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FRC reviews NNPC, banks financial statements

The Executive Secretary, Financial Reporting Council of Nigeria, Ambassador Shuaibu Ahmed, has disclosed that the Council has commenced the review of the financial statements of the Nigerian National Petroleum Corporation (NNPC), banks and Pension Fund Administrators (PFA) to ensure compliance with the Financial Reporting Council Act.

Ahmed said this during a two-day National Learning and Development Programme on Accounting and Financial Reporting in the Public Sector, organized by the Financial Reporting Council (FRC) in collaboration with the office of the Accountant General of the Federation.

He noted that the review is the only way to enhance the quality of financial reporting and make entities and individuals compliant with the Act.

“We are also undertaking a review of the financial statements of the Nigerian National Petroleum Corporation NNPC, there has been a lot of controversy on that financial statements,” he said.

“We have already done the review we have now written to both the NNPC and few auditors auditing them to provide us with the marginal matters for NNPC, we are expecting to get that within the next week or so”.

He explained that after the audit, the NNPC will be invited to clear some of the noticed infractions.

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