Mohammed Bappah

MY APPEARANCE BEFORE THE SENATE COMMITTEE ON PUBLIC ACCOUNTS Today, I appeared before the Senate Committee on Public Accounts to address issues arising from the audit of the Nigerian National Petroleum Company Limited (NNPC Ltd) and provide clarifications on matters relating to my tenure as Group Managing Director of NNPC and subsequently Group Chief Executive Officer of NNPC Limited. I appreciate the opportunity provided by the Senate to present my explanations, respond to concerns raised in the audit report and place certain issues in their proper context. At the heart of my presentation was the need to correct certain misconceptions and misinformation surrounding the financial records of the company, particularly the allegation that N210 trillion was lost under my leadership. I stated unequivocally before the committee that no such funds were lost. The figure arose from accounting entries and bookkeeping descriptions, not the disappearance or loss of money. I provided explanations on the relevant entries and reaffirmed my readiness to offer any additional clarification the committee may require. I also addressed the N2.99 billion expenditure relating to the incorporation of NNPC Limited. I explained that the amount represented statutory payments to the Federal Inland Revenue Service and the Corporate Affairs Commission in connection with the company's incorporation. The issue, as I clarified, relates to the accounting treatment and responsibility for the payment under the provisions of the Petroleum Industry Act, rather than any improper expenditure. Beyond these specific issues, I considered it important to reflect on the institutional reforms undertaken during my tenure. When I assumed leadership of NNPC in 2019, one of my foremost priorities was to establish a stronger framework for transparency, accountability and institutional responsibility. I firmly believed that a public institution entrusted with the nation's resources must be accountable to the people, who are its ultimate stakeholders. In pursuit of this objective, we took the unprecedented decision to publish the company's financial statements, making its financial records publicly accessible for the first time in its 43-year history. We understood that transparency would expose the company to greater scrutiny, criticism and public debate. However, we believed that public scrutiny was essential to building a stronger institution. Indeed, the disclosures generated constructive discussions, recommendations and internal reforms that helped improve operational efficiency, strengthen accountability and drive cost-saving measures. These efforts contributed to a significant improvement in the company's financial performance, moving from a loss position to sustained profitability. I am particularly pleased that the accountability structures established during our tenure have been sustained by the current management, with encouraging financial results. The reforms also took place within the broader transformation of Nigeria's petroleum industry following the enactment of the Petroleum Industry Act and further galvanized by Mr President’s policy interventions. We worked to implement the policy decisions of the Federal Government and the National Assembly, including the transition towards a market-based petroleum products regime. During this period, we also witnessed increased investment in the oil and gas sector, the advancement of strategic gas infrastructure projects and the deepening of the downstream petroleum industry. These developments are important to the country's energy security, economic growth and long-term investment prospects. I remain proud of the opportunity to have served NNPC and contributed to the transformation of an institution that is central to Nigeria's economic development.

Allah, by his grace, spared my life to this exceptional day, making it my 60th year from birth, even much earlier on the Hijri calendar. I am profoundly grateful to my country for giving me the opportunity to grow from an Almajiri (Tsangaya) school pupil to become the CEO of Africa’s largest energy company. Even more particular, I deeply appreciate the exceptional privilege given to me by Presidents Muhammadu Buhari and Bola Ahmed Tinubu to serve as the last GMD of the NNPC and the pioneer CEO of the NNPC Ltd. Reflecting backwards alone can’t account for the profoundly eventful life I spent to this date, walking through good and bad times, travails and triumphs, pains and happiness, fails and successes and many more that only the sufficiency of Allah will explain. At this milestone, I feel the obligation to serve with even greater conviction and with elevated expectation of eternal recompense so deeply pleasing. I am hugely indebted to my family for being nearly absent for most of my later years serving our nation and the common good. My deep appreciation to my family, friends and associates, my colleagues at work and my teachers (western and of Almajiri extractions), and many unmentioned people who account for many of my accomplishments, unconditional support and my overall wellbeing. This is a turning point, and I seek forgiveness from anyone I might have hurt unintentionally or unavoidably.