POOR FINANCIAL REPORTING UNDERMINING OIL SECTOR GROWTH — NNRC

Growth in the Nigerian oil and gas industry will remain elusive over the next couple of years, unless issues of poor financial reporting, insufficient audits and inadequate information are addressed.

The 2014 Nigeria Natural Resource Charter (NNRC) Benchmarking Report, which disclosed this, further stated that, “Scarce or inadequate information, insufficient audits, and poor financial reporting standards for public entities like the Nigerian National Petroleum Corporation, NNPC, have helped in no small measure in undermining processes in the Nigerian oil and gas sector.”

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