Nigeria Govt unveils financial monitoring centre to deepen oil sector transparency

Following the launch of “Operation White” made up of 89 officials drawn from five agencies to help monitor products supply and distribution across the country and check unwholesome practices with a view to authenticating the actual volume of products imported and consumed in the country, the Federal Government has unveiled the Automated Downstream Operations and Financial Monitoring Centre (DOFMC) to deepen transparency in the oil and gas sector.

 

Speaking at the unveiling ceremony in Lagos, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said the activation of the DOFMC and the launch of “Operation White” were very clear signs of the President Muhammadu Buhari-led administration’s commitment to stamping out sleaze from the oil and gas sector and placing it on the path of growth.

The Minister who was represented at the event by the Executive Secretary of the Petroleum Equalization Fund Management Board, Mr. Ahmed Bobboi, called on all downstream stakeholders to work together to ensure the success of both the “Operation White” and the DOFMC initiatives.

 

Also speaking at the event, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, who was represented by the corporation’s Chief Financial Officer, Mr. Umar Ajiya, said the establishment of the DOFMC would help in blocking leakages and boosting revenue to the Federal Government.

 

The GMD said NNPC was committed to ensuring the success of the “Operation White” and the DOFMC in line with its renewed stance on transparency.

 

On his part, the Managing Director of the Petroleum Products Marketing Company (PPMC), Mr. Bala Wunti, explained that the two initiatives would enhance efficiency in the delivery of petroleum products to ensure availability and affordability.   

 

It would be recalled that Chief Sylva, along with the NNPC GMD, Mallam Kyari, inaugurated the “Operation White” team yesterday at the NNPC Towers to achieve end-to-end tracking of petroleum products from landing point to the pump to stem cross-border smuggling and diversion.