The Institute of Chartered Accountants of Nigeria has honoured the Minister of Finance, Mrs. Kemi Adeosun; and the Group Executive Director and Chief Finance Officer, Nigerian National Petroleum Corporation, Mr. Isiaka AbdulRazaq, with its merit awards.
They were honoured alongside the Executive Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler; and the traditional ruler of Sagamu, the Akarigbo of Remoland, Oba Babatunde Ajayi.
The awards were presented to the recipients at the ICAN 2018 annual dinner in Lagos.
The President, ICAN, Isma’ila Zakari, explained “The ICAN merit awards are conferred on members and non-members who have distinguished themselves in their careers, cutting across the private and public sectors, as well as members who use the accounting profession to promote national development and economic growth.
“One of such of our members is Abdulrazaq, whose professionalism and commitment to excellence has made the NNPC to be more transparent in its books. The NNPC accounts and those of the subsidiaries are now regularly published and can be accessed by members of the public.
“Abdulrazaq was also recognised for his outstanding contribution to the development of the accounting profession through the establishment of the Youth Professional Development Trust, which has encouraged young accounting graduates in educationally less developed states to attain professionalism. As of 2017, a total of 734 students were graduated from the various centres.
“He was also honoured for coordinating the effective implementation of the Treasury Single Account policy of the Federal Government in the NNPC, thereby drastically reducing the number of the NNPC’s bank accounts.”
Zakari added that Abdulrazaq was credited for transparency, professional excellence and integrity in public life, ensuring the timely preparation and audit of financial statements in the NNPC.
The ICAN president added, “He drove several financing initiatives in the oil and gas sector, including but not limited to the $1.2bn NNPC/Exxon satellite oilfield’s development; $680m Bonny Gas Transport Limited shipping financing, negotiation of Modified Carry Arrangement alternative financing to the tune of $8bn in favour of Nigeria.
“He is currently championing the Sustainable Join Venture Funding mechanism that will assure joint venture production growth of oil and gas and reduction in unit cost of production, thereby securing higher take for government in the form of royalties and taxes through lower cost of production among other numerous benefits to the nation.”
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