Isiaka Abdulrazaq CFO NNPC Gets Standing Ovation on Retirement
For his exemplary leadership and promotion of transparency and accountability as the Chief Finance Officer(CFO) of the Nigerian National Petroleum Corporation(NNPC)the outgoing Group Managing Director of NNPC, Dr Maikanti Kacalla Baru has commended Isiaka Abdulrazaq and ordered a standing ovation in his honour.
At the valedictory ceremony held in honour of the Dr Maikanti Baru attended by two sitting Governors of both Ekiti and Delta states respectively, captains of industry, policy makers and leaders of thought at the NNPC Towers in Abuja, the outgoing NNPC GMD poured encomiums on Mr Abdulrazaq for playing a leading role in the exit of the corporation from Joint Venture Cash-Calls, notably with the recent settlement of ExxonMobil barely a week ago.
According to Dr Baru, the retiring NNPC Chief Finance Officer made it a duty to pay staff salaries and allowances not later than every 25th of the month, apart from pensioners whose interests were always considered.
Baru said: “One of such of our members is Mr. Abdulrazaq whose professionalism and commitment to excellence has made NNPC, the national oil company, to be more transparent in its books. “NNPC accounts and subsidiaries are now regularly published and can be accessed by members of the public.”
He was also honoured for coordinating the effective implementation of the Single Treasury Account policy of the Federal Government in NNPC, thereby drastically reducing the number of NNPC bank accounts
Abdulrazaq was also credited for transparency, professional excellence and integrity in public life, ensuring the timely preparation and Audit of Financial Statements in NNPC, adding that the 2018 financial reports were ready.
Abdulrazaq drove several financing initiatives in the Oil & Gas sector, including but not limited to: $1.2 billion NNPC/Exxon Satellite Oilfield’s development, $680 million Bonny Gas Transport Limited Shipping Financing, negotiation of Modified Carry Arrangement Alternative Financing to the tune of $8 billion in favour of Nigeria.
He championed the “Sustainable Join Venture Funding” mechanism that will assure Join 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.
Abdulrazaq is from Ilorin Emirate of Kwara State. He is a holder of B.Sc (Hons) Mathematics, LLB (Hons) and MBA degrees. A Fellow of ICAN, he was a one time the Group General Manager NNPC Capital before his current position as Group Executive Director in charge of Finance and Accounts, before the nomenclature was changed to Chief Finance Officer.
He had previously worked with Power Holding Company of Nigeria, Debt Management Office in the Presidency, Northern Nigeria Development Corporation and Coopers and Lybrand, Chartered Accountants. While in NNDC, he rose to the position of Financial Controller. He was called to the Bar in 1995.