31 October 2012

Liberia: NOCAL Sets Record Straight

The management of the National Oil Company of Liberia(NOCAL) has set the record straight regarding its stewardship of national resources and its compliance with the Public Financial Management (PFM) Laws of Liberia. In a press statement, the management of NOCAL recalled that earlier this year, it commissioned an audit of its financial records and systems for the years 2009, 2010 and 2011.

"The intention is to put the results of those audits online and make them available to the wider public. We noted that the audit will pay special attention to the year 2011 and Liberian interests held in that concession. Beyond the audits, however, private citizens, law makers and other stakeholders can also file Freedom of Information (FoI) requests for NOCAL's financial records and those records will be made available to them," management of NOCAL stated.

The management of the oil company's press statement was in response to a press conference held by Montserrado County District #6 Representative, Edwin M. Snowe on Tuesday, October 30, 2012 in Monrovia. During the press conference, Rep. Snowe asserted that NOCAL is being allegedly mismanaged and that it is financially imprudent.

Contrary to Rep. Snowe's allegations, the oil company pointed out that it is accountable; its financial processes are transparent.

"Rather than seeking information through the backdoor, Mr. Snowe could have walked through the front doors of NOCAL, as we continue to invite all Liberians to do, and request the total records," NOCAL added in its press statement signed by Mr. Israel Akinsanya II, Vice President, Public Affairs, NOCAL. See page 6 for the full text of NOCAL press statement.

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