NNPC to cut funding of subsidiary as IDSL records N19.033bn in 2018
The Nigerian National Petroleum Corporation (NNPC) has disclosed its intention to cut funding the operational activities of one of its subsidiaries, the Integrated Data Services Limited (IDSL), from its corporate headquarters’ budget.
The corporation stated that, this was necessary as IDSL recorded an impressive financial performances which has seen it grow its annual revenue from N5.5 billion in 2016 to N19.033 billion in 2018.
The Chief Operating Officer (COO), NNPC, Upstream, Mr Roland Ewubare, made this disclosure at the 23rd Annual General Meeting of IDSL which he also serves as the chairperson.
Ewubare, rated the performance as very impressive, and express his optimism that, the subsidiary had become self-reliant and would not require any subvention from the corporate headquarters anymore, he added “IDSL now contributes to the centre and we will continue to give them the needed support to ensure that they sustain this growth trajectory.”
The Chief Financial Officer (CFO) of the corporation, Mr. Umar Ajiya, commended IDSL’s management on the performance streak, stating that, the only way they can grow is when businesses like this deliver positive results, to enable us collectively overcome their financial challenges.
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He emphasised that, the management of NNPC would continue to give all the necessary supports to all its subsidiaries with capacity and prospect to deliver, including recapitalisation where necessary and helping them to secure profitable business opportunities across the industry value chain.
The Managing Director, IDSL, Mr Diepriye Tariah, attributed the impressive performance of the company to the reorientation of the staff who, he said, had become more commercially focused and efficient.
The Acting Group General Manager, Group Public Affairs Division, Mr Samson Makoji, revealed that IDSL, which was established in 1988 as an upstream company offering services in seismic data acquisition, processing and reservoir engineering as well as data storage and management services have now become financially reliance.
