For his exemplary leadership and promotion of transparency and accountability as the Group Executive Director/Chief Finance Officer of the Nigerian National Petroleum Corporation (NNPC) and other places where he had worked, the Institute of Chartered Accountants of Nigeria (lCAN) has honoured Mr. Isiaka Abdulrazaq, with a Merit Award, lCAN’s highest honour.
At the ICAN 2018 Annual Dinner attended by captains of industry, policy makers and leaders of thought at the Eko Hotels and Suites Lagos, Abdulrazaq was honoured alongside the Minister of Finance, Mrs. Kemi Adeosun, Mr. Babatunde Fowler, Executive Chairman, Federal Inland Revenue Service, and Oba Babatunde Ajayi, FCA, the traditional ruler of Sagamu and Akarigbo of Remoland.
The ICAN Merit Award is conferred on members and non-members who have distinguished themselves in their careers cutting across both private and public sectors as well as members who use the profession of Accountancy to promote national development and economic growth.
“One of such of our members is Mr. Abdulrazaq whose professionalism and commitment to excellence has made NNPC to be more transparent in its books. NNPC accounts and subsidiaries are now regularly published and can be accessed by members of the public,” according to ICAN President, Isma’ila Muhammadu Zakari.
Abdulrazaq was also recognised for his outstanding contribution to the development of the Accounting profession through the establishment of ‘Youth Professional Development Trust (YPDT)’ which has encouraged young Accounting Graduates in educationally less developed states to attain professionalism. As at 2017 a total of 734 students were graduated from the various centres.
He was also honoured for coordinating the effective implementation of ‘The Single Treasury Account (TSA)’ policy of the federal government in NNPC thereby drastically reducing the number of NNPC bank accounts.
Abdulrazaq was credited for transparency, professional excellence and integrity in public life; ensuring the timely preparation and Audit of Financial Statements in NNPC. Today, NNPC’s Audited Financial Statements are up to date.
He drove several financing initiatives in the oil and gas sector including but not limited to – $1.2bn NNPC/Exxon Satellite Oil field’s development, $680mn Bonny Gas Transport Limited Shipping Financing, negotiation of Modified Carry Arrangement (MCA) Alternative Financing to the tune of $8bn in favor 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.