For his exemplary leadership and promotion of transparency and accountability as the Group Executive Director/ Chief Finance Officer of the Nigerian National Petroleum Company, NNPC and other places where he has worked, the Institute of Chartered Accountants of Nigeria (lCAN) has honoured Mr. Isiaka AbdulRazaq,FCA with a Merit Award, lCANs highest honour.
At the ICAN 2018 Annual Dinner attended by captains of industry, policy makers and leaders of thought at the Eko Hotels & Suites Lagos Mr. 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 sector was conferred on the NNPC Chief Financial Officer (CFO)/Group Executive Director Finance & Accounts for his outstanding contributions to national development.
According to the ICAN President, Isma’ila Muhammadu Zakari, FCA, the Institute upholds its tradition of honoring 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, 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.”
Mr. Abdulrazaq according to ICAN CFO was recognized 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 of 2017, a total of 734 students were graduated from the various centers
He was also honored 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
Mr. Abdulrazaq was also 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 & Gas sector including but not limited to – $1.2bn NNPC/Exxon Satellite Oilfield’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 Join Venture production growth of Oil & 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. members in all events
Mr. Abdulrazaq is from 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. He had previously worked with Power Holding Company of Nigeria, Debt Management Office in the Presidency, NNDC 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.
Beyond his good family pedigree as a scion of Alhaji AGF Abdul-Razaq, SAN, OFR who was the first Lawyer from Northern Nigeria and a first Republic Minister, the NNPC Chief Financial Officer worked his own way to the top through hard work, dedication and commitment to the ideals of integrity which was part of his upbringing.