Dr. Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), visited the Nigerian National Petroleum Company Limited (NNPC) headquarters in Abuja, expressing strong confidence in the company’s current leadership under Bayo Ojulari. Orji praised the NNPC’s ongoing reforms and envisioned the company setting a new standard for corporate governance within Africa’s extractive industry. This visit, occurring during a critical juncture for the sector, highlighted the confluence of reform efforts, renewed investor interest, and increasing indigenous participation reshaping Nigeria’s oil and gas landscape. Orji emphasized the importance of NNPC embodying transparency, accountability, efficiency, and civic engagement to regain public trust and protect the company’s standing as a crucial national asset.
NNPC Group Chief Executive Officer (GCEO), Bashir Ojulari, affirmed the company’s commitment to collaborating with NEITI to enhance corporate governance in alignment with international transparency and accountability standards. Ojulari reiterated NNPC’s dedication to comprehensive disclosures and transparent reporting, highlighting the reinstatement of monthly financial and operational reports alongside fortified internal reporting structures. These measures underscore the company’s commitment to greater accountability. He pledged full compliance with NEITI principles and global Extractive Industries Transparency Initiative (EITI) standards, seeking guidance from NEITI to further these endeavors. Ojulari emphasized ongoing internal transformations aimed at bolstering transparency in operational reporting and performance reviews.
Ojulari expressed NNPC’s intention to leverage NEITI’s global expertise for feedback on performance evaluations. Regarding the upcoming NEITI 2024 Oil and Gas Audit, he assured complete preparedness to provide comprehensive data for the 2024 and 2025 audits, emphasizing the use of technology to ensure efficiency and timely submission. This commitment reflects NNPC’s proactive approach towards transparency and accountability within the extractive sector.
Ojulari further highlighted President Bola Tinubu’s mandate for the new NNPC management to significantly boost oil and gas production and expand the nation’s refining capacity. Achieving these ambitious targets necessitates attracting substantial investment, estimated at approximately $60 billion. Ojulari stressed that securing this investment hinges on sustained transformation, fostering investor confidence, and strengthening partnerships with operators, government agencies, and accountability institutions like NEITI. This collaborative approach underlines the importance of a unified effort towards achieving Nigeria’s energy goals.
The interaction between NEITI and NNPC underscores a shared commitment to transparency and accountability in Nigeria’s extractive industries. Orji’s endorsement of NNPC’s leadership and reform efforts reinforces the positive trajectory of the company’s transformation. Ojulari’s pledges regarding compliance, data provision, and collaboration with NEITI demonstrate a proactive approach towards enhancing corporate governance. The alignment of NNPC’s strategic objectives with President Tinubu’s mandate for increased production and refining capacity further emphasizes the company’s crucial role in driving Nigeria’s energy sector forward.
The emphasis on attracting significant investment, coupled with the commitment to transparency and accountability, positions NNPC as a key player in shaping the future of Nigeria’s oil and gas industry. By embracing global best practices and partnering with organizations like NEITI, NNPC aims to foster investor confidence and drive sustainable growth within the sector, ultimately contributing to the nation’s economic development. The collaborative approach adopted by NNPC and NEITI highlights the importance of robust partnerships in driving positive change within the extractive industry.
