As NNPC, NEITI Deepen Collaboration on Transparency, Global Accountability Standards
The Executive Secretary/CEO of Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji, has expressed confidence in the management of the Nigerian National Petroleum Company (NNPC) Ltd., led by Engr. Bashir Bayo Ojulari, to deliver on ongoing reforms in the Company and to set new benchmarks for corporate governance in Africa’s extractive industry.
Orji disclosed this during a courtesy call on the NNPC Management at the NNPC Towers in Abuja on Thursday.
He commended the vision of the new NNPC Ltd. leadership, noting that its assumption into office comes at a defining moment for Nigeria’s extractive sector, whereby reforms, renewed investor confidence, and expanded indigenous participation are reshaping the nation’s oil and gas landscape.
While urging the NNPC Ltd. to stand as a model of transparency, accountability, efficiency, and civic engagement, the NEITI head said those values remain essential elements in restoring public trust and safeguarding the company as Nigeria’s greatest national asset.
The GCEO, Engr. Bashir Bayo Ojulari said the NNPC Ltd. will sustain its collaboration with NEITI towards enhancing openness and strengthening corporate governance in line with global transparency and accountability standards.
Ojulari, who said the NNPC Ltd. remains unwavering in its commitment to deeper disclosures and transparent reporting, noted that the company has since reinstated the publication of monthly financial and operational reports and strengthened its internal reporting structures to ensure greater accountability.
“In terms of full compliance to NEITI principles and global EITI standards, you have my full commitment. We will look to your guidance as we deepen this. We are already doing a lot of internal transformation to deepen transparency in our operational reporting and performance reviews,” Ojulari said.
The GCEO also stated that NNPCL would lean on NEITI’s global experience in providing feedback on performance reviews.
On the forthcoming NEITI 2024 Oil and Gas Audit, the GCEO said NNPC Ltd. is fully prepared to provide comprehensive data for the 2024 and 2025 audits, and would leverage technology to ensure efficiency and timeliness.
Ojulari re-iterated President Bola Tinubu’s mandate to the new NNPC Ltd. Management Team to ramp up oil and gas production and expand the nation’s refining capacity.
He also stated that achieving these targets would require attracting at least $60 billion in fresh investments; a goal that can only be realised through sustained transformation, investor confidence, and strengthened partnerships with operators, government agencies, and accountability institutions such as NEITI.
