NNPC Ltd, NEITI partner for transparency

FAVOUR  ISHEMBER, Abuja

The Group Chief Executive Officer of NNPC Ltd, Mr. Bashir Bayo Ojulari, has expressed his commitment to transparency and accountability in the company’s operations.

Speaking during a meeting with the Executive Secretary of the Nigerian Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji, Ojulari acknowledged the importance of NEITI’s contributions to building Nigeria’s international credibility.

Ojulari assured that NNPC Ltd. would continue to provide monthly reports and improve them steadily, with a focus on accuracy and consistency, as the company has a compliance department, which is being restructured and resourced, with a new Chief Compliance Officer appointed to drive transparency initiatives.

He expressed readiness to formalize the relationship between NNPC Ltd. and NEITI, possibly through a Memorandum of Understanding (MOU), to deepen collaboration and transparency.

“Third, on participation and deepening collaboration, we look forward to formalizing our relationship with NEITI, perhaps through an MOU. The Petroleum Industry Act establishes NNPC as a limited liability company with the long-term commitment to pursue public listing. That is a major undertaking—one we cannot achieve alone”.

“We need the support of all stakeholders, including NEITI, particularly on issues of transparency, which is central to that journey.

“This transformation is not about me or the management team; it is about Nigeria. Transparency and credibility are the foundations of achieving our aspirations, and we look forward to working closely with you in that regard

“I also want to acknowledge the historical role NEITI has played in building NNPC’s credibility. We are working for Nigeria, and everything we do is with the country’s interest at heart. That is our aspiration, and it sets us apart.

“You have my full commitment to deepening transparency and accountability, in line with the EITI global standards. We are already implementing internal reforms to strengthen operational reporting and performance reviews, and we will be inviting you to observe some of these processes. Your experience and feedback will help us improve even further.

“Regarding the 2024 NEITI oil and gas audits, we are ready. We will provide all the necessary data for both the 2024 and 2025 audits in the most efficient way possible. We also look forward to leveraging technology to make data sharing more seamless and efficient.

He noted that NNPC Ltd. is committed to pursuing public listing, which requires transparency and accountability, and the company is implementing internal reforms to strengthen operational reporting and performance reviews.

On Data Sharing, the GCEO said NNPC Ltd. is ready to provide the necessary data for NEITI’s oil and gas audits and leverage technology to make data sharing more seamless.

Commenting on Gas Development, Ojulari said NNPC Ltd. is proud of the progress under the “Decade of Gas” agenda, with projects like the AKK Pipeline expected to create industries, jobs, and long-term economic impact.

“NNPC has been central to Nigeria’s gas development, and we are proud of the progress under the “Decade of Gas” agenda. Projects like the AKK Pipeline are not just about transporting gas; they will create industries, jobs, and long-term economic impact. Our teams are actively engaging with the market and potential off-takers to ensure the infrastructure delivers real growth. Beyond AKK, we are expanding supply lines in the West and exploring the extension of the West African Gas Pipeline to Morocco. These initiatives reflect the growth opportunities ahead”.

Ojulari explained that the company aims to grow oil production to 3 million barrels per day and gas production to at least 20 million cubic feet per day by 2030, while expanding refining capacity.

Ojulari emphasized the importance of investing in people to match future demands and drive growth.

“Another priority is investing in people. The growth we aspire to cannot be achieved with systems and processes alone. We must enhance the capability of our workforce to match future demands”.

Ojulari acknowledged that transformation may face resistance but expressed determination to drive reforms for the benefit of Nigeria.

“Let me conclude by emphasizing: transformation is never without resistance. We are aware of this and prepared to manage it. But we are not deterred. With the trust placed in us and the collective will of our stakeholders, we are determined to drive these reforms for the benefit of Nigeria.

“The company is committed to working closely with stakeholders, including NEITI, to achieve its aspirations.

Earlier, the Executive Secretary of the Nigerian Extractive Industries Transparency Initiative (NEITI), Dr Orji, congratulated the new management team of the Nigerian National Petroleum Company Limited (NNPC Ltd.), led by the Group Chief Executive Officer, Engr. Bayo Ojulari.

Orji emphasized the importance of transparency, accountability, and civic engagement in the operations of the national oil company.

“As Nigeria’s flagship national oil company, NNPC must stand firm as a model of transparency, accountability, efficiency, and civic engagement. These values are critical, not just for restoring public trust, but for preserving and protecting NNPC as Nigeria’s greatest national asset and source of pride”

Orji highlighted that NEITI has been working closely with stakeholders to support the transition of NNPC into a limited liability company, as mandated by the Petroleum Industry Act.

He stressed that NNPC Ltd. must fully embrace global best practices and corporate governance to restore public trust and preserve the company’s reputation as Nigeria’s greatest national asset.

NEITI urged NNPC Ltd. to restore and sustain critical publications, including audited financial statements, monthly financial and operations reports, and crude oil and gas production and sales data.

“NAIT, working closely with other stakeholders, supported the historic transition of NNPC into a limited liability company through our recommendations, advocacy, and engagements with industry, government, and civil society under the Petroleum Industry Act. This new status places on NNPC the responsibility to fully embrace global best practices and corporate governance”.

Orji noted that NNPC Ltd. must address domestic challenges to avoid risks to Nigeria’s image and investor confidence.

“As Nigeria’s flagship national oil company, NNPC must stand firm as a model of transparency, accountability, efficiency, and civic engagement. These values are critical, not just for restoring public trust, but for preserving and protecting NNPC as Nigeria’s greatest national asset and source of pride”

Orji noted that the company must compete with global energy giants, such as Saudi Arabia, Qatar Energy, and Petronas, to maintain its position in the industry.

“Individuals will come and go, but NNPC must endure as a global energy giant. The NNPC we envision is one that competes shoulder to shoulder with Saudi Arabia, Qatar Energy, Petronas, and other global players. To achieve this, NNPC must urgently address domestic challenges. A failure to do so—whether from internal or external pressures—poses significant risks for Nigeria’s image and investor confidence.

NNPC must, therefore, remain ready to engage constructively with stakeholders. We stand willing to facilitate such engagements whenever called upon.

“Your voluntary membership of the Global Extractive Industries Transparency Initiative (EITI) carries unique responsibilities. It requires full compliance with international standards and rules of engagement. The EITI, based in Oslo, Norway and made up of 57 member countries, is fully aware of this meeting and has specifically requested us to remind NNPCL of the importance of a culture of public disclosure as Nigeria prepares for its next compliance assessment.

“The current administration has undertaken bold reforms, and recent transactions, such as Oando PLC’s acquisition of Nigerian Agip Oil Company, signal a new era of greater indigenous ownership and control”.

Moving forward, the ES hinted that NEITI has proposed a closer working relationship with NNPC Ltd., anchored on openness, compliance, and responsiveness.

“You have my full commitment to deepening transparency and accountability, in line with the EITI global standards. We are already implementing internal reforms to strengthen operational reporting and performance reviews, and we will be inviting you to observe some of these processes. Your experience and feedback will help us improve even further.

“Regarding the 2024 NEITI oil and gas audits, we are ready. We will provide all the necessary data for both the 2024 and 2025 audits in the most efficient way possible. We also look forward to leveraging technology to make data sharing more seamless and efficient.

NNPC has been central to Nigeria’s gas development, and we are proud of the progress under the “Decade of Gas” agenda. Projects like the AKK Pipeline are not just about transporting gas; they will create industries, jobs, and long-term economic impact. Our teams are actively engaging with the market and potential off-takers to ensure the infrastructure delivers real growth. Beyond AKK, we are expanding supply lines in the West and exploring the extension of the West African Gas Pipeline to Morocco. These initiatives reflect the growth opportunities ahead”.

He reiterated that the establishment of a dedicated desk within NNPC Ltd. would facilitate effective engagement and drive transparency initiatives.

“On issues such as contract disclosure, beneficial ownership, publication of financial and operational reports, participation in stakeholder meetings, and implementation of remedial actions from previous reports—these are not mere bureaucratic exercises. They are governance safeguards designed to deepen accountability, attract sustainable investment, and consolidate Nigeria’s credibility in global energy markets.

“We recommend the establishment of a dedicated EITI-NEITI desk within NNPC, headed by a senior officer with direct access to you, to drive these engagements effectively.”

NEITI stands ready to work with NNPC Ltd. to consolidate indigenous leadership in Nigeria’s oil and gas sector and sustain an environment attractive to global investors.

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