The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged the Nigerian National Petroleum Company Limited (NNPC Ltd) to fully restore its once-regular public disclosures and deepen its embrace of transparency, accountability and good governance as it positions itself among the world’s leading energy companies.
NEITI’s Executive Secretary and Chief Executive Officer, Dr. Orji Ogbonnaya Orji, made the call in Abuja yesterday during a courtesy visit to the Group Chief Executive Officer of NNPC Ltd, Mr. Bayo Ojulari. He congratulated Ojulari on his appointment, describing it as timely and strategic for Nigeria’s energy future.
“Your assumption of office comes at a defining moment in Nigeria’s energy sector when bold reforms, renewed investor confidence, and increasing indigenous ownership are reshaping the industry. These gains must not only be sustained but expanded,” Dr. Orji said, adding that the credibility of NNPC as a reformed national oil company depends heavily on its ability to entrench international best practices.
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He reminded the new NNPC chief that the transition of the corporation into a limited liability company under the Petroleum Industry Act (PIA) was historic, but carried new obligations. “As Nigeria’s flagship national oil company, NNPC must stand as a model of transparency, accountability, efficiency, and civic engagement. Individuals will come and go, but NNPC Limited must endure as a global energy giant,” he stressed.
Dr. Orji commended NNPC’s past leadership in disclosures, noting that the company once earned international recognition for regularly publishing audited financial statements, monthly operations and revenue reports, crude oil production and sales data, and detailed statistical bulletins.
However, he expressed concern that some of these reports have become irregular or discontinued, creating gaps in time-series data and weakening Nigeria’s reputation for openness.
“On behalf of the global EITI and NEITI, we respectfully urge NNPC Limited to restore and sustain all discontinued disclosures on its platforms. This will reinforce Nigeria’s leadership in transparency and secure a stronger outcome in the upcoming EITI Validation,” he appealed.
He also recommended that NNPC establish a dedicated EITI/NEITI Desk within its structure, headed by a senior officer with direct access to the GCEO, to ensure effective coordination on compliance with international standards. “These are not bureaucratic exercises; they are governance safeguards designed to deepen accountability, attract sustainable investment, and consolidate Nigeria’s credibility in global energy markets,” he explained.
The NEITI boss also praised recent bold reforms in the sector under President Bola Tinubu’s administration, pointing to landmark transactions that have transformed ownership structures in Nigeria’s oil and gas industry. These include Oando’s $783 million acquisition of NAOC from Eni, Seplat Energy’s $1.2 billion purchase of ExxonMobil’s MPNU assets, and the Renaissance Consortium’s $2.4 billion takeover of Shell Petroleum Development Company. He said these deals, unprecedented in scale over the past 15 years, have shifted more than half of Nigeria’s oil production into the hands of indigenous companies, boosting local capacity, creating jobs, and enhancing national sovereignty.
He also highlighted over $6 billion in new foreign direct investments in deepwater and gas projects such as the $550 million Ubeta Gas Project and the $5 billion Bonga North Deepwater Project, describing them as evidence of renewed investor confidence supported by credible reforms and reliable data.
“These reforms and investments can only be sustained in a stable, transparent, and competitive environment where NNPC operates with accountability and efficiency,” Dr. Orji noted. “Together with civil society, industry, and government, we can consolidate indigenous leadership of Nigeria’s oil and gas sector while ensuring an enabling environment for global investors.”
He assured Ojulari of NEITI’s readiness to work closely with his leadership to build an NNPC that can stand shoulder to shoulder with global giants such as Saudi Aramco, QatarEnergy, and Petronas. “The NNPC we dream of is one that competes at the highest level. NEITI stands ready to work hand-in-hand with you to achieve these noble goals,” he concluded.
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