The Nigerian Extractive Industries Transparency Initiative has called upon the recently appointed Group Chief Executive Officer of the Nigeria National Petroleum Corporation Limited, Mr Bayo Ojulari, to establish strong corporate governance practices within the organization by ensuring the prompt release of the corporation’s financial reports.
The importance was highlighted regarding complete openness about production figures, operating expenses, and financial contributions when reporting within the oil and gas industry. This transparency is crucial for restoring public confidence and improving Nigeria’s standing internationally in this field.
Dr. Orji Ogbonnaya Orji, the NEITI Executive Secretary, offered his congratulations in a message to the newly appointed GCEO and board members by President Bola Tinubu on Wednesday during an event held in Abuja.
PUNCH has reported that President Bola Tinubu assigned Ojulari to take over from Mele Kyari at around midnight on Wednesday as part of reshuffling the NNPCL board.
In a declaration penned by the Acting Director for Communication & Stakeholders Management, Obiageli Onuorah, the organization underscored the significance of following global standards in corporate governance and fiscal openness.
The executive secretary noted that transparency in the management of oil and gas revenues is pivotal to the country’s national development and ongoing efforts to reduce poverty.
The statement indicated, "Being a supporting entity for the worldwide Extractive Industries Transparency Initiative, NNPCL needs to exhibit an unyielding dedication to transparency, consistent release of essential sector information, accountable handling of resources, and adherence to superior standards in corporate governance."
“Prioritise timely publication of NNPCL’s financial statements, full disclosure of production data, operational costs, and revenue remittances to help rebuild public trust and enhance Nigeria’s global reputation.
The prompt and precise release of NNPCL's financial reports is essential for guaranteeing that earnings from Nigeria's natural assets are responsibly handled, thoroughly documented, and effectively utilized to address the country's developmental requirements. Maintaining openness in the oversight of petroleum income continues to be vital for national progress and sustained initiatives aimed at reducing poverty.
NEITI's position is consistent with the processes of the Extractive Industries Transparency Initiative, an internationally recognized framework aimed at promoting openness in the oil and gas industry, guaranteeing that earnings from natural resources are handled accountably.
While praising Mr. Ojulari, the Executive Secretary mentioned that his appointment occurs during an essential period as the current reforms within the NNPCL demand a fresh commitment, strong leadership, and unwavering dedication to openness, responsibility, and sound corporate management.
“We look forward to working closely with Mr. Ojulari and his team in deepening the NEITI-EITI process in Nigeria. This collaboration will ensure that NNPCL’s operations continue to align with global standards in financial management and that Nigeria remains a leader in transparency in the extractive industries sector,” he added.
According to Dr Orji, “NEITI recognises that NNPCL, as Nigeria’s foremost national energy company, plays a crucial role in shaping the future of the country’s oil and gas sector. As a member of the NEITI National Stakeholders’ Working Group and a key institution in Nigeria’s extractive industry, NNPCL has a responsibility to ensure that the reforms initiated under the Petroleum Industry Act are strengthened, broadened, and sustained in the public interest.”
NEITI extends its congratulations to the recently reconvened NNPCL Board and urges it to offer a visionary strategic path to expedite the continuous reform of NNPCL aligning with the objectives outlined in the PIA.
The Board plays a vital role in guaranteeing that NNPCL stays answerable to its stakeholders—the Nigerian populace—which is essential for the company's and the broader sector's sustained growth over time.
Dr. Orji expressed his gratitude to the Mele Kyari Team for their commitment and efforts.
It is also assured of its commitment to its mandate of ensuring transparency and accountability in Nigeria’s extractive sector and will continue to support all efforts aimed at making NNPCL a globally competitive, accountable, and efficiently managed national oil company.
“On behalf of the NEITI National Stakeholders’ Working Group, we extend our appreciation to the outgoing GCEO, Mr Mele Kyari, for his mutual respect, patience, and collaboration with NEITI over the past six years. His tenure was marked by significant engagements with NEITI in advancing corporate transparency and public disclosures and aligning NNPCL with the global EITI framework. We commend his service to the nation and wish him success in his future endeavours.”
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