The Nigeria Extractive Industries Transparency Initiative (NEITI) has thrown its weight behind the leadership of the Nigerian National Petroleum Company Limited (NNPCL), expressing confidence that the new management under Group Chief Executive Officer (GCEO), Bayo Ojulari, will deliver on ongoing reforms and set fresh benchmarks in transparency, accountability, and corporate governance.
Speaking during a courtesy visit to the NNPCL Towers in Abuja, NEITI’s Executive Secretary, Dr. Ogbonnaya Orji, applauded the direction taken by Ojulari since assuming office.
He emphasized that Ojulari’s emergence comes at a decisive period when Nigeria’s oil and gas sector is undergoing structural reforms to attract investments, boost indigenous participation, and reposition the country as a trusted global energy supplier.
“The assumption of office by the new NNPCL leadership came at a defining moment for Nigeria’s extractive sector,” Orji said.
“NEITI sees in this leadership an opportunity to entrench transparency, strengthen corporate governance, and restore public confidence in NNPCL as the nation’s most strategic national asset.”
Responding, Ojulari reaffirmed NNPCL’s unwavering commitment to transparency and accountability, pledging full compliance with NEITI’s principles and the global Extractive Industries Transparency Initiative (EITI) standards.
The NNPCL boss highlighted steps already taken to restore confidence in the company, including the resumption of monthly financial and operational reporting and the overhaul of internal reporting structures to ensure efficiency and accuracy.
“We are fully aligned with NEITI’s mission,” Ojulari noted.
“Our commitment is not only to comply but to exceed global standards by leveraging technology to deliver real-time disclosures and ensure credible audits.”
He added that NNPCL is prepared for the upcoming 2024 Oil and Gas Audit, with systems in place to provide comprehensive data covering 2024 and 2025.
Beyond transparency, Ojulari stressed that President Bola Tinubu has mandated the new NNPCL leadership to ramp up oil and gas production while expanding the nation’s refining capacity.
These goals, he explained, would require attracting at least $60 billion in fresh investments over the next few years.
To achieve this, NNPCL plans to intensify engagement with international oil companies, indigenous operators, and accountability partners like NEITI to boost investor confidence.
The GCEO also assured stakeholders that reforms will be gradual, inclusive, and focused on achieving long-term sustainability.
Industry observers note that NNPCL’s success in attracting new investments could help Nigeria achieve its ambitious target of producing 3 million barrels per day by 2027, a figure seen as critical for stabilizing government revenues and meeting domestic energy demand.
NEITI’s endorsement of Ojulari comes at a time when African national oil companies are under pressure to embrace global best practices, especially as international investors increasingly demand stronger environmental, social, and governance (ESG) standards.
Countries like Angola, Ghana, and Tanzania are already implementing reforms to attract financing in a competitive global market. Nigeria, being Africa’s largest oil producer, is expected to set the pace.
According to Dr. Orji, Ojulari’s leadership could position NNPCL as a model for state-owned enterprises across Africa, demonstrating how transparency and good governance can attract capital while ensuring citizens benefit from natural resources.
Since Nigeria signed up to the EITI in 2003, NEITI has been instrumental in pushing reforms in the extractive sector.
Its regular audits have exposed revenue leakages, boosted accountability, and guided major policy changes, including the Petroleum Industry Act (PIA).
Observers say that with NEITI’s backing, NNPCL now has a stronger mandate to deepen reforms that will impact not only corporate governance but also fiscal discipline, environmental sustainability, and community engagement.
Industry analysts believe that the synergy between NEITI and NNPCL could mark a turning point in Nigeria’s quest to reposition its oil and gas industry.
With rising global competition for investment capital, Nigeria’s ability to demonstrate trust, stability, and transparency will be decisive.
If successfully implemented, Ojulari’s reform agenda—anchored by NEITI’s oversight—could transform NNPCL into a truly commercial, world-class energy company and reaffirm Nigeria’s position as a continental leader in the extractive industry.