Stakeholders Charge New NNPCL GCEO on Transparency, Accountability

NEITI congratulated the newly appointed GCEO of NNPCL, Mr. Bayo Ojulari. They urged him to prioritize transparency, accountability, and good governance in the company’s operations. This call was made by the Executive Secretary of NEITI, Dr. Orji Ogbonnaya-Orji, in a congratulatory message to the new GCEO and board appointed by President Bola Tinubu.

The Nigerian oil and gas industry has been plagued by a lack of transparency, accountability, and good governance. This has led to significant revenue losses. It undermines the country’s economic development. The appointment of a new GCEO for NNPCL presents a chance for the company to redefine its operations. It is also an opportunity to reaffirm its commitment to transparency and accountability.

NEITI emphasized the importance of transparency, accountability, and good governance in the oil and gas sector, highlighting the need for NNPCL to prioritize the following key areas:

– Timely publication of financial statements: to ensure transparency and accountability in the management of oil and gas revenues.
– Full disclosure of production data, operational costs, and revenue remittances: to rebuild public trust and enhance Nigeria’s global reputation in the oil and gas sector.
– Adherence to international best practices in corporate governance and financial transparency: to ensure that NNPCL operates in line with global standards.

Transparency and accountability are crucial. They ensure that the oil and gas sector contributes to Nigeria’s economic development. These principles also support poverty reduction efforts. The lack of transparency and accountability in the sector has caused revenue losses. These losses are estimated to be in the billions of dollars. NNPCL must prioritize transparency. It must prioritize accountability to rebuild public trust. This will enhance Nigeria’s global reputation in the oil and gas sector.

The appointment of Mr. Bayo Ojulari as the new GCEO of NNPCL marks a new era for the company. NEITI is eager to collaborate closely with Mr. Ojulari and his team. They aim to deepen the NEITI-EITI process in Nigeria. They also ensure that NNPCL’s operations meet global standards in financial management.

NEITI advises the new GCEO of NNPCL to focus on transparency, accountability, and good governance. This is crucial for ensuring that the oil and gas sector supports Nigeria’s economic growth and reduces poverty. NNPCL should focus on prioritizing transparency and accountability. This will help to rebuild public trust. It will also enhance Nigeria’s global reputation in the oil and gas sector.