The Nigeria Extractive Industries Transparency Initiative (NEITI) has called on the newly appointed Group Chief Executive Officer (GCEO) of the Nigeria National Petroleum Corporation Limited (NNPCL), Mr. Bayo Ojulari, to prioritize corporate governance and transparency in his leadership.
In a congratulatory message on Wednesday, Dr. Orji Orji, NEITI’s Executive Secretary, emphasized the critical importance of publishing the company’s financial statements on time and ensuring full transparency in key areas such as production data, operational costs, and revenue remittances. NEITI believes that these steps are vital for rebuilding public trust and improving Nigeria’s global standing in the oil and gas industry.
Dr. Orji’s remarks follow the announcement of Ojulari’s appointment by President Bola Tinubu, who replaced Mele Kyari with Ojulari and reshuffled the NNPCL board. NEITI’s call aligns with the ongoing push for corporate governance reform and transparency in the sector, as Nigeria seeks to better manage its vast oil and gas resources.
“Transparency in the management of Nigeria’s oil and gas revenues is essential for the country’s national development and efforts to reduce poverty,” Dr. Orji stated. “NNPCL must fully embrace openness, including systematic disclosure of critical industry data and the adoption of international best practices in corporate governance.”
NEITI further emphasized that the timely publication of NNPCL’s financial statements is crucial for ensuring that revenues from the country’s natural resources are managed responsibly and deployed effectively to meet Nigeria’s development goals.
As a supporter of the global Extractive Industries Transparency Initiative (EITI), NNPCL is expected to demonstrate unwavering commitment to transparency and responsible resource management. The framework promotes the accountability of natural resource revenues and ensures that the benefits of Nigeria’s oil and gas sector reach the people.
Dr. Orji also pointed out that Ojulari’s appointment comes at a pivotal moment for the NNPCL, as the company navigates significant reforms. The executive secretary urged the new GCEO to lead with a focus on transparency, accountability, and corporate governance, which will help restore trust and position Nigeria’s oil sector for long-term success.
With the eyes of the nation and the world upon NNPCL, Ojulari’s leadership will play a crucial role in the ongoing efforts to transform Nigeria’s oil and gas industry into a model of transparency and global competitiveness.
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