The Nigerian National Petroleum Company Limited (NNPC Ltd.), and Nigeria Extractive Industries Transparency Initiative (NEITI), have forged stronger partnership on data exchange to address the various remediation issues captured in the NEITI Audit reports.
This was the focus of the meeting between the Management of the NNPC Ltd., and the Management team of the NEITI, led by its Executive Secretary, Dr. Orji Ogbonnya Orji, at the NNPC Towers, on Thursday in Abuja.
Speaking during the strategic meeting, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Engr. Bayo Ojulari, expressed the company’s commitment to the transparent reporting of its monthly activities to restore public trust in the company.
Engr. Ojulari also pledged the company’s full compliance to the NEITI principles and EITI global standards, with the guidance of the transparency agency.
“We’ll be looking for your guidance as we deepen that commitment. We’re doing a lot of internal transformation to deepen transparency in terms of our operational reporting, and our performance review,” he said.
The GCEO disclosed that a Memorandum of Understanding would be signed between the national oil company and the NEITI to outline areas of mutual cooperation, especially in the areas of training and management of information and data disclosures.
“I think last but not the least, it is also about training and enhancing the capability of our people. In terms of where we want to go and the way the world is going now, we will need to be embarking on really enhancing the development of our people because the growth we are talking about cannot be achieved just with these current systems, processes that we have. So, we need to enhance our processes and we also need to enhance the capability of our people to be able to match those requirements,” he added
Earlier, the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, said that the new status emplaced by the Petroleum Industry Act, has placed on NNPC the responsibility to fully embrace global best practices in corporate governance.
Dr. Orji said as Nigeria’s flagship national oil company, NNPC must stand as a model of transparency, accountability, efficiency, and civic engagement. Adding that these values are critical not just to restore public trust, but to preserve and protect NNPC as one of Nigeria’s greatest national assets.
“Individuals will come and go, but NNPC Limited must endure as a global energy giant. The NNPC we dream of is one that competes shoulder-to-shoulder with Saudi Aramco, QatarEnergy, Petronas, and other global players,” he said.
To achieve this, the NEITI boss said the NNPC Limited must urgently address domestic challenges through a multi-stakeholder consultative approach, as failure to do so carries risks for Nigeria’s image and investor confidence.
He noted that the NNPC’s voluntary membership of the global Extractive Industries Transparency Initiative (EITI) carries a unique responsibility. Noting that it requires full compliance with international standards and rules of engagement.
Dr. Orji informed that the EITI International Secretariat in Oslo has specifically requested urgent attention to NNPC’s public disclosures as Nigeria prepares for its next Validation. These disclosures, according to him, earned NNPC global recognition as a bold reform leader and strengthened investor confidence.
He noted that while production data and audited accounts are still disclosed, several other critical publications have become irregular, delayed, or discontinued, creating gaps in time-series data and reducing accessibility.
Therefore, urged NNPC Limited to restore and sustain all discontinued disclosures on its platforms. Stating that this will not only reinforce Nigeria’s leadership in transparency but also secure a stronger outcome in the upcoming EITI Validation.
NEITI sought NNPCL’s active participation in: Its independent industry audits, Contract transparency and beneficial ownership disclosures, Timely publication of financial and operational reports, Participation in multi-stakeholder meetings, and Diligent implementation of remedial issues.
Orji commended President Bola Tinubu’s Administration for the bold reforms undertaken in the past two years, many of which NNPC Ltd has played a central role in.
“These reforms have already reversed over 15 years of stagnation in oil and gas investments,” he added.
