The Nigeria Extractive Industries Transparency Initiative has urged the newly appointed Group Chief Executive Officer of the Nigeria National Petroleum Corporation Limited, Mr Bayo Ojulari, to entrench a solid practice of corporate governance in the company by prioritising the timely publication of the company’s financial statements.
It emphasised that full transparency in the disclosure of production data, operational costs, and revenue remittances is essential in rebuilding public trust and enhancing Nigeria’s global reputation in the oil and gas sector.
The NEITI Executive Secretary, Dr Orji Ogbonnaya Orji, gave the advice in a congratulatory message to the new GCEO and board appointed by President Bola Tinubu on Wednesday in Abuja.
The reports that President Bola Tinubu appointed Ojulari to replace Mele Kyari in the early hours of Wednesday while also restructuring the NNPCL board.
The agency, in a statement signed by the Acting Director, Communication & Stakeholders Management, Obiageli Onuorah, highlighted the importance of adhering to international best practices in corporate governance and financial transparency.
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 read, “As a supporting company of the global Extractive Industries Transparency Initiative, NNPCL must demonstrate unwavering commitment to openness, systematic disclosure of critical industry data, responsible resource management, and corporate governance best practices.
“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 timely and accurate publication of NNPCL’s financial statements is a critical step in ensuring that revenues from Nigeria’s natural resources are prudently managed, fully accounted for, and efficiently deployed to meet the nation’s development needs. Transparency in the management of oil and gas revenues remains critical to national development and ongoing poverty reduction efforts.”
NEITI’s stance aligns with the Extractive Industries Transparency Initiative process, a globally recognised framework that fosters transparency in the oil and gas sector, ensuring that natural resource revenues are managed with accountability.
The ES, while congratulating Mr. Ojulari, stated that his appointment comes at a critical time when the ongoing reforms in NNPCL require renewed commitment, strategic leadership, and a firm dedication to transparency, accountability and corporate governance.
“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 also congratulates the newly reconstituted NNPCL Board and charges it to provide a forward-looking strategic direction to fast-track the ongoing transformation of NNPCL in line with the PIA.
The Board’s role in ensuring that NNPCL remains accountable to its shareholders—the Nigerian people—is crucial to the long-term sustainability of the company and the industry at large.
Dr Orji thanked the Mele Kyari Team for their dedication and hard work.
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.”