The Nigeria Extractive Industries Transparency Initiative has called on Bayo Ojulari, the newly appointed Group Chief Executive Officer of the Nigerian National Petroleum Company Limited to prioritise reforms, transparency, and accountability within the organisation.
In a statement on Wednesday, NEITI’s Executive Secretary, Orji Ogbonnaya Orji, congratulated Ojulari on his appointment and urged the new leadership to focus on timely publication of financial statements, full disclosure of production data, operational costs, and revenue remittances. He stated that such measures would help rebuild public trust and improve Nigeria’s global reputation.
“NEITI recognised that NNPC Ltd., 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, NNPC Ltd. is responsible to ensure that the reforms initiated under the Petroleum Industry Act are strengthened, broadened, and sustained in the public interest,” Orji stated.
He also noted that NNPC Ltd., as a Supporting Company of the global Extractive Industries Transparency Initiative, must demonstrate a steadfast commitment to openness, systematic disclosure of critical industry data, responsible resource management, and adherence to corporate governance best practices.
The call from NEITI follows the recent reconstitution of NNPC Ltd.’s board by President Bola Tinubu, who removed the previous chairman, Pius Akinyelure, and Group CEO, Mele Kyari, along with other board members appointed in November 2023. The new 11-man board now has Bayo Ojulari as the GCEO and Ahmadu Kida as the non-executive chairman.
Orji acknowledged that Ojulari’s appointment comes at a critical time when NNPC Ltd.’s ongoing reforms require renewed commitment, strategic leadership, and firm dedication to transparency, accountability, and corporate governance.
Highlighting the importance of transparency in managing oil and gas revenues, Orji stressed that it remains critical to national development and ongoing poverty reduction efforts. He pointed out that the EITI process provides a proven framework to ensure that natural resource revenues are prudently managed, fully accounted for, and efficiently utilised to address Nigeria’s development challenges.
He expressed NEITI’s willingness to work closely with the new GCEO and his team to deepen the NEITI-EITI process in Nigeria, ensuring that NNPC Ltd. aligns with international best practices in corporate governance and financial transparency.
“We look forward to working closely with the new GCEO and his team in deepening the NEITI-EITI process in Nigeria and ensuring that NNPC Ltd. continues to align with international best practices in corporate governance and financial transparency,” Orji said.
Furthermore, NEITI congratulated the newly reconstituted NNPC Ltd. Board and urged them to provide strategic direction to accelerate the ongoing transformation of NNPC Ltd. as outlined in the Petroleum Industry Act. Orji emphasised the importance of the board’s role in ensuring that NNPC Ltd. remains accountable to its shareholders—the Nigerian people—thereby safeguarding the company’s long-term sustainability.
Orji also took the opportunity to commend the outgoing team led by Mele Kyari for their dedication and collaboration with NEITI over the past six years. He noted that Kyari’s tenure was marked by significant engagements with NEITI in advancing corporate transparency, public disclosures, and aligning NNPC Ltd. with the global EITI framework.
“His tenure was marked by significant engagements with NEITI in advancing corporate transparency, public disclosures, and aligning NNPC Ltd. with the global EITI framework,” Orji noted, expressing gratitude for the outgoing team’s contributions.
