The Nigerian Extractive Industries Transparency Initiative has called upon the recently appointed Group Chief Executive Officer of Nigeria National Petroleum Corporation Limited, Mr Bayo Ojulari, to establish strong practices of corporate governance within the organization by ensuring the prompt release of the corporation’s financial reports.
The importance was underscored that complete openness regarding the release of production figures, operating expenses, and financial contributions is crucial for restoring public confidence and improving Nigeria’s international standing within the oil and gas industry.
Dr. Orji Ogbonnaya Orji, the NEITI Executive Secretary, offered his congratulations in a message to the newly appointed GCEO and board members by President Bola Tinubu on Wednesday, in Abuja.
PUNCH has reported that President Bola Tinubu assigned Ojulari to take over from Mele Kyari at around midnight on Wednesday as part of reshuffling the NNPCL board.
In a statement authored by the Acting Director for Communication & Stakeholders Management, Obiageli Onuorah, the organization underscored the significance of following global standards in corporate governance and fiscal openness.
The executive secretary emphasized that openness regarding income from oil and gas operations is crucial for the nation’s overall progress and current initiatives aimed at decreasing poverty.
The statement indicated, “Being a supportive entity for the worldwide Extractive Industries Transparency Initiative requires NNPCL to exhibit an unyielding dedication to transparency, consistent publication of essential sector information, prudent handling of resources, and adherence to superior standards of corporate governance.”
Give priority to the prompt release of NNPCL’s financial reports, complete transparency regarding production figures, operating expenses, and payments made to boost public confidence and improve Nigeria’s standing internationally.
The prompt and precise release of NNPCL’s financial reports is essential for guaranteeing that income derived from Nigeria’s natural assets is carefully handled, thoroughly documented, and effectively utilized to address the country’s developmental requirements. Openness in overseeing petroleum revenue continues to be vital for national progress and persistent endeavors to reduce poverty.
NEITI’s position is consistent with the Extractive Industries Transparency Initiative process, which is an internationally recognized framework aimed at promoting transparency within the oil and gas industry. This ensures that revenue from natural resources is handled accountably.
While commending Mr. Ojulari, the Executive Secretary mentioned that this appointment occurs during an essential period as the continuous improvements within the NNPCL demand a fresh dedication, strategic guidance, and steadfast focus on openness, responsibility, and corporate management.
“We are excited about collaborating closely with Mr. Ojulari and his team to enhance the NEITI-EITI process in Nigeria. This partnership will guarantee that NNPCL’s activities adhere to international best practices for financial management and maintain Nigeria’s position as a frontrunner in transparency within the extractive industry,” he concluded.
Dr. Orji stated, “NNPCL, being Nigeria’s leading national energy firm, holds a pivotal position in determining the trajectory of the nation’s oil and gas industry. Given its membership within the NEITI National Stakeholders’ Working Group and its status as an essential entity in Nigeria’s extraction sector, NNPCL must take on the duty to fortify, expand, and perpetuate the enhancements brought about by the Petroleum Industry Act for the benefit of the general populace.”
NEITI extends its congratulations to the recently appointed board members of NNPCL and urges them to set a progressive strategic course aimed at accelerating the ongoing reform process within NNPCL as per the requirements outlined in the PIA.
The Board plays a vital part in guaranteeing that NNPCL stays answerable to its stakeholders—the Nigerian populace—which is essential for the company’s and the broader industry’s sustained growth over time.
Dr. Orji expressed his gratitude to the Mele Kyari Team for their commitment and efforts.
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 would like to express our gratitude to the departing GCEO, Mr. Mele Kyari, for his respectful attitude, patience, and cooperative spirit with NEITI during his six-year term. His time in office has been characterized by substantial interactions with NEITI aimed at enhancing corporate transparency and public disclosure initiatives. He also played a key role in ensuring that NNPCL adhered to international EITI standards. We acknowledge his dedicated service to the country and wish him well in all his future pursuits.
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