The Nigeria Extractive Industries Transparency Initiative (NEITI) has strongly urged Mr. Bayo Ojulari, the newly appointed Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), to make transparency and corporate governance the cornerstone of his leadership at the national oil company.
In a congratulatory message following President Bola Tinubu’s Wednesday announcement of Ojulari’s appointment and the restructuring of the NNPCL board, NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, emphasized the critical importance of financial and operational openness in transforming the corporation.
The timely and comprehensive publication of NNPCL’s financial statements represents a fundamental step in ensuring that revenues generated from Nigeria’s vast natural resources are properly accounted for, judiciously managed, and effectively channeled towards meeting our pressing national development priorities, NEITI stated through a release signed by Obiageli Onuorah, the agency’s Acting Director of Communication & Stakeholders Management.
The transparency watchdog specifically called for the public disclosure of vital industry data including oil production volumes, operational expenditures, and revenue remittances to government coffers. NEITI emphasized that such transparency measures are essential not only for rebuilding public confidence but also for enhancing Nigeria’s standing within the global oil and gas community.
NEITI further reminded the new NNPCL leadership of the company’s status as a Supporting Company of the global Extractive Industries Transparency Initiative (EITI), noting that this position demands “unwavering commitment to openness, systematic disclosure of critical industry data, responsible resource management, and adherence to international best practices in corporate governance.”
Dr. Orji pointed out that Ojulari’s appointment comes at a particularly significant moment when the ongoing reforms within NNPCL require decisive leadership, renewed dedication to transparency, and strict compliance with global corporate governance standards.
With petroleum resources remaining the lifeblood of Nigeria’s economy, NEITI has reinforced its advocacy for greater accountability to ensure that the nation’s natural resource wealth translates into tangible benefits for all citizens, supporting poverty reduction and sustainable development across the country.
NEITI Charges New NNPCL Chief To Embrace Radical Transparency, Good Governance
