The Nigeria Extractive Industries Transparency Initiative (NEITI) has congratulated Mr. Bayo Ojulari on his appointment as the Group Chief Executive Officer (GCEO) of the Nigeria National Petroleum Corporation Limited (NNPCL). However, NEITI also seized the opportunity to urge Ojulari to prioritize transparency and corporate governance in his new role ¹.
According to NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, Ojulari’s 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. Dr. Orji emphasized the importance of adhering to international best practices in corporate governance and financial transparency, highlighting that transparency in the management of oil and gas revenues is pivotal to the country’s national development and ongoing efforts to reduce poverty.
NEITI urged the new leadership to prioritize the 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 agency noted that 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.
Dr. Orji also congratulated the newly reconstituted NNPCL Board and charged them to provide forward-looking strategic direction to fast-track the ongoing transformation of NNPCL in line with the Petroleum Industry Act (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.
NEITI’s stance aligns with the Extractive Industries Transparency Initiative (EITI) process, a globally recognized framework that fosters transparency in the oil and gas sector, ensuring that natural resource revenues are managed with accountability. The agency remains committed 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.
In related news, President Bola Tinubu appointed Ojulari to replace Mele Kyari, while also restructuring the NNPCL board. The PUNCH reports that the new GCEO is expected to implement several reforms, including increasing oil production, elevating crude oil refining output, and prioritizing transparency and corporate governance ¹.
Industry experts have also reacted to the appointment, with some noting that the NNPCL must commit to transparency and accountability consistent with global best practices. Engr. Chichi Emenike, 2nd Vice President of the Nigerian Gas Association, emphasized the need for the NNPCL to leverage the experiences of national oil companies in other countries to propel exponential profitability ².
Overall, the appointment of Mr. Bayo Ojulari as the new GCEO of NNPCL marks a significant development in the oil and gas sector in Nigeria. As NEITI and other stakeholders continue to emphasize the importance of transparency and corporate governance, it remains to be seen how the new leadership will respond to these challenges and opportunities.
