The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged Bayo Ojulari, the new group chief executive officer (GCEO) of the Nigeria National Petroleum Company Limited (NNPC Ltd.), to strengthen reforms, transparency and accountability.

NEITI urged the new leadership to prioritise timely publication of the company’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 executive secretary of NEITI, Orji Ogbonnaya Orji, made the call on Wednesday while congratulating Mr Ojulari on his appointment.

President Bola Tinubu had on Wednesday reconstituted the board of the NNPC Ltd., removing the chairman, Pius Akinyelure and the Group CEO, Mele Kyari.

Mr Tinubu removed all the board members appointed with Messrs Akinyelure and Kyari in November 2023.

The new 11-man board has MrOjulari as the Group Chief Executive Officer (GCEO) and Ahmadu Kida as non-executive chairman.

Mr Orji, while reacting, said that Mr Ojulari’s appointment came at a critical time when the ongoing NNPC Ltd’s reforms required renewed commitment, strategic leadership, and a firm dedication to transparency, accountability and corporate governance.

“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 (NSWG) and a key institution in Nigeria’s extractive industry, NNPC Ltd. is responsible to ensure that the reforms initiated under the Petroleum Industry Act (PIA) are strengthened, broadened, and sustained in the public interest.

“As a Supporting Company of the global Extractive Industries Transparency Initiative (EITI), NNPC Ltd. must demonstrate unwavering commitment to openness, systematic disclosure of critical industry data, responsible resource management and corporate governance best practices,” he said.

He urged the new leadership to prioritise timely publication of NNPC’s financial statements, full disclosure of production data, operational costs, and revenue remittances to help rebuild public trust and enhance Nigeria’s global reputation.

According to him, transparency in the management of oil and gas revenues remains critical to national development and ongoing poverty reduction efforts.

He said the EITI process provided a tested framework for ensuring that revenues from natural resources were prudently managed, fully accounted for, and efficiently deployed to address Nigeria’s development needs.

“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.

“NEITI also congratulates the newly reconstituted NNPC Ltd. Board and charges them to provide forward-looking strategic direction to fast-track the ongoing transformation of NNPC Ltd. 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,”.

Mr Orji thanked the Kyari team for their dedication, hard work, 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, public disclosures, and aligning NNPC Ltd. with the global EITI framework,” he said.

(NAN)