The Nigerian National Petroleum Company Limited, led by Bayo Ojulari, has the confidence of Dr. Orji Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, to carry out the ongoing reforms and establish new standards for corporate governance in Africa's extractive sector.
During a courtesy call to the NNPC executives at the NNPC Towers in Abuja on Thursday, Orji provided the assurance.
Orji "commended the vision of the new NNPC leadership, noting that its assumption of office came at a defining moment for the extractive sector, when reforms, renewed investor confidence, and expanded indigenous participation were reshaping Nigeria's oil and gas landscape," the NNPC said in a statement on Friday.
In order to rebuild public confidence and preserve NNPC as Nigeria's most valuable national resource, he asked the business to be a shining example of openness, responsibility, effectiveness, and civic involvement.
In response, NNPC GCEO Engr. Bashir Bayo Ojulari stated that the corporation will continue to work with NEITI to improve corporate governance in accordance with international standards for accountability and transparency.
In order to ensure greater accountability, Ojulari stated that the NNPC had since resumed the publication of monthly financial and operational reports and reinforced its internal reporting structures. He also stated that the company remained steadfast in its commitment to deeper disclosures and transparent reporting.
"You have my whole commitment to adhere to all NEITI principles and international EITI standards. As we get farther into this, we'll turn to you for direction. To increase the openness of our operational reporting and performance evaluations, we are currently undergoing significant internal change, Ojulari stated.
The GCEO said that NNPCL will use NEITI's extensive worldwide experience to provide performance evaluation input.
Regarding the upcoming NEITI 2024 Oil and Gas Audit, the GCEO stated that NNPC was ready to supply thorough data for the 2024 and 2025 audits and will use technology to guarantee promptness and efficiency.
Ojulari reaffirmed to the incoming NNPC management team President Tinubu's directive to increase the country's refining capacity and boost oil and gas output.
He added that reaching these goals would necessitate bringing in at least $60 billion in new funding, which he claimed could only be accomplished by sustained change, investor trust, and improved collaborations with operators, governmental organizations, and accountability organizations like NEITI.