ABBAS DEMANDS ACCOUNTABILITY FROM NNPC

The Speaker of the House of Representatives, Tajudeen Abbas, has called for stronger corporate accountability and legislative oversight of the Nigerian National Petroleum Company Limited (NNPC Ltd), stressing that its operational autonomy must not come at the expense of transparency and public accountability.

Abbas said the Petroleum Industry Act (PIA) was designed to transform Nigeria’s petroleum sector by promoting commercial efficiency, transparency and greater investment. However, he expressed concern over the gap between the law’s objectives and its implementation.

He maintained that while NNPC Ltd should enjoy the independence required to make commercial decisions, it must also be accountable for its operations, financial performance and management of public resources.

The Speaker emphasised that the National Assembly has a constitutional responsibility to ensure that the national oil company operates in accordance with the law and protects the interests of Nigerians.

He also warned against confusing legislative oversight with interference in the company’s day-to-day commercial activities, noting that effective supervision should promote good corporate governance without undermining operational independence.

Abbas identified crude oil theft, pipeline vandalism, production challenges, inadequate infrastructure and regulatory bottlenecks as some of the obstacles limiting the performance of Nigeria’s petroleum industry.

He urged stakeholders to ensure that the implementation of the PIA delivers measurable benefits, including increased oil production, improved energy security, stronger domestic refining capacity, job creation and greater revenue for the country.

He reaffirmed the commitment of the House of Representatives to supporting petroleum sector reforms through effective legislation and responsible oversight.