Prioritise Transparency, NEITI Tells New NNPCL GCEO
The Nigeria Extractive Industries Transparency Initiative has urged the newly appointed Group Chief Executive Officer of the Nigeria National Petroleum Corporation Limited, Mr Bayo Ojulari, to entrench a solid practice of corporate governance in the company by prioritising the timely publication of the company’s financial statements.
It emphasised that full transparency in the disclosure of production data, operational costs, and revenue remittances is essential in rebuilding public trust and enhancing Nigeria’s global reputation in the oil and gas sector.
The NEITI Executive Secretary, Dr Orji Orji, gave the advice in a congratulatory message to the new GCEO and board appointed by President Bola Tinubu on Wednesday in Abuja.
There was a reports that Tinubu appointed Ojulari to replace Mele Kyari in the early hours of Wednesday while also restructuring the NNPCL board.
The agency in a statement signed by the Acting Director, Communication & Stakeholders Management, Obiageli Onuorah, highlighted the importance of adhering to international best practices in corporate governance and financial transparency.
The executive secretary noted that transparency in the management of oil and gas revenues is pivotal to the country’s national development and ongoing efforts to reduce poverty.
The statement read, “As a Supporting Company of the global Extractive Industries Transparency Initiative, NNPCL must demonstrate unwavering commitment to openness, systematic disclosure of critical industry data, responsible resource management, and corporate governance best practices.
“Prioritize 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 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. Transparency in the management of oil and gas revenues remains critical to national development and ongoing poverty reduction efforts.”
NEITI’s stance aligns with the Extractive Industries Transparency Initiative process, a globally recognized framework that fosters transparency in the oil and gas sector, ensuring that natural resource revenues are managed with accountability.
The ES while congratulating Mr. Ojulari, stated that his 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.
