In a decisive move to strengthen governance in Nigeria’s extractive sector, the Nigerian National Petroleum Company Limited (NNPC Limited) and the Nigeria Extractive Industries Transparency Initiative (NEITI) have agreed to sign a Memorandum of Understanding (MoU) to enhance data disclosure and transparency.
At a strategic meeting in Abuja, NNPCL’s Group Chief Executive Officer, Engr. Bayo Ojulari reaffirmed the company’s commitment to deepening transparency and accountability. He announced a restructured compliance department, the appointment of a Chief Compliance Officer, and the reinstatement of monthly operational and financial reporting. These measures are poised to support the 2024 and 2025 audits in full compliance with NEITI and EITI global standards.
Ojulari highlighted reform targets under the Petroleum Industry Act (PIA), including raising crude oil output to three million barrels per day, increasing gas production to 20 billion cubic feet per day, and adding 500,000 barrels per day of refining capacity, all of which require approximately $60 billion in new investment. He also emphasised the transformative potential of the Ajaokuta-Kaduna-Kano pipeline and the possibility of extending the West African Gas Pipeline to Morocco.
Meanwhile, NEITI Executive Secretary Dr. Orji Ogbonnaya Orji called on NNPCL to restore all previously discontinued disclosures, audited financials, monthly operational data, and crude sales records in preparation for Nigeria’s upcoming EITI validation. He emphasised that consistent disclosure is crucial for credibility and investor confidence, especially as NNPCL transitions into a fully commercial entity.
This institutionalised partnership between NNPCL and NEITI is expected to eliminate data opacity, enhance stakeholder trust, and reinforce Nigeria’s appeal to global investors by aligning with international transparency benchmarks.
