The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Nigeria National Petroleum Company Ltd (NNPCL) have moved to create a technical committee to enhance extractive sector governance in Nigeria.
This is to be preceded with a memorandum of Understanding (MoU) on data exchange, training and compliance to the EITI Standard.
This was the outcome of a meeting in Abuja, Thursday, between the Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji and the Group Chief Executive Officer of the NNPC Ltd, Mr Bayo Ojulari.
The partnership will define the rules of engagement on addressing the various remediation issues highlighted in NEITI reports, while the technical committee will drive implementation.
NEITI and NNPC will also outline areas of mutual cooperation targeting training and manpower development, improvement of information technology, IT systems and developing frameworks to enhance operational efficiency.
The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji while commending the NNPCL GCEO for the initiative, urged the management to project the national oil company as a model of transparency, accountability, efficiency, civic engagement and compliant in the implementation of Extractive Industries Transparency Initiative principles.
Dr Orji noted, “As Nigeria’s flagship national oil company, NNPC Limited must model these values in other to restore public trust and preserve NNPC Ltd as an enduring national institution. Individuals may come and go, but NNPC Ltd must remain strong, resilient, and respected as one of
Nigeria’s greatest symbols of pride in the global extractive industry.
“Your assumption of office comes at a defining moment for Nigeria’s energy sector. A period marked by bold reforms, renewed investor confidence, and rising indigenous ownership that is reshaping the oil and gas landscape”.
NEITI pointed out that it worked closely with other stakeholders to support NNPC Ltd’s transition into a limited liability company under the Petroleum Industry Act, which places the company on a clear obligation to fully embrace global best practices in corporate governance.
“The NNPC Ltd we envision should compete with the likes of Saudi Aramco, QatarEnergy, and Petronas. Achieving this requires urgent attention to domestic issues through multi-stakeholder consultations that foster consensus and practical solutions as failure to do so carries risks for Nigeria’s image and investor confidence. NEITI stands ready to facilitate such engagements when needed”, the Executive Secretary affirmed.
NEITI pointed out that the NNPC Ltd’s voluntary membership of the Extractive Industries Transparency Initiative (EITI) as a supporting company brings with it a unique responsibility to comply fully with the EITI Standard.
Orji further informed the NNPC Ltd that the global EITI has specifically requested urgent attention to NNPC Ltd’s public disclosures as Nigeria prepares for its next Validation.
NEITI noted that while production data and audited accounts are still disclosed, several critical publications have become irregular, delayed, or discontinued, creating gaps in time-series data and reducing accessibility.
The extractive agency urged the NNPC Ltd to restore and sustain all discontinued disclosures on its platforms, actively participate in NEITI audits, sustain the commitment to contract transparency and beneficial ownership disclosures, timely publication of financial statements, regular attendance at multi-stakeholder meetings, as well as diligent implementation of remedial actions.
