…Says Accountability, Civic Engagement Critical To Preserving NNPCL
The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr Bayo Ojulari, to ensure that the company outlives individuals and remains a truly global energy giant.
He emphasized that while leadership will change over time, NNPCL as an institution must stand firm as a model of transparency, accountability, efficiency, and civic engagement.
Speaking during an engagement with the NNPCL leadership, the NEITI boss stressed that the company, as Nigeria’s flagship state-owned energy firm, must not only restore public trust but also position itself among the ranks of Saudi Aramco, QatarEnergy, and Petronas.
“Individuals will come and go, but NNPCL must endure as a global energy giant,” he said. “The NNPCL we dream of is one that competes shoulder-to-shoulder with Saudi Aramco, QatarEnergy, Petronas, and other global players.”
He noted that while reforms have begun within the company, more work needs to be done to address domestic challenges that threaten Nigeria’s image and investor confidence.
According to him, this requires a multi-stakeholder consultative approach to ensure efficiency, inclusiveness, and sustainability.
The NEITI boss further pledged the agency’s support, saying it stands ready to facilitate necessary engagements that will enhance accountability and strengthen the company’s operations.
He also told Ojulari to transform the national oil firm into a global energy giant comparable to Saudi Aramco and Malaysia’s Petronas.
Orji said the transition of NNPCL into a limited liability company under the Petroleum Industry Act (PIA) had placed on it a unique responsibility to operate at global best practice levels in transparency, accountability, and corporate governance.
He noted that NNPCL’s historical disclosures, including audited financial statements and production data, had strengthened investor confidence and enhanced Nigeria’s image globally.
He, however, urged the company to restore and sustain all discontinued reports and disclosures, stressing that “NNPCL must remain a model of openness and efficiency if it is to rival global players like Saudi Aramco.”
“NNPCL carries a huge responsibility as Nigeria’s national asset. It must be managed to win the trust of citizens, consolidate investors’ confidence, and safeguard the country’s reputation. Only then can it compete with energy giants like Aramco,” Orji stated.
The NEITI boss also recommended the creation of a dedicated EITI desk within NNPCL to coordinate engagements with the Oslo-based Extractive Industries Transparency Initiative (EITI) and ensure compliance with international reporting standards, including contract disclosure and beneficial ownership.
He commended recent major transactions in the sector, noting that these reforms had shifted more than 15 percent of oil and gas production into Nigerian hands.
Responding, NNPCL GCEO Bayo Ojulari pledged to drive reforms that would position the company for global competitiveness.
He outlined ambitious targets, including ramping up oil production to 3 million barrels per day by 2030 and gas output to 20 billion cubic feet per day, requiring fresh investments of over $60bn.
Ojulari emphasized NNPCL’s commitment to transparency and compliance, noting the recent establishment of a Chief Compliance Officer and a Chief Sustainability and Strategy Officer to strengthen governance structures.
He added that the company was working to reinstate its monthly operational and financial reports to ensure openness.
“We understand the scale of the transformation we are embarking on. It comes with challenges and resistance, but we are determined to build NNPCL into a global energy company of repute. With the trust reposed in us by the President and the collaboration of stakeholders like NEITI, we can achieve this,” Ojulari assured.
He also highlighted progress in gas infrastructure, including the ongoing Ajaokuta-Kaduna-Kano (AKK) pipeline and plans to expand the West African Gas Pipeline to Morocco, stressing the importance of partnerships to realize Nigeria’s energy security goals.
Both parties agreed to deepen collaboration to ensure NNPCL’s transformation not only delivers commercial success but also contributes to job creation, resource mobilization, and sustainable development.
In another development Ojulari revealed that the Company is under attack from people who don’t mean well for Nigeria and are against the ongoing transformation efforts in the Company.
Ojulari disclosed this while playing host to a delegation from the national body of the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) at the NNPC Towers in Abuja on Thursday.
He said since change always comes with a price, the NNPC Management will not succumb to such attacks. Instead, it will work for the larger interest of Nigerians.
“We are under attack. We will not budge to short-term pressure, as it will not be in the best interest of Nigerians. You cannot drive change without a price, and the transformation is tough,” Ojulari explained.
The GCEO emphasised that patience will be required from the Nigerian people at large to get to the other side of change, which will benefit Nigeria and her citizens.
He reiterated his commitment to stay focused in driving the mandate given to the team by President Bola Tinubu.
While thanking the leadership of the Union for its support, Ojulari assured them to stay calm and build resilience to stay focused during these trials.
“I am overwhelmed with the support from the union executives present here. The enemies of this company and Nigerians will not win,” he added.
He said since coming on board about five months ago, his Management Team prioritised reviving the nation’s refineries in order to put them back into more sustainable and profitable venture by considering the Incorporated Joint Venture (IJV) model.
“Mr. President doesn’t pressure me to do the wrong thing. That is why we are looking at the baseline to ensure whatever we are doing, the refineries work sustainably going forward. We don’t want to pretend and just do some quick fix because there is pressure on us,” Ojulari added.
Earlier in his address, the President of PENGASSAN, Comrade Festus Osifo, said the oil workers union came to thank the NNPC Management for its partnership during the recently held 2025 PENGASSAN Energy & Labour Summit (PEALS) in Abuja.
The Union also acknowledged the “remarkable milestones” recorded so far under the GCEO’s watch.
“Our pipelines are now working. Also, crude oil theft has significantly reduced, leading to increased production. As PENGASSAN, we assure you that we are solidly behind you. We will work with you and collaborate with your team to ensure the stability of the system for the benefit of all Nigerians,” he concluded.
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