NEITI, NNPCL Strengthen Partnership To Enhance Extractive Sector Governance
By Gift Eguavoen
The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Nigeria National Petroleum Company Ltd (NNPCL) have resolved to set up a technical committee to enhance extractive sector governance in Nigeria.
Both organisations have also agreed to enter a memorandum of Understanding (MoU) on data exchange, training and compliance to the EITI Standard.
The development are outcomes of a meeting between the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, and the Group Chief Executive Officer of the NNPC Ltd, Mr. Bayo Ojulari, held in Abuja on Thursday.
According to a statement by NEITI Director of Communications & Stakeholders Management, Obiageli Onuorah, the MoU will define the rules of engagement in addressing the various remediation issues highlighted in the NEITI Reports while the technical committee will drive implementation.
“The MoU will also outline areas of mutual cooperation between NEITI and NNPC Ltd on training and manpower development, improvement of information technology (IT) systems and develop frameworks to enhance operational efficiency. The MoU will further outline modalities and frameworks for the partnership and collaboration on inter-agency partnership, managing information and data disclosures,” the statement said.
The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji while commending the NNPCL GCEO for the initiative urged the Management of the NNPCL 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 (EITI) principles.
Dr. Orji noted that 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. He added that “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.”
Urging all stakeholders including government, industry, and civil society to work together to protect and strengthen NNPC Ltd to confront its challenges, Orji said, “The NNPC Ltd we envision should compete with the likes of Saudi Aramco, QatarEnergy, and Petronas.”
He maintained that 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.
While pointing 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, NEITI 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.
According to NEITI, 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.
NEITI further 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.
“These are not bureaucratic hurdles, but governance safeguards that deepen accountability, attract sustainable investments, and secure Nigeria’s credibility in global energy markets”, Dr. Orji emphasised.
The NNPC Ltd GCEO, Mr. Bayo Ojulari while receiving the delegation from NEITI affirmed NNPC Ltd commitment to implementing the principles of transparency, accountability in the extractive sector and the transformation that comes with it.
While assuring that the NNPCL is working in the interest of Nigeria, he restated his commitment to increase and deepen transparency and accountability, including full compliance to NEITI principles and EITI global standards.
“We are determined to pursue this transformation. We are determined to work with all the key stakeholders to manage the issues. Based on our experiences, based on the trust that the president has put in us as professionals, we know how to do this. We can see the light and the path to achieving it. The question is, how do we surmount the hurdles that are on the way? And I would like to use this opportunity to crave your support as we navigate this transformation,” Ojulari said.
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