KEY POINTS

• NEITI backs Ojulari on oil sector reforms and transparency.

• NNPC pledges full compliance with global EITI standards.

• Ojulari says $60 billion in new investments is needed.

The Nigeria Extractive Industries Transparency Initiative (NEITI) has thrown its weight behind the new leadership of the Nigerian National Petroleum Company Limited (NNPC), expressing confidence in Group Chief Executive Officer Bashir Bayo Ojulari to deliver on reforms reshaping Africa’s largest oil and gas industry.

NEITI backs Ojulari on oil sector reforms

Speaking during a courtesy visit to the NNPC Towers in Abuja, NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, said Ojulari’s appointment came at a pivotal time for the extractive sector. He praised NNPC’s renewed focus on transparency, accountability, and efficiency, urging the company to set a benchmark for corporate governance in Africa.

Ojulari responded by reaffirming his commitment to aligning with NEITI principles and global Extractive Industries Transparency Initiative (EITI) standards. He highlighted NNPC’s decision to resume publishing monthly financial and operational reports, alongside strengthened internal reporting systems to boost public trust.

Oil reforms hinge on investment and accountability

According to Punch, Ojulari stressed that ramping up oil and gas production, alongside expanding refining capacity, was central to President Bola Tinubu’s mandate for NNPC. Achieving that, he said, would require attracting at least $60 billion in fresh investments—possible only through sustained transparency, strong partnerships, and investor confidence.

On the upcoming NEITI 2024 Oil and Gas Audit, he pledged full cooperation, promising comprehensive data provision and the use of technology to ensure efficiency and timely disclosures.