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 backed NNPC boss Bayo Ojulari, saying he can deliver transformative oil reforms.

During a courtesy visit to NNPC Towers in Abuja, NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, praised Ojulari’s timely leadership.

He commended NNPC’s reform vision, urging the company to model transparency, accountability, efficiency, and engagement to restore credibility and confidence.

NEITI backs Ojulari on oil sector reforms

According to a statement released by NNPC on Friday, Dr. Orji commended the renewed investor confidence in Nigeria’s oil and gas sector, which he said was being reshaped by ongoing reforms and growing indigenous participation. He added that NEITI expected Ojulari’s leadership to set new benchmarks for transparency across the continent.

Responding, Ojulari said NNPC would sustain close collaboration with NEITI to strengthen governance standards in line with global best practice. He noted that the company had resumed publishing monthly financial and operational reports, reinforcing its commitment to disclosures and transparent reporting.

“In terms of full compliance with NEITI principles and global EITI standards, you have my full commitment,” Ojulari said. “We are already doing a lot of internal transformation to deepen transparency in our operational reporting and performance reviews.”

Oil sector reforms linked to investment targets

Ojulari disclosed NNPC was ready to provide comprehensive data for NEITI’s 2024 Audit and 2025 review using advanced technology.

According to Punch, he said reforms were aligned with President Bola Tinubu’s directive for NNPC management to boost oil output and expand refining.

Achieving these ambitions requires at least $60 billion in new investment, supported by governance, investor confidence, and institutional partnerships.

Ojulari emphasized NNPC would rely on NEITI’s global experience in performance evaluations to accelerate sector reforms and global credibility.