NEITI tasks Ojulari to build NNPC into global energy giant

The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative Orji Ogbonnaya, has charged the new Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, to transform the company into a global energy powerhouse comparable to Saudi Aramco and Malaysia’s Petronas.

Speaking during a courtesy visit to NNPC headquarters in Abuja, Orji said the transition of the firm into a limited liability company under the Petroleum Industry Act had placed on it a unique responsibility to operate at global best practice levels in transparency, accountability, and corporate governance.

He praised NNPC’s disclosures of audited financial statements and production data, noting that they had strengthened investor confidence and boosted Nigeria’s image globally. However, he urged the company to restore and sustain all discontinued reports and disclosures.

“NNPC must remain a model of openness and efficiency if it is to rival global players like Saudi Aramco,” he said.

Orji stressed that “NNPC 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.”

He further recommended the creation of a dedicated EITI desk within NNPC to coordinate with the Oslo-based Extractive Industries Transparency Initiative and ensure compliance with global reporting standards, including contract disclosure and beneficial ownership.

Orji commended recent major transactions in the sector, pointing out that reforms had shifted more than 15 percent of oil and gas production into Nigerian hands.

Responding, NNPC GCEO Bayo Ojulari pledged to pursue reforms that would position the company for global competitiveness.

He set lofty goals that would require new expenditures totalling more than $60 billion, such as increasing gas output to 20 billion cubic feet per day and oil production to 3 million barrels per day by 2030.

Ojulari highlighted the company’s commitment to transparency and governance, citing the recent appointment of a Chief Compliance Officer and a Chief Sustainability and Strategy Officer.

He added that NNPC was working to reinstate its monthly operational and financial reports.

“We understand the scale of the transformation we are embarking on. It comes with challenges and resistance, but we are determined to build NNPC 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 pointed to progress in gas infrastructure projects, including the ongoing Ajaokuta-Kaduna-Kano pipeline and plans to expand the West African Gas Pipeline to Morocco, stressing that partnerships would be crucial to meeting Nigeria’s energy security goals.

Both sides committed to strengthen collaboration to guarantee that NNPC’s transition not only achieves financial success, but also promotes job creation, resource mobilisation, and long-term growth.

COURTESY: thepointng