NEITI to Ojulari: Restore discontinued reports… NNPC requires transparency to rival Aramco

The Nigeria Extractive Industries Transparency Initiative (NEITI) has asked Bayo Ojulari, the group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, to restore all discontinued reports.

The reports, according to NEITI, include audited financials, monthly operational data, and crude oil and gas sales.

The statement comes as Nigeria prepares for its next global Extractive Industries Transparency Initiative (EITI) compliance assessment.

Speaking during a courtesy visit to the NNPC headquarters in Abuja on Thursday, Ogbonnaya Orji, the executive secretary of NEITI, said the company’s transition into a limited liability entity under the Petroleum Industry Act (PIA) comes with a responsibility to uphold global standards in transparency, accountability, and governance.

He said the NNPC’s past disclosures had boosted investor confidence and improved Nigeria’s global image, adding that the company must sustain its leadership role in openness.

“The NNPCL we dream of is one that competes shoulder-to-shoulder with Saudi Aramco, QatarEnergy, Petronas and other global players,” Orji said.

“This requires transparency, accountability, efficiency and civic engagement.

“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 also commended recent sector reforms, noting that they had shifted over 15 percent of oil and gas production into Nigerians’ hands.

‘NNPC SEEKING $60BN INVESTMENT TO BOOST OIL, GAS OUTPUT’

On his part, Ojulari pledged to drive reforms that would position the NNPC for global competitiveness, with ambitious targets to raise crude oil production to 3 million barrels per day (bdp) by 2030 and gas output to 20 billion cubic feet per day.

He said the company is seeking over $60 billion in fresh investments to increase raise oil and gas output.

The NNPC chief said the plan includes boosting refining capacity by an additional 500,000 bpd and expanding critical gas projects such as the Ajaokuta-Kaduna-Kano (AKK) pipeline and the West African Gas Pipeline extension to Morocco.

“These are big numbers, but achievable with the right reforms, partnerships and governance,” Ojulari said.

“We aspire to transform NNPCL into a global energy company of repute, comparable to Saudi Aramco.”

Ojulari said the company has appointed a chief compliance officer and a chief sustainability and strategy officer to strengthen governance, and would soon 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 NNPCL into a global energy company of repute,” he said.

He also hinted at plans to sign a memorandum of understanding (MoU) with NEITI to deepen collaboration as the company prepares for a potential public listing under the PIA.

Ojulari said the NNPC is determined to work with all stakeholders to manage resistance and drive transformation.