NEITI Lauds Ojulari’s Appointment, Urges Best Corporate Governance Practices

The Nigeria Extractive Industries Transparency Initiative (NEITI), has lauded the appointment of Bayo Ojulari, as the group chief executive Officer (GCEO) of the Nigeria National Petroleum Company  (NNPC) Limited.

The executive secretary of NEITI, Dr. Orji Ogbonnaya Orji, in his congratulatory message also challenged the new GCEO, to demonstrate unwavering commitment to openness, systematic disclosure of critical industry data, responsible resource management, and corporate governance best practices.

Orji, said that his appointment comes at a critical time when the ongoing reforms in NNPC require renewed commitment, strategic leadership, and a firm dedication to transparency, accountability and corporate governance.

According to Orji, “NEITI recognises that NNPC, as Nigeria’s foremost national energy company, plays a crucial role in shaping the future of the country’s oil and gas sector.

As a member of the NEITI National Stakeholders’ Working Group (NSWG) and a key institution in Nigeria’s extractive industry, NNPCL has a responsibility to ensure that the reforms initiated under the Petroleum Industry Act (PIA) are strengthened, broadened, and sustained in the public interest”.

He added that “As a Supporting Company of the global Extractive Industries Transparency Initiative (EITI), NNPCL must demonstrate unwavering commitment to openness, systematic disclosure of critical industry data, responsible resource management, and corporate governance best practices”.

The NEITI urged the new leadership to prioritize timely publication of NNPC’s financial statements, full disclosure of production data, operational costs, and revenue remittances to help rebuild public trust and enhance Nigeria’s global reputation.

“Transparency in the management of oil and gas revenues remains critical to national development and ongoing poverty reduction efforts. The EITI process provides a tested framework for ensuring that revenues from natural resources are prudently managed, fully accounted for, and efficiently deployed to address Nigeria’s development needs. We look forward to working closely with Ojulari and his team in deepening the NEITI-EITI process in Nigeria and ensuring that NNPC continues to align with international best practices in corporate governance and financial transparency”, Orji affirmed.

NEITI also congratulated the newly reconstituted NNPC Board and charged them to provide forward-looking strategic direction to fast-track the ongoing transformation of NNPC in line with the PIA.

The Board’s role in ensuring that NNPCL remains accountable to its shareholders—the Nigerian people is crucial to the long-term sustainability of the company and the industry at large.

Dr. Orji thanked the Mele Kyari Team for their dedication and hardwork. “On behalf of the NEITI National Stakeholders’ Working Group, we extend our appreciation to the outgoing GCEO, Mr. Mele Kyari, for his mutual respect, patience, and collaboration with NEITI over the past six years.

His tenure was marked by significant engagements with NEITI in advancing corporate transparency, public disclosures, and aligning NNPCL with the global EITI framework.

“We commend his service to the nation and wish him success in his future endeavours”.

“NEITI remains committed to its mandate of ensuring transparency and accountability in Nigeria’s extractive sector and will continue to support all efforts aimed at making NNPC a globally competitive, accountable, and efficiently managed national oil company,” he added.