The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has pledged that the company will sustain its reform agenda in the energy sector despite opposition.
Speaking in Abuja on Thursday while receiving a delegation from the Nigeria Extractive Industries Transparency Initiative (NEITI), Ojulari reaffirmed that transparency and accountability remain central to NNPCL’s operations.
He disclosed that the company had already embarked on internal reforms to improve reporting standards and strengthen compliance mechanisms.
“You have my commitment to increase and deepen transparency and accountability. In terms of our full compliance with the NEITI principles and the EITI global standards, you have my full commitment. We will provide all the data required for the 2024 and 2025 audits in the most efficient manner,” he assured.
Ojulari revealed that NNPCL had restructured its compliance department and appointed a Chief Compliance Officer to enforce accountability.
“We are now restructuring and resourcing the compliance department to operate sustainably. I want to hold him personally accountable for compliance in this respect,” he said.
He further announced the resumption of monthly financial and operational reports, which are being improved for greater accuracy.
On reforms under the Petroleum Industry Act (PIA), Ojulari noted that the law had transformed NNPCL into a limited liability company with a mandate to eventually list on the stock exchange, similar to Saudi Aramco. He stressed that NEITI’s independent oversight would be critical to achieving this goal.
Ojulari restated the company’s energy targets:
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Raising crude oil production to 3 million barrels per day by 2030.
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Growing gas output to 20 billion cubic feet per day.
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Adding 500,000 barrels per day refining capacity.
He estimated that at least $60 billion in new investment would be required to achieve these targets.
Highlighting strategic projects, he described the Ajaokuta-Kaduna-Kano (AKK) pipeline as a “game changer” that would drive industrial growth across power, manufacturing, and compressed natural gas. He also disclosed plans to expand the West African Gas Pipeline to Morocco, alongside new industrial parks, gas-to-power projects, and CNG initiatives.
Acknowledging resistance to reforms, Ojulari admitted the process would not be smooth.
“We know that major transformations cannot be achieved without resistance. There will be bumpy rides, but we are not deterred because this journey is about Nigeria,” he declared.
He assured NEITI of NNPCL’s willingness to formalise collaboration through an MoU, adding:
“This journey is not about me or my management team, it is about Nigeria. With your support, we can surmount the hurdles and deliver reforms in the best interest of the country.”
In his remarks, NEITI’s Executive Secretary, Dr. Orji Ogbonnaya-Orji, congratulated Ojulari on his appointment and described it as a defining moment for the energy sector.
He urged NNPCL to restore and sustain critical disclosures that had previously earned the company global recognition as a reform leader.
“As Nigeria’s flagship national oil company, NNPCL must stand as a model of transparency, accountability, efficiency, and civic engagement. Individuals may come and go, but NNPCL must endure as a global energy giant,” Orji said.
The NEITI boss recalled that NNPCL had once set the pace by publishing audited financial statements, monthly operations reports, annual statistical bulletins, and FAAC statements, but warned that some disclosures had become “irregular, delayed, or discontinued,” creating gaps in public data.
He urged the company to restore all discontinued disclosures, establish a dedicated EITI/NEITI desk, and actively engage in industry audits, contract transparency, beneficial ownership disclosures, and multi-stakeholder engagements.
Earlier, Ojulari also told a visiting delegation of PENGASSAN, led by its President Festus Osifo, that the company was facing sustained attacks from those opposed to its transformation agenda.
He maintained that the management team remained focused on reviving Nigeria’s refineries through the incorporated joint venture model and called for patience as the benefits of reforms would take time to manifest.
ADEOLA KUNLE
