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• Transparency initiative seeks timely publication of financial statements

Emmanuel Addeh in Abuja

The Management and staff of NNPC yesterday welcomed the appointment of a new Group Chief Executive Officer, Mr. Bayo Ojulari, and Board of Directors for the Company by President Bola Tinubu. 

The company, in a statement in Abuja by its spokesman, Olufemi Soneye, appreciated the erstwhile board and wished them well in their future endeavours.

“We extend our profound appreciation to the outgoing Group Chief Executive Officer, Mr. Mele Kyari, and the former board members for their selfless and dedicated service to the company and to the nation.

“Mr. Kyari’s leadership and tireless efforts have left an indelible mark on NNPC Ltd., and we are sincerely grateful for his outstanding contributions. We wish him and all departing board members continued success and fulfilment in their future endeavours,” the statement added. 

Meanwhile, the Nigeria Extractive Industries Transparency Initiative (NEITI) has congratulated Ojulari on his appointment as the GCEO of the NNPCL.

The Executive Secretary of NEITI, Dr. Ogbonnaya Orji  stated that his appointment came 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.

“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, NNPC has a responsibility to ensure that the reforms initiated under the Petroleum Industry Act (PIA) are strengthened, broadened, and sustained in the public interest,” NEITI stated.

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

NEITI urged the new leadership to prioritise 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.

It stressed: “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 Mr. 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.”

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 NNPC remains accountable to its shareholders—the Nigerian people, it said, is crucial to the long-term sustainability of the company and the industry at large.

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 NNPC with the global EITI framework. We commend his service to the nation and wish him success in his future endeavours,” he added.