NEITI Backs NNPC Reforms, Urges Transparency as Ojulari Reaffirms $60bn Investment Drive

The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji, has expressed confidence in the Nigerian National Petroleum Company Limited (NNPC) under the leadership of its Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, to drive ongoing reforms and set new standards of corporate governance in Africa’s extractive sector.

Speaking in Abuja on Thursday during a courtesy visit to the NNPC headquarters, Dr. Orji commended the company’s leadership vision, noting that it came at a defining period for Nigeria’s oil and gas industry—one marked by reforms, renewed investor interest, and increased indigenous participation. He urged NNPC to position itself as a model of transparency, accountability, and efficiency in order to rebuild public trust and safeguard its role as the country’s foremost national asset.

In response, Ojulari pledged NNPC’s continued partnership with NEITI to strengthen corporate governance in line with global best practices. He highlighted the company’s commitment to transparency, citing the reinstatement of monthly financial and operational reports, alongside improved internal reporting structures. He assured that NNPC was fully prepared for the forthcoming NEITI 2024 and 2025 oil and gas audits and would deploy technology to ensure timely data delivery and efficiency.

Ojulari further emphasized President Bola Tinubu’s directive to boost crude oil output and expand domestic refining capacity, noting that achieving these targets would require at least $60 billion in fresh investments. He stressed that investor confidence, ongoing transformation, and robust collaboration with regulatory agencies and accountability institutions like NEITI would be key to realizing this ambition.