The Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed strong confidence in the Nigerian National Petroleum Company Limited (NNPCL) under the leadership of GCEO Bashir Bayo Ojulari, highlighting the company’s potential to set new standards in corporate governance within Africa’s oil and gas sector.

Dr. Orji Ogbonnaya Orji, NEITI’s Executive Secretary, made the endorsement on Thursday during a courtesy visit to the NNPC management at its headquarters in Abuja. He praised the vision of the new leadership, noting that Ojulari’s appointment comes at a pivotal moment for the industry, marked by reforms, growing investor confidence, and increased local participation.

Orji encouraged NNPC to serve as a benchmark for transparency, accountability, and efficiency, stressing that these principles are essential for rebuilding public trust and safeguarding the company as a national asset.

In response, Ojulari reaffirmed NNPC’s commitment to collaborating with NEITI to enhance corporate governance. He emphasized that the company is fully dedicated to transparent reporting, highlighting the reinstatement of monthly financial and operational disclosures and improvements in internal reporting processes.

“Our goal is full alignment with NEITI principles and global EITI standards. We welcome NEITI’s guidance as we continue to strengthen transparency and accountability across our operations,” Ojulari said.

He also confirmed that NNPC is prepared to provide comprehensive data for the 2024 and 2025 NEITI oil and gas audits, leveraging technology to ensure efficiency and timely reporting.

Ojulari further underlined President Bola Tinubu’s directive for NNPC to increase oil production and expand refining capacity, stressing that achieving these objectives would require attracting at least $60 billion in new investments—a target achievable through sustained reforms, investor confidence, and strengthened partnerships with operators and regulatory bodies like NEITI.