NNPCL, NEITI to sign MoU on data release, transparency

By Obas Esiedesa, Abuja

The Nigerian National Petroleum Company Limited (NNPCL) and the Nigeria Extractive Industries Transparency Initiative (NEITI) have agreed to sign a Memorandum of Understanding (MoU) to strengthen data release, reporting, and transparency in the oil and gas sector.

Speaking during a meeting with the NEITI management team led by its Executive Secretary, Dr. Orji Ogbonnaya Orji, NNPCL’s Group Chief Executive Officer, Engr. Bayo Ojulari, reaffirmed the company’s commitment to monthly reporting of key operational data.

Ojulari said the new management of NNPCL is implementing reforms aimed at fulfilling President Bola Tinubu’s directive to boost Nigeria’s oil production to three million barrels per day by 2030.

He acknowledged that the reforms have faced resistance but assured that the company is working to overcome these challenges.

“Even before meeting with you, you may have noticed that we reinstated the monthly report. We are improving month by month, and to ensure accuracy, we have started reviewing a number of internal processes and frameworks in our reporting structure.

“We are also keen on formalising this partnership with NEITI through an MoU. We understand that similar agreements have been signed in the past, but the significance now is that the Petroleum Industry Act (PIA) has transformed NNPC into a limited liability company, with a clear mandate to work towards public listing.

“That journey is easier said than done. It is a major undertaking that requires the support of all stakeholders, particularly NEITI, to guide us through,” Ojulari stated.

On his part, Dr. Orji emphasised the importance of NNPCL keeping to its commitment on data disclosure and contract transparency. He expressed NEITI’s readiness to formalise the collaboration, stressing that the MoU would strengthen cooperation and enhance Nigeria’s standing in the global Extractive Industries Transparency Initiative (EITI).

He also raised concerns over the suspension of NNPC’s monthly reports after the enactment of the PIA, noting that consistency in disclosure is critical to credibility.

“Individuals will come and go, but NNPC Limited must endure as a global energy giant. The NNPC we dream of is one that competes shoulder-to-shoulder with Saudi Aramco, QatarEnergy, Petronas, and other global players.

“To achieve this, NNPC Limited must urgently address domestic challenges through a multi-stakeholder consultative approach, as failure to do so carries risks for Nigeria’s image and investor confidence. NEITI stands ready to facilitate such engagements when needed”, he added.

The post NNPCL, NEITI to sign MoU on data release, transparency appeared first on Vanguard News.