The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Nigerian National Petroleum Company Limited (NNPCL) are set to formalise a new era of collaboration aimed at strengthening transparency, accountability and governance in Nigeria’s oil and gas sector.
Both institutions agreed in Abuja to sign a Memorandum of Understanding (MoU) and establish a joint technical Committee that would drive data exchange, training, and compliance with the Extractive Industries Transparency Initiative (EITI) Standard.
The decision was the outcome of a high-level meeting between Orji Ogbonnaya Orji,Executive Secretary, NEITI and Bayo Ojulari, Group Chief Executive Officer of NNPC Limited.
Orji explained that the MoU would not only define clear rules of engagement between both organisations, but would also address remediation issues flagged in NEITI’s industry audit reports.
According to Orji, the partnership will also strengthen manpower development, improve IT systems, and provide frameworks to boost operational efficiency while deepening inter-agency cooperation on data management and disclosures.
Commending the NNPC Ltd GCEO, Orji stressed the need for the national oil company to model the values of transparency and accountability in order to restore public trust and safeguard its reputation globally.
“As Nigeria’s flagship oil company, NNPC Ltd must stand as an enduring institution of national pride, one that competes on the same level with global giants like Saudi Aramco, QatarEnergy, and Petronas.
“This requires openness, compliance, and multi-stakeholder engagement to tackle domestic challenges and sustain investor confidence”, Orji stated.
The NEITI boss also reminded NNPC Ltd of its obligations under the Petroleum Industry Act (PIA) and its voluntary membership of EITI as a supporting company, noting that the global body had expressed concern about irregular disclosures and lapses in time-series data.
He urged the company to promptly restore discontinued reports, ensure timely publication of audited accounts, and sustain contract transparency and beneficial ownership disclosures.
“These are not bureaucratic hurdles,” Orji emphasised, “but governance safeguards that attract sustainable investments and protect Nigeria’s credibility in global energy markets.”
He further praised recent Government reforms, particularly those driven by President Bola Tinubu’s administration and spearheaded by NNPC Limited, including foreign direct investments exceeding $6 billion, increased indigenous ownership of oil assets, and landmark projects like the CNG initiative and the AKK Gas Pipeline.
Responding, Ojulari, NNPC Ltd’s GCEO, pledged the company’s full commitment to transparency, accountability, and compliance with NEITI and EITI standards.
“We in NNPC are working for Nigeria, and everything we do must serve the national interest.
“I assure you of our full compliance with the NEITI principles and EITI global standards. We are determined to manage the hurdles ahead and drive the transformation of NNPC into a globally competitive company”, Ojulari noted.
He also announced the designation of NNPC’s new Chief Compliance Officer, Jejere to oversee the company’s relations with NEITI, while the Chief Finance Officer will serve as alternate on NEITI’s Board to ensure effective representation.
The courtesy meeting was attended by top management of both NEITI and NNPC Limited, underscoring the weight of the new partnership.
Both sides agreed that the MoU and Technical Committee would play a pivotal role in consolidating reforms in the extractive sector, creating a transparent business environment, and positioning Nigeria’s energy industry as a hub for sustainable growth.
