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…calls on Nigerians to support President Tinubu’s vision in restoring NNPCL’s lost glory
A coalition of civil society and accountability advocates under the umbrella of the Network for Transparency and Economic Reform (NETER) has commended Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), his “transparent and reform-driven leadership” in opening the company’s books to parliamentary and public scrutiny.
The commendation comes in the wake of confirmation by the Senate Committee on Public Accounts that the NNPCL has formally responded to 19 audit queries raised against it by the Auditor-General of the Federation, relating to discrepancies of about N210 trillion in its financial statements between 2017 and 2023.
In a statement on Friday, Dr. Lukas Yusuf, President of NETER, said the decision of the NNPCL management to engage directly with the Senate and provide detailed responses to all audit questions marks “a refreshing departure from a culture of opacity that had long defined Nigeria’s oil sector.”
“For once, Nigerians are witnessing an era where their national oil company no longer hides from scrutiny. The fact that the management of NNPCL, under Bayo Ojulari, took the initiative to respond comprehensively to all 19 audit queries shows a willingness to submit to institutional accountability. This is how confidence in public institutions is built,” Yusuf said.
He said Ojulari’s conduct since assuming leadership of the NNPCL has reflected a “clear break from the past,” noting that his approach to corporate governance aligns with President Bola Ahmed Tinubu’s broader vision of transparency, fiscal discipline, and reform within state-owned enterprises.
“The reforms happening under Ojulari’s watch are in direct sync with President Tinubu’s call for the restoration of integrity in public corporations. When a company like NNPCL opens its financial records to legislative scrutiny, it sends a powerful message that accountability is no longer negotiable,” Yusuf added.
The group urged Nigerians and the media to give the process time to run its full course, noting that the Senate Committee had already confirmed receipt of the company’s responses and was preparing to scrutinise the documents in detail.
“We commend the chairman of the Senate Public Accounts Committee, Senator Aliyu Wadada, for maintaining professionalism in handling such a complex process, It is important that this exercise is completed transparently and that the public is fully briefed when the committee presents its findings,” Yusuf advised.
He also noted that this is the first time in the NNPCL history that it is publicly engaging with an audit exercise of such scale and depth since its transition to a limited liability company under the Petroleum Industry Act (PIA).
“Before now, NNPC’s books were a mystery to everyone. For a long time, Nigerians only heard figures without ever seeing the process behind them. Today, we are seeing a new phase where financial and operational data are being shared, audit questions are being answered, and accountability mechanisms are being tested in real time. That is historic,” he added.
Yusuf further called on citizens, civil society, and industry stakeholders to support the ongoing reforms rather than politicise them, saying the process represents a national effort to rebuild public trust in the management of oil revenues.
“Transparency does not thrive in isolation. The same citizens demanding accountability must also encourage it when they see genuine effort. We urge Nigerians to see this as a collective win for governance, for democracy, and for the economy,” he noted.
The Network for Transparency and Economic Reform also reaffirmed its commitment to tracking the implementation of NNPCL’s responses to the audit queries once the Senate completes its review, saying it would issue an independent assessment of the process later this year.
“Our mission is to ensure that this new wave of accountability in the petroleum sector endures. The transparency we are beginning to see in NNPCL should become the new standard for all public institutions in Nigeria,” the statement added.
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