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), for what it described as his “transparent and reform-driven leadership” in opening the company’s financial records to parliamentary and public scrutiny.

The commendation follows confirmation by the Senate Committee on Public Accounts that NNPCL has formally responded to 19 audit queries raised by the Auditor-General of the Federation, covering discrepancies of about ₦210 trillion in its financial statements between 2017 and 2023.

In a statement on Friday, Dr. Lukas Yusuf, President of NETER, said the move marked “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 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 stated.

He described Ojulari’s approach to corporate governance as “a clear break from the past”, adding that it 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,” he said.

The group also commended the Senate Public Accounts Committee, chaired by Senator Aliyu Wadada, for its professionalism in handling the audit process, urging Nigerians to allow the committee to complete its review before drawing conclusions.

Yusuf noted that this marks the first time in NNPCL’s history that the company is publicly engaging with an audit exercise of such scale since its transition to a limited liability company under the Petroleum Industry Act (PIA).

“Before now, NNPC’s books were a mystery to everyone. Today, we are seeing a new phase where financial and operational data are being shared and audit questions are being answered. That is historic,” he said.

NETER reaffirmed its commitment to tracking the implementation of NNPCL’s audit responses and pledged to issue an independent assessment once the Senate completes its review, stressing that “transparency must become the new standard for all public institutions in Nigeria.”

Vanguard News