Following the release of its April operational report, stakeholders and experts have emphasised the need for the Nigerian National Petroleum Company Limited (NNPCL) to go beyond infographics to detailing audited figures for transparency in the oil and gas sector.
It would be recalled that the NNPCL last Thursday published its first monthly report under the stewardship of its new GCEO, Bayo Ojulari.
The report ,which was unaudited and in form of infographics, showed that the oil company made a N748bn profit after tax after generating N5.89 trillion revenue.
It also reported that January to March, the NNPCL made statutory payments of N4.22tn with 1.6 million barrels of oil production per day, including crude and condensate produced in April while natural gas production was 7.47 billion standard cubic feet per day.
It also stated that the company completed the implementation of relevant presidential directives and executive orders for its upstream operations with technical interventions on the ongoing AKK and OB3 pipelines to resolve challenges related to the River Niger crossings.
It added that the NNPCL completed turnaround maintenance in OML 18, OML 58, OML 118 and OML 133.
On the status of its refineries in Port Harcourt, Warri and Kaduna, NNPC said the facilities “are currently under review.”
Upcoming Final Investment Decisions in 2025 include “Ntokon Development (OML 102) – Q4; Crude Oil Prod. Expansion Project (OML 29) – Q4; Gas Development Projects (OML30, 42) – Q4; and Brass Fertilizer (Financial Close) – Q4.”
The report was, however, attached with a note that the crude oil and gas figures are provisional and reflect only NNPC Limited’s data and it excludes volumes of independent operators reported by NUPRC. “All financial figures are provisional and unaudited. All operational and financial data are for April 2025 unless indicated otherwise.”
While this suggests that the report only gave a cursory look and not in-depth information, there has been a heap of praises for the new management of the NNPCL for providing information into its activities in line with its new structure as stipulated by the Petroleum Industry Act (PIA).
‘NNPCL should produce quarterly, annual reports’
Amidst the praise, industry experts, while stating that the management is acting according to the laws stipulated in the PIA, asked the company to go beyond the monthly reports to quarterly and annual reports as expected of a public liability company.
Speaking with Daily Trust, Prof. Dayo Ayoade, an energy law expert at the University of Lagos (UNILAG), said transparency and accountability are crucial in the oil and gas sector, adding that the PIA ought to have strengthened accountability.
He added that the PIA had mandated the NNPCL to operate in a commercial manner, a profit-driven manner. Thus, it has to adhere to corporate governance principles for the public to have confidence in the new organisation or new body.
“The GCEO has been lauded and saluted for what he did but he is actually in line with the work he is supposed to be doing in the NNPC. The NNPC is limited under the law. I think, though, if some people are acting in the right manner, we should encourage them. But it just tells us that we’re easily satisfied in Nigeria because we should always demand higher and higher standards. But the reality is that sometimes we don’t even obey the law.
“The fact that they are trying to obey the law is something I suppose we should congratulate the NNPC for. It’s limited above.”
He added that the next task for the GCEO is to produce an annual report as the norm in every company.
“We also need its financial statements. I don’t know the source of this one. Is it NNPC that generated this report? Or was this report generated by an external auditor? That’s the kind of concern that I have as an energy lawyer. It is only when some of the details are given but when verified by an external auditor. The whole purpose of accountability and transparency is that somebody else, an independent organisation, retrieves this and says, right, they’re doing well.”
On his part, a renowned professor of petroleum economics, Prof. Wunmi Iledare, said the report is a very commendable step by a limited liability company that is wholly owned by the federation.
He added that the report truly reflects a monthly disclosure to its shareholders, which aligns with global best practices.
“The Petroleum Industry Act (PIA) prescribes transparency, accountability and good governance as guiding principles for the institutions it established. I am particularly delighted that NNPC Limited—the sole commercial entity established by the PIA—is not only embracing these ideals but actively practicing them. This demonstrates a positive shift toward corporate responsibility and public trust in the management of Nigeria’s hydrocarbon assets.
He however said to deepen public trust and align with global standards, NNPC Limited (NNPCL) should consider publishing quarterly and annual financial reports audited by reputable international firms.
“This would demonstrate a strong commitment to transparency and fiscal discipline. Additionally, making contract terms, licensing data, and project timelines publicly accessible would foster greater accountability and deter corrupt practices. Civil society organizations, policy think tanks, and host communities should be formally involved in oversight mechanisms to broaden stakeholder participation and ensure social licence to operate.
He added that a digital, real-time dashboard tracking key performance indicators—such as production volumes, revenue earnings, fuel importation metrics, subsidy payments, and ESG (Environmental, Social, and Governance) data—can further reinforce public confidence and investor interest.
“Furthermore, institutionalizing a subsidiary and joint venture performance scorecard would provide regular assessments of operational effectiveness and governance standards. While this may be uncommon in many emerging economies, introducing confidential and secure channels for whistleblowing—especially for reporting fraud, corporate misalignment, or ethical violations—could serve as a critical safeguard, even if initially perceived as controversial.
He said by embracing these reforms, NNPCL can move closer to becoming a truly commercial, accountable, and world-class energy enterprise.
Calls for transparency
Before the report, there has been a heightened call for the NNPCL to make transparency its major objective for Nigerians to have a clear view of how it operates.
For instance, the Petroleum Products Retail Outlets Association of Nigeria (PETROAN) recently urged the new management to be transparent in its operations to disabuse the minds of Nigerians who see the national oil company as overly opaque.
PETROAN’s National President, Dr Billy Gillis-Harry, who spoke on Channels Television, argued that the NNPCL has over the years created an environment wherein Nigerians are always suspicious of the organisation, advising the company to keep its books open henceforth.
The oil retailers also decried a situation where local refineries do not have access to adequate supply of crude oil, calling on the authorities to work towards making sure that in the coming years, three million barrels are reserved for the refineries that are springing up all over the country.
He called on the government bodies concerned, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the NNPC to ensure that this proposal works.
“So, NNPC has created that kind of environment where it’s now difficult for the public to trust them with anything. And I think it will be in the best interest, not just of the management, but of Nigeria, that, that mindset should be changed by the current management. Bayo Ojulari is coming from the private sector, a very well-organised private sector, because he’s coming from a Shell background.
“So I believe that he and his team, and Mr. Kida (Chairman), who is also coming from Total, have gone through a very regulated and very efficient system. And I think that they should bring that experience to bear on how the Nigerian oil industry should be.
“And NNPC should rise up from the doldrums and raise its head up and say, for so many years we didn’t do it right, but now we want to do it right. And I think that there is no time that is better than doing that now,” Gillis-Harry emphasised.
Similarly, the Nigeria Extractive Industries Transparency Initiative urged the GCEO to entrench a solid practice of corporate governance in the company by prioritising the timely publication of the company’s financial statements.
It emphasised that full transparency in the disclosure of production data, operational costs, and revenue remittances is essential in rebuilding public trust and enhancing Nigeria’s global reputation in the oil and gas sector.
The NEITI Executive Secretary, Dr Orji Ogbonnaya Orji, gave the advice in a congratulatory message to the new GCEO in a statement signed by the Acting Director, Communication and Stakeholders Management, Obiageli Onuorah, highlighting the importance of adhering to international best practices in corporate governance and financial transparency.
The executive secretary noted that transparency in the management of oil and gas revenues is pivotal to the country’s national development and ongoing efforts to reduce poverty.
“As a supporting company of the global extractive industries transparency initiative, NNPCL must demonstrate unwavering commitment to openness, systematic disclosure of critical industry data, responsible resource management, and corporate governance best practices.
“Prioritise timely publication of NNPCL’s financial statements, full disclosure of production data, operational costs, and revenue remittances to help rebuild public trust and enhance Nigeria’s global reputation,” the statement read.
