By Bassey Udo
The global Extractive Industries Transparency Initiative (EITI) has extolled the progress recorded by the Nigerian National Petroleum Company (NNPC) Limited in its pursuit of transparency, accountability and good governance in its operations.
The Executive Director of the global transparency and accountability
watchdog group in the oil, gas and mining sectors, Mark Robinson, acknowledged NNPC Ltd’s achievements while receiving the company’s 2025 Audited Financial Statement on the sidelines of the recently concluded 10th EITI Global Conference in Brussels, Belgium.
The presentation of the publication was by the NNPC Ltd’s Head, Global Compliance, Murjanatu Gamawa, who led the company’s delegation to the conference, which had as its theme: “Transparency for shared prosperity”.
Before the presentation, Ms Gamawa presented an update on the NNPC’s progress in its drive to institutionalise transparency and accountability in all segments of its operations, saying the transformation of the company from about N803bn loss position in 2020 to its current position of about N7.2trn profit after tax in 2025 could not have been possible without the EITI.
The turnaround in the company’s fortunes, she noted, has been as a result of substantial improvements in its operational systems and governance processes, strengthened by transparency, which the EITI was instrumental to.
She said in line with the NNPC Ltd’s policy of transparency and systematic disclosure of information and data about its operation, the company published its Anti-Corruption Policy, which includes requirements for the disclosure of information on politically exposed persons and beneficial ownership.
Gamawa, who pointed out that consistent transparency and closer collaboration with the global EITI would strengthen NNPC Ltd’s processes towards greater success, observed that the Company’s progress report offered invaluable lessons for other national oil companies as the EITI works towards bringing more of them into its membership fold.
NNPC Ltd’s engagement with EITI, she explained, was instrumental to its decision to consistently publish its annual audited financial statement since 2020, the first time in 42 years since the inception of the company.
She said the company’s resolve to embrace transparency has strengthened its governance practices, built its credibility, improved its systems, rather than just putting out annual reports.
“So, what transparency means for us in NNPC Ltd is not just the data you see, but also the governance around the data, particularly providing answers to questions like: Who owns the data? Who validates them? Who reports the internal coordination?” she said.
She used the meeting to seek the continuous partnership between the NNPC Ltd with the EITI focused on strengthening corporate governance and building credibility with investors, stakeholders and the public beyond being limited to annual validation cycles and assessment on its compliance with EITI standards.
“We want to leverage on the opportunity of the relationship that already exists with the EITI to continuously strengthen our systems, so that we’re not just waiting for those assessments and gaps to strengthen whatever is missing”, she said.
The EITI, she maintained, holds enormous value for the NNPC Ltd beyond strengthening corporate governance, as the company’s level of disclosure as a global energy company has helped build credibility, promote accountability to investors, partners, lenders, industry stakeholders, host communities and the government.
She acknowledged the role played by the Petroleum Industry Act (PIA) in the company’s transformation, saying that apart from helping position the NNPC Ltd as commercially-driven and performance-driven, the law also helped to establish it as a globally competitive energy company set up on a journey to impact.
During the meeting, also attended by representatives of the NNPC Ltd’s Communications and Corporate Relations departments, both the EITI and NNPC Ltd agreed to hold regular quarterly engagements on a defined agenda to explore peer learning between NNPC Ltd and other national oil companies, share progress reports and outcomes, discuss emerging global industry issues and agree on objectives for strengthening stakeholder engagement and improving the company’s operations.
In his response, Mr Robinson commended the NNPC for its transformational strides in recent times, assuring that the EITI would always be available to support the company in sustaining the momentum of progress.
