NNPC Scores High in Transparency Assessment, Urged to Improve Collaboration with NEITI

The Nigerian National Petroleum Company Limited (NNPC Ltd) received a positive overall rating in the latest global assessment by the Extractive Industries Transparency Initiative (EITI), a prestigious global transparency body. However, while recognizing NNPC’s progress, EITI also encouraged further improvement and closer collaboration with its Nigerian counterpart, the Nigeria Extractive Industries Transparency Initiative (NEITI).

Key takeaways from the news:

• High marks for NNPC: NNPC earned high marks in the EITI assessment, with only one company (Equinor of Norway) surpassing its performance among those in its category.
• Areas for improvement: EITI identified room for NNPC to further enhance transparency and urged adherence to global EITI standards to solidify its credibility.
• Collaboration concerns: NNPC CEO Mele Kyari expressed disappointment with NEITI’s public report criticizing non-remittance of funds to the Federation Account, calling for clarification instead of immediate release of the report. Kyari clarified that NNPC was withholding funds due to subsidy payments to the federal government, not engaging in illegal activity.
• Joint committee suggestion: NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, proposed reconstituting the NNPC/NEITI Joint Committee on Reconciliation to address discrepancies and improve communication.

This news highlights the strides NNPC has made in transparency but also underscores the importance of ongoing collaboration and open communication between NNPC and NEITI. Addressing remaining concerns and strengthening their partnership can further enhance NNPC’s reputation and ensure responsible management of Nigeria’s natural resource wealth