The Nigerian National Petroleum Company Limited (NNPC) has pinpointed shortcomings in corporate governance, transparency, and efficiency as key factors hampering operations in Nigeria’s oil and gas industry.
NNPC recognizes that corporate governance challenges in Nigeria’s oil sector are intricate and varied. A primary concern involves the lack of transparency and accountability among oil companies, especially Multinational Corporations (MNCs).
As a result, NNPC emphasizes the need for upstream stakeholders in the country’s oil and gas sector to strengthen their corporate governance frameworks.
Mr. Udobong Ntia, the company’s new Executive Vice President for Upstream, shared these insights during an Upstream Governance, Risk and Compliance Workshop titled “Enhancing Governance, Risk and Compliance in Nigeria’s Upstream Sector” in Lagos.
According to a statement from the company’s Chief Corporate Communications Officer, Olufemi Soneye, NNPC’s Chief Compliance Officer, Mr. Nasir Usman, and Chief Upstream Investment Officer, Mr. Bala Wunti, attended the workshop, along with representatives from industry regulators, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB). Over 20 upstream operators from International Oil Companies (IOCs) in Nigeria also participated.
During his opening remarks, Ntia highlighted the importance of governance, risk management, and compliance, which stand at the heart of NNPC’s core values of integrity, excellence, and sustainability. He commended upstream leadership and regulators for their efforts to gather stakeholders and discuss issues critical to both individual and collective success in sustainably increasing the nation’s crude oil production.
The EVP also affirmed his commitment to enabling initiatives that will enhance governance, risk management, and compliance in the upstream sector.
