The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged the NNPC Ltd to adopt the NLNG business model which has proven to be sustainable, profitable and accountable.
This advice was given by the NEITI’s Executive Secretary, Dr Orji Ogbonnaya Orji, in a statement by the agency’s spokesperson Mrs Obiageli Onuora.
NEITI said that the transition was in line with the recommendations of NEITI industry reports for the oil and gas sector.
The statement said, “NEITI is advocating for the NLNG model which has proven to be sustainable, profitable and accountable.
“Despite the challenges faced by the oil and gas sector during the COVID-19 pandemic, NLNG in Nigeria posted profits and even dividends. This is remarkable.”
He said in the NEITI oil and gas reports that covered 1999 – 2019, NEITI had consistently recommended that Nigeria’s national oil company should be privatised to make it competitive like other national oil companies across the globe.
“Nigeria needs a business oriented NNPC to deliver the country’s energy needs, energy transition, energy security, diversification of its economy and the building of a sustainable energy future for the country, ”Mr Orji said.
He said the immediate challenges that the new NNPC needed to tackle was to free Nigeria from fuel importation.
“The immediate questions that an average Nigerian is asking are what is likely to change from the NNPC we know and the new NNPC Limited? What will happen to jobs, institutions, profit making, transparency and accountability, ” he said.
He said with this unveiling, some of the provisions in the PIA have been met, while NNPC ranks among national oil and gas companies to be publicly listed in Africa with an initial share capital of N200 billion and net assets of more than $59 billion.
