Yemisi Izuora
The Nigerian National Petroleum Company Limited (NNPC) has identified poor corporate governance, transparency, and efficiency as affecting operations in Nigeria’s oil and gas industry.
Corporate governance challenges in Nigeria’s oil sector are multifaceted and complex and one major issue is the lack of transparency and accountability in the operations of oil companies, particularly Multinational Corporations (MNCs), the Company observed.
It therefore said that it has become imperative for upstream stakeholders in the nation’s oil and gas industry to strengthen their corporate governance structure.
The company’s new Executive Vice President, Upstream (EVP), Mr. Udobong Ntia, identified theses issues while speaking during an Upstream Governance, Risk and Compliance Workshop themed: “Enhancing Governance, Risk and Compliance in Nigeria’s Upstream Sector” in Lagos.
A statement in Abuja by the Chief Corporate Communications Officer of the company, Olufemi Soneye, said the workshop had in attendance NNPC’s Chief Compliance Officer, Mr. Nasir Usman and NNPC’s Chief Upstream Investment Officer, Mr. Bala Wunti.
It was also attended by representatives of industry regulators such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC); the Nigerian Content Development and Monitoring Board (NCDMB) and over 20 upstream operators from International Oil Companies (IOCs) in Nigeria.
Delivering his opening remarks at the workshop, Ntia stressed that governance, risk management, and compliance were at the heart of NNPC’s ‘core values of integrity, excellence, and sustainability.’
He commended the upstream leadership and regulators for supporting the initiative to assemble stakeholders to discuss issues that have a bearing on individual and collective success towards attaining the clear mandate of sustainably ramping up the nation’s crude oil production.
The EVP also reiterated his readiness to provide enablers within his purview that will accelerate the implementation of initiatives that will enhance governance, risk management and compliance in the upstream sub-sector.