Abbas Demands Greater Accountability From NNPC Over PIA Implementation

The Speaker of the House of Representatives, Tajudeen Abbas, has urged the Nigerian National Petroleum Company Limited (NNPC) to strengthen corporate accountability and transparency, stressing that its commercial autonomy must come with clear responsibility for its decisions and performance.

Abbas, who was represented by the House Leader, Julius Ihonvbere, made the call on Monday at the opening of a three-day retreat on the implementation of the Petroleum Industry Act (PIA), corporate governance and legislative oversight in Abuja.

The retreat was organised by NNPC in collaboration with the Office of the Speaker.

He described the PIA, enacted in 2021, as one of Nigeria's most significant economic reforms, designed to establish a transparent, commercially viable and investment-friendly petroleum industry.

However, he noted that five years after its enactment, it was necessary to assess how effectively its provisions had been implemented and whether Nigerians were benefiting from the reforms.

The Speaker explained that the transformation of the former Nigerian National Petroleum Corporation into NNPC Limited, the establishment of regulatory institutions and the introduction of host community development provisions were intended to address longstanding challenges in the industry.

He maintained that allowing NNPC Limited to operate as a commercially oriented company should improve efficiency, attract investment and maximise the value of the country's petroleum resources.

According to him, the company's freedom to make commercial decisions must be accompanied by accountability for their outcomes.

Abbas said the Federal Government, as shareholder, had a responsibility to protect public interest, while the company's management should retain professional independence and accept responsibility for its performance.

He added that the National Assembly must ensure that public assets remained subject to constitutional and statutory oversight without unnecessarily interfering in legitimate business operations.

He stressed that legislative oversight should go beyond investigations conducted after problems arise, advocating early intervention, institutional learning and improved performance.

The Speaker identified crude oil theft, pipeline vandalism, production constraints, inadequate infrastructure, investment uncertainty and regulatory bottlenecks as major challenges confronting the petroleum sector.

He also called for sufficient crude oil supplies to domestic refineries without compromising the commercial viability of upstream operations.

On natural gas development, Abbas said unlocking the country's vast resources would require sustained infrastructure investment, appropriate commercial arrangements and regulatory certainty.

He urged participants at the retreat to examine whether NNPC Limited's corporate structure was delivering the transparency, efficiency and commercial discipline envisaged by the PIA, while identifying areas requiring legislative and institutional intervention.

He said the success of the legislation should be measured through increased oil production, improved energy security, greater investment, stronger domestic refining capacity, higher revenue generation and employment opportunities.

Abbas reaffirmed the commitment of the 10th House of Representatives to supporting the Federal Government's economic reforms through legislation, constructive engagement and effective oversight.

Also speaking, the Chairman of the House of Representatives Public Accounts Committee, Bamidele Salam, called for a comprehensive assessment of the PIA's implementation to identify gaps and improve its effectiveness.

The representative of the Chairman of the House Committee on Petroleum Resources (Midstream), Lanre Okunlola, said the transformation of NNPC Limited should be assessed based on measurable improvements in the petroleum industry.

Similarly, the Chief Executive Officer of 3 Streams Synergy Limited, Doyin Adelabu, advocated stronger institutional collaboration and accountability to ensure that the Act delivered its intended benefits to Nigerians.