By Oluwakemi Kindness
The House of Representatives has urged the Nigerian National Petroleum Company Limited (NNPC Ltd) to translate the reforms introduced by the Petroleum Industry Act (PIA) into higher oil production, fresh investments and increased economic benefits for Nigerians.
The Speaker, Tajudeen Abbas, made the call on Monday at a retreat on the implementation of the PIA and corporate governance in Abuja, organised by NNPC Ltd in partnership with his office.
Represented by the House Majority Leader, Julius Ihonvbere, Abbas said Nigerians should begin to see tangible results from the legislation, five years after it came into force.
He said improved oil production, stronger local refining capacity, higher government revenue, job creation and affordable energy should be among the measures of the law’s success.
Abbas identified oil theft, pipeline damage, inadequate infrastructure and uncertainty among investors as challenges holding back the petroleum industry.
He said the National Assembly would continue to exercise oversight over NNPC Ltd but stressed that such scrutiny should not undermine the company’s business decisions.
However, energy governance expert, Dr Nuhu Habib, warned that government interference, weak board independence and disputes over revenue payments could undermine gains made under the PIA.
Habib, who heads Avante Consultants and Advisors Limited, expressed concern that proposed amendments granting the Ministry of Finance Incorporated (MOFI) greater control over NNPC Ltd could weaken the company’s autonomy.
He called for stronger financial transparency, including regular reconciliation of NNPC Ltd’s payments to the Federation Account Allocation Committee (FAAC) and public disclosure of dividend payments.
Also speaking, Professor of Governance and Development, Ernest Ereke, urged the National Assembly and NNPC Ltd to maintain a less confrontational working relationship.
Ereke cautioned lawmakers against turning oversight into political battles or using their powers to frustrate the company’s operations.
He also urged NNPC Ltd to respond constructively to legislative inquiries, stressing that accountability should not be confused with interference.
Earlier, the Chief Executive Officer of 3 Streams Synergy Limited, Doyin Adelabu, said the retreat was convened to assess NNPC Ltd’s progress under the PIA and strengthen cooperation between the company and the legislature.
She urged participants to develop practical proposals that would improve corporate governance and ensure the petroleum reforms deliver meaningful benefits to Nigerians.
Edited by Julian Osamoto
