Speaker Abbas Demands Accountability and Oversight for NNPCL Operations
The House Speaker urged the national oil company to prioritize corporate responsibility alongside its commercial autonomy during a three-day legislative retreat in Abuja.
Speaker of the House of Representatives, Tajudeen Abbas, has advocated for heightened corporate governance and rigorous legislative monitoring of the Nigerian National Petroleum Company Limited. Represented by House Leader Julius Ihonvbere, the Speaker addressed attendees at a three-day retreat focused on the Petroleum Industry Act, which was held in Abuja on Monday.
Abbas characterized the 2021 legislation as a vital economic tool intended to foster a transparent and investment-friendly environment within the oil sector. Five years after the law was enacted, he challenged stakeholders to evaluate the actual impact of these reforms on the nation.
During the event, the Speaker remarked, “Five years down the line, the central question is how much of that promise we have translated into practice.” He further noted that enacting a policy for change differs significantly from achieving the actual goals of that reform.
While the transition of the corporation into a commercially driven entity aims to boost efficiency, Abbas warned that such independence requires strict oversight. He stated, “But commercial autonomy must be accompanied by corporate accountability. The freedom to make commercial decisions must go hand in hand with responsibility for their consequences,” as he emphasized the need for management to remain answerable for its performance.
The Speaker clarified that the role of the legislature is not to interfere with daily commercial activities or replace management decisions. Instead, he argued that parliamentary oversight should focus on protecting public assets and ensuring that statutory obligations are met without hindering operational success.
SOURCE: Punch
