PIA: Abbas demands accountability from NNPC

Nigerian House Speaker Tajudeen Abbas has called for stronger corporate accountability and effective legislative oversight of the Nigerian National Petroleum Company Limited (NNPCL), warning that its commercial autonomy must be matched with responsibility. Abbas highlighted the Petroleum Industry Act (PIA) as one of Nigeria's most consequential economic laws, designed to establish a more transparent, commercially viable, accountable, and investment-friendly petroleum industry.

However, he noted that five years after its enactment, stakeholders must assess the extent to which the promises of the legislation had translated into practical results. Abbas emphasized that the transition of NNPCL into a commercially-oriented company should improve operational efficiency, attract investment, and create greater value from Nigeria's petroleum resources, but commercial autonomy must be accompanied by corporate accountability.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.