The Good Governance Index Group has expressed support for the leadership of the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian National Petroleum Company Limited, citing what it described as improvements in transparency, professionalism and financial discipline within the oil and gas sector.
Speaking at a press conference in Abuja on Monday, the group’s Executive Director, Dr Olayemi Isaac, said the recent licensing round conducted by the NUPRC demonstrated that petroleum assets could be allocated through a process that was open, competitive and guided by clear rules.
The licensing exercise attracted 143 companies, which submitted 200 bids for 37 of the 50 oil and gas blocks put up for bidding. According to Isaac, the level of participation showed that Nigeria could attract investors when its petroleum resources were managed through a predictable and transparent framework.
He said the successful bids covered areas including the Niger Delta, Benin Basin, Anambra Basin, Chad Basin and Benue Trough, with the interest shown in frontier basins being particularly encouraging.
Isaac said the emergence of 31 successful companies should be seen as more than an exercise in awarding oil blocks. He described it as an opportunity to attract new investment, expand exploration and strengthen Nigeria’s future production capacity.
The group also commended Oritsemeyiwa Eyesan, Chief Executive of the NUPRC, for what it described as a professionally managed licensing process, particularly the commission’s focus on ensuring that successful bidders meet their financial and operational obligations.
According to Isaac, the approach could help discourage speculative ownership of petroleum assets and ensure that awarded acreage translates into actual investment, exploration and production.
He also rejected calls for Eyesan’s removal over allegations linked to the licensing process, insisting that such claims should be assessed through evidence and proper institutional procedures rather than public speculation.
Isaac said the NUPRC’s statutory responsibilities under the Petroleum Industry Act should also be considered when assessing its role in the management and allocation of petroleum assets.
On NNPC Ltd, the group urged stakeholders to examine the company’s audited financial statements carefully when discussing its energy security expenditure.
Isaac specifically referred to the N7.13 trillion energy security expense reported for 2024, saying the figure should not automatically be interpreted as evidence of wrongdoing.
He explained that the reported expenditure included costs linked to petroleum supply interventions, exchange rate differences and the protection of critical oil and gas infrastructure.
“The discussion around the N7.13 trillion energy security expenditure must be guided by the contents of the audited accounts and the legal framework under which the expenditure was incurred,” he said.
The group also pointed to NNPC’s reported increase in crude oil production, which rose to 1.67 million barrels per day in April 2026 from 1.60 million barrels per day in 2025, as one of the indicators that should be considered when assessing the company’s performance.
Isaac acknowledged that significant challenges remained within the petroleum industry but said measurable progress should also be recognised.
The group consequently expressed confidence in NNPC Ltd Group Chief Executive Officer Bayo Ojulari and Eyesan, urging both institutions to remain focused on increasing production, attracting investment, strengthening transparency and improving regulatory efficiency.
Isaac warned that removing the heads of the institutions over allegations that had not been substantiated could undermine ongoing reforms.
He called for stronger oversight, improved disclosure and continuous accountability, stressing that criticism should be supported by evidence and that allegations should not automatically be treated as proof.
The group also encouraged civil society organisations to adopt a more evidence based approach when scrutinising public institutions. Isaac urged CSOs seeking information to make greater use of the Freedom of Information Act and engage the relevant institutions directly for clarification.
The Good Governance Index Group said it would continue to monitor the activities of the NUPRC and NNPC Ltd while advocating greater transparency and accountability across Nigeria’s petroleum sector.
