The Speaker of the House of Representatives, Tajudeen Abbas, has called on the Nigerian National Petroleum Company Limited to strengthen its corporate accountability, stressing that its commercial independence must go hand in hand with responsibility for its decisions.
Abbas said the effective implementation of the Petroleum Industry Act (PIA), enacted in 2021, would depend on how well its provisions translate into practical benefits for Nigerians.
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He made the remarks on Monday in Abuja at the opening of a three-day retreat titled Petroleum Industry Act Implementation: The PIA, Corporate Governance and Legislative Oversight.
The event was organised by NNPC Limited in collaboration with the Office of the Speaker.
Represented by the House Leader, Julius Ihonvbere, Abbas described the PIA as one of Nigeria’s most significant economic laws, designed to create a transparent, commercially viable, accountable and investment-friendly petroleum industry.
However, he said stakeholders needed to examine the progress made five years after the legislation was introduced.
“Five years down the line, the central question is how much of that promise we have translated into practice,” he said.
The Speaker noted that the Act provided for the transformation of the former Nigerian National Petroleum Corporation into NNPC Limited, the establishment of regulatory institutions and a framework for developing host communities.
He maintained that passing a reform law did not automatically guarantee its successful implementation.
According to him, NNPC Limited’s transition into a commercially oriented company was expected to improve operational efficiency, attract investment and generate greater value from Nigeria’s petroleum resources.
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, Abbas said.
He explained that the government, company management and legislature had separate but complementary roles in ensuring the proper management of state-owned commercial enterprises.
While the government, as shareholder, must protect the public interest, he said management should retain the professional independence to make business decisions and accept responsibility for its performance.
The legislature, meanwhile, must ensure that national assets remain subject to constitutional and statutory accountability.
Abbas said legislative oversight should not amount to arbitrary interference in legitimate business operations but should ensure that statutory responsibilities are fulfilled, public resources protected and institutions operate within their mandates.
He added that effective oversight should extend beyond investigations conducted after problems arise to include early intervention, institutional learning and improved performance.
The Speaker also highlighted the National Assembly’s previous engagements with the petroleum industry, including a two-day retreat in April 2024 on economic transformation, development, PIA implementation and tax reforms.
He cited activities by the House Committee on Petroleum Resources (Midstream) in Port Harcourt and Lagos in June 2026, where lawmakers examined operational challenges, regulatory performance, domestic gas utilisation and the protection of critical energy infrastructure.
According to him, the House has also continued to investigate crude oil theft, scrutinise pipeline surveillance arrangements and pursue measures to improve the security of petroleum infrastructure.
“We recognise that the protection of national petroleum assets is not merely an industry concern; it is an economic and national security imperative,” he said.
Abbas identified crude oil theft, pipeline vandalism, production constraints, inadequate infrastructure, investment uncertainty and regulatory bottlenecks as major challenges facing the industry.
He also called for sufficient crude oil supplies to domestic refineries without compromising the commercial viability of upstream operations.
On natural gas, he said Nigeria would need sustained investment in infrastructure, suitable commercial arrangements and regulatory certainty to unlock the sector’s potential.
These challenges cannot be addressed by legislation alone.
They demand consistent implementation, institutional coordination, credible regulatory enforcement and investor confidence, he added.
The Speaker urged participants at the retreat to assess whether NNPC Limited’s corporate structure was delivering the transparency, efficiency and commercial discipline envisaged by the PIA.
He said the Act’s success should be measured through increased production, higher investment, improved energy security, stronger domestic refining, increased revenue, job creation and tangible benefits for communities hosting petroleum operations.
Ultimately, the petroleum industry must work for the Nigerian people. That is the larger public purpose that must guide our collective efforts, Abbas said.
He reaffirmed the National Assembly’s commitment to supporting the economic reforms of President Bola Tinubu’s administration through legislation, constructive engagement and oversight.
Also speaking, the Chairman of the House of Representatives Public Accounts Committee, Bamidele Salam, called for a review of the PIA’s implementation to identify gaps and improve its effectiveness.
Salam said the assessment should examine the impact of the legislation beyond the oil and gas industry.
Similarly, the representative of the Chairman of the House Committee on Petroleum Resources (Midstream), Lanre Okunlola, said the transformation of NNPC Limited should be judged by measurable improvements in the petroleum sector.
He noted that the PIA was intended to strengthen corporate governance, attract investment, encourage private sector participation, improve operational efficiency and promote the development of host communities.
The Chief Executive Officer of 3 Streams Synergy Limited, Doyin Adelabu, also called for stronger institutional collaboration and accountability to ensure that the legislation delivers its intended benefits to Nigerians.
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The retreat provides an opportunity for stakeholders to assess the implementation of the five-year-old law and identify areas requiring further institutional or legislative action.
Peculiar Adirika is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
























