Speaker of the House of Representatives, Tajudeen Abbas, has called for stronger accountability and effective legislative oversight of the Nigerian National Petroleum Company Limited (NNPC Ltd), warning that its commercial autonomy must be matched by transparency and responsibility.

Abbas made the call on Monday, November 9, 2026, during the opening of a three-day retreat on the implementation of the Petroleum Industry Act (PIA), corporate governance and legislative oversight in Abuja.

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The Speaker, who was represented by the House Leader, Julius Ihonvbere, said the success of the 2021 legislation would depend on how effectively its provisions were implemented and whether Nigerians could experience tangible improvements in the petroleum sector.

The retreat was organised by NNPC Ltd in collaboration with the Office of the Speaker of the House of Representatives.

Describing the PIA as one of Nigeria’s most consequential economic reforms, Abbas said the legislation was designed to establish a more transparent, commercially viable and investment-friendly petroleum industry.

However, he argued that five years after its enactment, stakeholders needed to assess whether the promises of the law had translated into meaningful improvements.

“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 transformation of the former Nigerian National Petroleum Corporation into NNPC Limited, the establishment of regulatory institutions and the introduction of host community development provisions were intended to address longstanding structural challenges in the industry.

He, however, cautioned that passing legislation alone could not guarantee successful reform.

“The passage of a reform law is not the same as the successful implementation of that reform,” Abbas stated.

He explained that NNPC Ltd’s transition into a commercially oriented company was expected to improve operational efficiency, attract investment and maximise the value of Nigeria’s petroleum resources.

Nevertheless, he insisted that greater commercial freedom must be accompanied by stronger corporate governance.

“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,” he said.

Abbas outlined the respective responsibilities of government, corporate management and the legislature in ensuring that state-owned commercial enterprises operate effectively.

According to him, the Federal Government, as shareholder, must protect the public interest, while company management should retain the professional independence required to make commercial decisions and accept responsibility for performance.

The legislature, he added, must ensure that national assets remain subject to constitutional and statutory accountability.

“The legislature’s responsibility is not to substitute parliamentary judgment for management decisions or interfere arbitrarily in legitimate commercial operations.

It is to ensure that statutory mandates are respected, governance obligations are fulfilled, public resources are protected, and the institutions established by law deliver on their responsibilities,” Abbas explained.

He stressed that legislative oversight should improve institutional performance rather than undermine operational efficiency.

The Speaker also said effective oversight should extend beyond investigations conducted after problems emerge, advocating early intervention, institutional learning and stronger performance monitoring.

Abbas highlighted the activities of the 10th House of Representatives in scrutinising developments across the petroleum industry.

He recalled that the House organised a two-day retreat in April 2024 focusing on economic transformation and development, including the implementation of the PIA and tax reforms.

He also cited engagements 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.

The House, he added, had continued investigating crude oil theft, reviewing pipeline surveillance arrangements and pursuing measures to strengthen the security of petroleum facilities.

“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, infrastructure deficiencies, investment uncertainty and regulatory bottlenecks as major obstacles affecting the sector.

He also called for adequate crude oil supplies to domestic refineries without undermining the commercial viability of upstream petroleum operations.

On natural gas, the Speaker said Nigeria needed sustained infrastructure investment, appropriate commercial arrangements and regulatory certainty to unlock the country’s substantial resources.

“These challenges cannot be addressed by legislation alone. They demand consistent implementation, institutional coordination, credible regulatory enforcement and investor confidence,” he said.

The Speaker urged participants at the retreat to examine whether NNPC Ltd’s corporate structure was delivering the transparency, efficiency and commercial discipline envisaged under the PIA.

He also encouraged stakeholders to identify governance weaknesses requiring legislative intervention or institutional improvements.

For Abbas, the ultimate measure of the legislation’s success should be its impact on ordinary Nigerians rather than the existence of regulatory structures or corporate reforms alone.

He identified increased oil production, greater investment, improved energy security, stronger domestic refining capacity, higher revenue generation and employment opportunities as important indicators of progress.

He further emphasised the need to ensure that communities hosting petroleum operations receive meaningful benefits from activities taking place in their areas.

“Ultimately, the petroleum industry must work for the Nigerian people. That is the larger public purpose that must guide our collective efforts,” he said.

The Chairman of the House of Representatives Public Accounts Committee, Bamidele Salam, also called for a comprehensive assessment of the PIA five years after its enactment.

In his goodwill message, Salam said reviewing the legislation’s implementation would help identify gaps and determine whether its provisions were achieving their intended objectives.

He argued that the assessment should examine the effectiveness of the law beyond the immediate operations of the oil and gas industry.

Similarly, the representative of the Chairman of the House Committee on Petroleum Resources (Midstream), Lanre Okunlola, said NNPC Ltd’s transformation should be judged by measurable improvements in the petroleum sector.

Okunlola 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.

The discussions come at a critical period for Nigeria’s petroleum industry, which remains central to government revenue, foreign exchange earnings and the country’s broader economic stability.

Although the PIA introduced significant structural changes, concerns about production levels, crude oil theft, domestic refining, infrastructure and investment conditions continue to shape discussions about the industry’s performance.

The National Assembly’s renewed focus on oversight therefore places additional attention on whether NNPC Ltd is fulfilling the commercial and public responsibilities associated with its new corporate structure.

For Nigerians, the central question remains whether the reforms will translate into improved energy security, greater economic opportunities, stronger public revenue and better living conditions.

Abbas reaffirmed the National Assembly’s commitment to supporting President Bola Tinubu’s economic reform programme through legislation, constructive engagement and rigorous oversight.

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He maintained that the lasting legacy of the Petroleum Industry Act would ultimately depend on its ability to transform the industry, unlock the value of Nigeria’s natural resources and deliver measurable benefits to citizens.