Nigeria Extractive Industries Transparency Initiative ,NEITI, has called on the Nigerian Upstream Petroleum Regulatory Commission ,NUPRC, to ensure full disclosure of beneficial ownership of oil assets across the country.
In a statement, it advised following its independent observation and monitoring of the pre-qualification and technical bid processes of the 2022–2023 Mini Bid Round and the 2024 Licensing Round, in line with its statutory mandate under the Petroleum Industry Act (PIA) 2021 and the global Extractive Industries Transparency Initiative ,EITI, Standard.
The NEITI also identified other areas where it said NUPRC needed to make improvements. They include: strengthening the evaluation methodology and metrics, enhancing transparency in result disclosure, improving public access to bidder information, and integrating technical and commercial value assurance in evaluations.
The Advisory Report offered actionable recommendations to bolster future rounds, emphasising transparent disclosures, standardised scoring, and consistent stakeholder engagement.
The report also commended NUPRC for notable progress in the conduct of the 2022–2023 Mini Bid Round and the 2024 Licensing Round.
The body also the regulator’s efforts, highlighting “notable improvements in inclusivity, digitalisation, and procedural integrity”.
The report, presented to the NEITI National Stakeholders Working Group ,NSWG, at its statutory meeting in Umuahia, Abia State on May 9, 2025, described the licensing rounds as “significant milestones in Nigeria’s upstream petroleum sector, designed to attract credible investments, unlock hydrocarbon potential, and advance national development objectives”.
NEITI noted that the licensing process was generally professional, transparent, and inclusive, with adherence to published criteria as required by the PIA and EITI provisions.
Special concessions granted to indigenous and emerging firms were acknowledged as a progressive step that enhanced stakeholder participation and public confidence.
“The NSWG commended NUPRC’s cooperation with NEITI and encouraged the adoption of the recommendations outlined in the advisory”, said Mr Orji Ogbonnaya Orji, Executive Secretary of NEITI.
“We remain committed to working collaboratively with regulators, civil society, and industry stakeholders to institutionalise transparency, good governance, and sustainable development in Nigeria’s extractive industries”, he added.
