Petroleum Sector Corporate Governance and Board Accountability: Professional Standards for NNPC Limited Under the PIA 2021

This study evaluates the corporate governance framework and board accountability standards applicable to NNPC Limited following its commercialisation under the PIA 2021, examining whether the new institutional structure meaningfully improves transparency and fiduciary performance. NNPC Limited was converted from a state corporation to a commercial entity under the PIA 2021, with implications for board composition, financial reporting, and shareholder accountability. Using a professional corporate governance analysis framework, the research reviews the PIA 2021's governance provisions for NNPC Limited, the company's inaugural annual report for 2022, board resolution disclosures, and comparative governance standards from National Oil Companies (NOCs) in Angola (Sonangol) and Malaysia (Petronas). Findings reveal that while NNPC Limited's governance structure has formally improved, dividend policy ambiguity, incomplete publication of subsidiary accounts, and unclear separation between commercial and policy functions persist. The study recommends adopting an OECD-aligned NOC governance checklist for NNPC Limited and mandating an independent external auditor for all subsidiaries. Keywords: corporate governance, NNPC Limited, PIA 2021, board accountability, NOC governance.