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Tag: Bayo Ojulari

  • Refineries: Nigeria was just wasting money, says NNPCL boss Ojulari

    Refineries: Nigeria was just wasting money, says NNPCL boss Ojulari

    The decision by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, to halt operations at Nigeria’s state-owned refineries has triggered widespread debate across the country. But speaking at the Nigeria International Energy Summit (NIES), Ojulari made it clear that the move was driven by stark economic realities rather than politics or sentiment.

    According to Ojulari, an internal commercial review of the refineries revealed that continued operations under the existing structure were destroying value and draining scarce public resources.

    “We were just wasting money,” Ojulari said bluntly. “The refineries were leaking value, and there was no clear line of sight on how those losses would ever turn into profits.”

    Nigeria’s four government-owned refineries — two in Port Harcourt, one in Warri, and one in Kaduna — have a combined installed capacity of 445,000 barrels per day. Yet for decades, they have operated far below optimal levels, often producing little or no refined products while consuming billions of naira annually in operating and maintenance costs.

    Ojulari said the decision to halt operations was taken after it became clear that running the refineries simply to show activity made no commercial sense.

    “You cannot sleep when you have been trained for decades to look at profitability and commerciality,” he said. “When you are running an asset that turns crude oil into lower-value products while contractor costs continue to rise, that is not business. That is value destruction.”

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    Between 2010 and 2023, the federal government reportedly spent over ₦11 trillion on refinery rehabilitation and turnaround maintenance. Despite these massive investments, Nigeria remained heavily dependent on imported petrol, diesel, and aviation fuel, placing immense pressure on foreign exchange reserves and exposing the economy to global supply shocks.

    In the 1980s and much of the 1990s, NNPC’s refineries operated efficiently, but performance declined in the 2000s as institutional focus shifted away from operational excellence toward EPC contracting, O&M structures, and financing-driven interventions. This transition weakened preventive maintenance culture, increased reliance on turnaround maintenance cycles that proved more commercially attractive to external parties, and contributed to the gradual erosion of in-house operational capacity within NNPC. In this context, the 2025 decision to shut down the refineries represents a pragmatic and necessary step toward halting value loss and enabling a more sustainable long-term reset of Nigeria’s refining framework.

    Ojulari acknowledged that there was significant public pressure to keep the refineries running, even at a loss.

    “The pressure was extreme,” he said. “Nigerians were angry. Expectations were high. But leadership is not about maintaining broken systems for optics. It is about stopping the bleeding and reassessing.”

    He described the shutdown not as a failure, but as an act of responsible governance.

    “Halting operations is not failure,” Ojulari insisted. “It is discipline. It is honesty. It is admitting that a system is not working and must be fundamentally restructured.”

    Ojulari also pointed to the emergence of the privately owned Dangote Refinery as a key factor that has given Nigeria room to rethink its refinery strategy without risking fuel scarcity.

    “Whether you love Dangote or not, thank God it is a Nigerian refinery, built in Nigeria and working in Nigeria,” he said. “It has given the country breathing space to step back and ask hard questions about what we want to do with our own assets.”

    Beyond the shutdown itself, Ojulari outlined a new strategic direction for NNPC’s refinery assets. He said the fundamental problem with Nigeria’s refinery model was that the country treated refineries as projects rather than as long-term businesses.

    “To make a refinery work, you need three things,” he explained. “You need financing. You need a competent EPC contractor. And you need world-class operational capacity. Historically, we focused on the first two and ignored the third.”

    Ojulari said the new approach approved by the NNPC board would involve bringing in experienced global operators with equity stakes and long-term operational responsibility.

    “We are not selling Nigeria,” he said. “But we are open to selling some equity to bring in operators who have skin in the game and can run these assets sustainably.”

    He added that early signs of investor interest were already emerging, including inspections by major international petrochemical firms.

    For Ojulari, the shutdown represents a decisive break from decades of refinery failure.

    “This system was designed for everyone to take from it, not to put anything into it,” he said. “We are ending that era.”

  • Why govt’s refineries are not working, by Ojulari

    Why govt’s refineries are not working, by Ojulari

    The Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, yesterday said operations of the government-owned refineries had to be stopped after it was glaring that continuing to operate the facilities was destroying value and draining public resources.

    The NNPC boss, while speaking at a fireside chat at the Nigeria International Energy Summit (NIES), said after an internal review by the NNPC, it discovered that continuing to run the refineries amounted to monumental losses, low utilisation rates and the absence of a credible path to profitability, despite huge financial commitments sunk into them; hence the decision to shut down the refineries temporarily.

    “There’s no way in NNPC, with the structure we are in, we can run it positively. We don’t have the capacity right now. We need to bring in additional capacity to complement what we have,” Ojulari said.

    He blamed the state of the facilities on a fundamental flaw in the operational model which placed excessive focus on financing and engineering, procurement and construction (EPC), while neglecting long-term operational excellence.

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    “To make a refinery work, you need three things: financing, a competent EPC contractor, and world-class operational capacity. Unfortunately, we focused on the first two and ignored the third,” Ojulari explained.

    He explained that financiers and EPC contractors are paid and exit, while the refinery must be operated for 20 to 50 years — a responsibility that NNPC was not adequately equipped to handle on its own.

    “The system was designed for everyone to take from it, not to put anything into it,” he said.

    According to him, crude oil cargoes were supplied regularly to the refineries, but utilisation hovered between 50 and 55 per cent, while operating and contractor costs continued to rise. Yet, the refined products coming out were often of lower value compared to the crude fed into the system.

    “At the end of the day, we were leaking value with no clear line in sight on how losses would turn into profits,” he said.

    The NNPC boss disclosed that it is no longer looking for contractors to run its refineries but experienced global operators with proven track records. This, he noted informed the NNPC’s Board to take a major decision to “stop the rot” by halting refinery operations and conducting a comprehensive review.

    Admitting political pressure to keep the refineries running was intense, Ojulari said the firm insisted on applying strict commercial logic.

    He disclosed that the commencement of operations by the Dangote Refinery provided critical breathing space which has allowed the NNPC to reassess its assets and pursue a more sustainable strategy.

    “Whether you love Dangote or not, thank God it is a Nigerian refinery, built in Nigeria and working in Nigeria,” he said, adding that NNPC is also a shareholder in the Dangote refinery.

    For now, investors have continued to show interest in the refineries. “They are visiting one of the refineries as we speak, one of them is a major Chinese company with one of the largest petrochemical plants in China and there are a few other companies as well. Negotiations on equity size are still ongoing; I won’t tell you more than that for now.

    “What matters to us is not just that the refinery works; but it must work sustainably. We are not selling Nigeria, but we are open to selling some equity, as much as required, to secure sustainability.

    “Our solution is to put a sustainable structure in place, one where the refinery can finance itself and run like a proper business,” he concluded.

  • Ojulari: How NNPC’s energy security role is anchoring economic stability under Tinubu

    Ojulari: How NNPC’s energy security role is anchoring economic stability under Tinubu

    By Solomon Nnamdi

    In an economy where oil and gas revenues still play an outsized role in fiscal planning and foreign exchange earnings, the concept of energy security extends far beyond pipelines and production platforms. For Nigeria, energy security is inseparable from economic stability. Eight months into his tenure as Group Chief Executive Officer of NNPC Limited, Bayo Ojulari has increasingly framed the company’s mission in these broader terms—positioning NNPC not only as an energy producer, but as a custodian of national revenue flows.

    This framing has influenced how NNPC approaches diversification, profitability and operational discipline. Under Ojulari, energy security has become both a strategic objective and a risk-management tool, designed to protect earnings while Nigeria navigates a volatile global environment.

    From barrels to balance sheets

    Historically, discussions about energy security in Nigeria focused on production volumes—how many barrels were pumped or exported. Under Ojulari’s leadership, the conversation has evolved to include reliability, predictability and revenue integrity.

    This shift reflects the lessons of recent years, when high global oil prices failed to translate into fiscal relief due to theft, operational disruptions and inefficiencies. By the time Ojulari assumed office, measures to address these gaps were already underway. His role has been to consolidate them and embed revenue protection into

    NNPC’s commercial strategy

    The result has been a more direct link between operational outcomes and financial performance, reinforcing NNPC’s accountability as a commercial entity.

    Securing the value chain

    Revenue protection under Ojulari extends across the entire value chain—from production and evacuation to sales and remittance. The restoration of near-100 per cent availability on major crude pipelines has been central to this effort, ensuring that produced barrels are reliably delivered to export terminals.

    But Ojulari’s approach goes further. By strengthening internal controls, improving reporting discipline and aligning subsidiaries around clear performance metrics, NNPC has reduced leakage not only in physical terms, but also in financial processes.

    Monthly financial disclosures, sustained under Ojulari’s leadership, play a critical role in this framework. They provide early warning signals for underperformance and enable timely corrective action—an essential capability in a revenue-dependent economy.

    Energy security as investor assurance

    For investors, energy security is synonymous with certainty. Projects require confidence that production will not be disrupted, contracts will be honoured and revenues will be realised.

    Under Ojulari, NNPC has worked to reinforce this confidence through a combination of operational stability and transparent communication. By maintaining consistent engagement with Joint Venture and Production Sharing Contract partners, the company has signalled that Nigeria is serious about protecting investments.

    This assurance has tangible benefits. Improved security conditions and clearer governance have encouraged renewed capital inflows into upstream and midstream projects, supporting production growth and diversification.

    Diversification as risk mitigation

    Ojulari’s emphasis on diversification is closely tied to revenue protection. By expanding NNPC’s portfolio into gas infrastructure, downstream services and regional energy projects, the company reduces its exposure to any single revenue stream.

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    Gas, in particular, offers longer-term contracts and domestic utilisation opportunities that can stabilise earnings. Downstream infrastructure services provide fee-based income less sensitive to commodity price swings. Regional projects create new markets and geopolitical leverage.

    Together, these elements form a diversified revenue base that strengthens energy security in financial terms.

    Supporting national fiscal planning

    NNPC’s improved revenue performance has had direct implications for national fiscal planning. With stronger remittances and clearer reporting, government authorities can plan budgets with greater confidence.

    Between January and April 2025 alone, NNPC remitted trillions of naira to the federation, reflecting both improved production reliability and enhanced revenue capture. For an economy facing multiple pressures, this predictability is invaluable.

    Ojulari has consistently emphasised collaboration with fiscal authorities, recognising that NNPC’s performance is intertwined with broader economic management.

    Foreign exchange stability

    Energy security also underpins Nigeria’s foreign exchange position. Reliable crude exports and gas revenues support forex inflows, helping to stabilise the currency and finance imports.

    By consolidating gains against theft and operational disruptions, Ojulari’s leadership has contributed indirectly to forex stability. While global factors continue to influence currency dynamics, the physical delivery of energy exports remains a critical variable.

    In this context, revenue protection is not an abstract corporate goal, but a macroeconomic necessity.

    Balancing commercial and national roles

    As a commercial entity wholly owned by the Federal Government, NNPC occupies a unique space. It must balance profit maximisation with national responsibilities—a tension Ojulari has navigated through clarity of roles.

    By framing energy security as aligned with commercial success, he has reduced this tension. Protecting revenue flows benefits both NNPC’s balance sheet and the national treasury, creating a shared incentive structure.

    This alignment has helped streamline decision-making and reduce conflict between corporate and public objectives.

    Learning from the past

    Nigeria’s history offers sobering lessons about the cost of neglecting energy security. Periods of high production and prices have often been undermined by inefficiencies, leakages and governance gaps.

    Ojulari’s leadership reflects an awareness of these lessons. By focusing on consolidation rather than reinvention, he has sought to ensure that recent gains are not squandered.

    A platform for long-term resilience

    Energy security is not a destination, but a continuous process. Threats evolve, markets shift and infrastructure ages.

    Eight months into his tenure, Bayo Ojulari has laid the groundwork for resilience by embedding revenue protection into NNPC’s operations and diversification strategy. His approach recognises that in a complex energy landscape, stability itself is a strategic asset.

    As Nigeria looks ahead to 2026 and beyond, NNPC’s ability to safeguard revenues will remain central to economic stability. Under Ojulari, that responsibility is being approached with discipline, continuity and a clear sense of national purpose.

  • CSOs hail NNPCL boss Ojulari for transparency, accountability in audit response

    CSOs hail NNPCL boss Ojulari for transparency, accountability in audit response

    …calls on Nigerians to support President Tinubu’s vision in restoring NNPCL’s lost glory

    A coalition of civil society and accountability advocates under the umbrella of the Network for Transparency and Economic Reform (NETER) has lauded Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), for his “transparent and reform-driven leadership” in opening the company’s books to parliamentary and public scrutiny.

    The commendation follows confirmation by the Senate Committee on Public Accounts that the NNPCL has formally responded to 19 audit queries raised by the Auditor-General of the Federation, addressing discrepancies of about ₦210 trillion in its financial statements between 2017 and 2023.

    In a statement on Friday, NETER President Dr. Lukas Yusuf described the move as “a refreshing departure from a culture of opacity that had long defined Nigeria’s oil sector.”

    “For once, Nigerians are witnessing an era where their national oil company no longer hides from scrutiny. The fact that the management of NNPCL, under Bayo Ojulari, took the initiative to respond comprehensively to all 19 audit queries shows a willingness to submit to institutional accountability. This is how confidence in public institutions is built,” Yusuf stated.

    He added that Ojulari’s conduct since assuming leadership has marked a “clear break from the past,” aligning with President Bola Ahmed Tinubu’s broader vision of transparency, fiscal discipline, and reform within state-owned enterprises.

    “The reforms happening under Ojulari’s watch are in direct sync with President Tinubu’s call for the restoration of integrity in public corporations. When a company like NNPCL opens its financial records to legislative scrutiny, it sends a powerful message that accountability is no longer negotiable,” Yusuf added.

    The group urged Nigerians and the media to give the process time to run its full course, noting that the Senate Committee had already confirmed receipt of the company’s responses and was preparing to scrutinise the documents in detail.

    “We commend the chairman of the Senate Public Accounts Committee, Senator Aliyu Wadada, for maintaining professionalism in handling such a complex process, It is important that this exercise is completed transparently and that the public is fully briefed when the committee presents its findings,” Yusuf advised.

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    He also noted that this is the first time in the NNPCL history that it is publicly engaging with an audit exercise of such scale and depth since its transition to a limited liability company under the Petroleum Industry Act (PIA).

    “Before now, NNPC’s books were a mystery to everyone. For a long time, Nigerians only heard figures without ever seeing the process behind them. Today, we are seeing a new phase where financial and operational data are being shared, audit questions are being answered, and accountability mechanisms are being tested in real time. That is historic,” he added.

    Yusuf further called on citizens, civil society, and industry stakeholders to support the ongoing reforms rather than politicise them, saying the process represents a national effort to rebuild public trust in the management of oil revenues.

    “Transparency does not thrive in isolation. The same citizens demanding accountability must also encourage it when they see genuine effort. We urge Nigerians to see this as a collective win for governance, for democracy, and for the economy,” he noted.

    The Network for Transparency and Economic Reform also reaffirmed its commitment to tracking the implementation of NNPCL’s responses to the audit queries once the Senate completes its review, saying it would issue an independent assessment of the process later this year.

    “Our mission is to ensure that this new wave of accountability in the petroleum sector endures. The transparency we are beginning to see in NNPCL should become the new standard for all public institutions in Nigeria,” the statement added.

  • Ojulari: Reforming Nigeria energy future

    Ojulari: Reforming Nigeria energy future

    Sir: When Bayo Ojulari assumed leadership of the Nigerian National Petroleum Company Limited (NNPCL) in April, he inherited more than a corporation. He stepped into a storm defined by falling oil production, chronic revenue leakages, dwindling investor confidence, and the mounting global pressures of energy transition and geopolitical competition. Six months later, the story of NNPC and Nigeria’s energy sector has begun to change.

    Ojulari’s leadership has been marked by an insistence on transparency, fiscal discipline, and operational accountability. Unlike previous reform attempts that often remained trapped in rhetoric, his approach has been anchored on execution and measurable outcomes. This shift fits squarely within President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes energy independence, foreign investment, domestic refining, and Nigeria’s long-term net-zero ambitions. Reform, in Ojulari’s hands, is no longer an aspiration, it is a working reality.

    Daily oil production rebounded from 1.485 million barrels in April to 1.71 million in July, crossing the 1.8 million barrel mark for the first time since late 2024. In the same period, NNPC generated N20.9 trillion while halting costly refinery losses that had drained up to N500 million monthly. Operational efficiency has improved, with 100 percent pipeline availability, natural gas production climbing to 7.72 billion cubic feet per day, and major projects like the AKK and OB3 pipelines now nearing completion. Security reforms have also delivered dramatic results, with coordinated efforts nearly eliminating pipeline theft. Perhaps most notably, Ojulari introduced monthly financial reporting for the first time, signalling unprecedented transparency to investors, regulators, and the Nigerian public.

    These gains are not just domestic achievements. By surpassing Angola and Libya in production, Nigeria has reclaimed its position as Africa’s largest oil producer, restoring both its credibility and its leverage in OPEC+ negotiations. In a volatile global energy market where reliability is everything, Nigeria is once again being seen as a dependable player, a factor that has begun to restore investor confidence and strengthen its geopolitical standing.

    Yet Ojulari’s strategy is not confined to oil alone. He has placed sustainability and transition at the heart of NNPC’s future. Gas is being positioned as a critical bridge fuel, powering local industries, reducing emissions, and boosting LNG exports. At the same time, the company is advancing renewable energy pilots, reducing gas flaring, and exploring carbon-capture initiatives; all of which signal a shift toward greener operations. These efforts align NNPC with global environmental, social, and governance standards, positioning it to meet the expectations

    Technology is another pillar of the transformation. Under Ojulari, the company has deployed AI-driven analytics to optimize production and minimize downtime, blockchain platforms to ensure revenue and supply chain traceability, and automation to enhance safety and efficiency. These moves bring NNPC closer to the practices of global energy giants like Saudi Aramco, ADNOC, and Petrobras, underscoring its ambition to compete at the highest levels.

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    The reforms are also resonating beyond corporate boardrooms. Inside NNPC, employees are experiencing a new merit-driven culture that rewards performance. Across the wider economy, Nigerian small and medium enterprises are finding expanded opportunities in the energy supply chain. In host communities, improved security and reduced oil theft are strengthening peace and trust. And nationally, stronger revenues are bolstering the budget and foreign reserves at a time when fiscal stability is sorely needed.

    Ojulari is quick to acknowledge that the journey has only just begun. Scaling production to two million barrels per day by 2027 will require unwavering discipline, relentless efficiency, and an estimated $60 billion in new investment. Completing critical gas infrastructure remains central to unlocking regional integration and expanding Nigeria’s role in global gas markets. The competition will not stand still either, as Angola and Libya push to reclaim lost ground. But

    Ojulari’s vision is clear: NNPC must set a new benchmark for African energy companies and emerge as a global player of repute.

    The first six months of his leadership have already marked a decisive break from the past. Production recovery, record revenues, operational discipline, and world-class transparency demonstrate that Nigeria’s energy sector is capable of reform and resilience when leadership is committed to delivery. The challenge now is to institutionalize these gains and ensure that momentum is not lost.

    For Nigeria, the choice is stark: to entrench excellence as the new standard, or risk sliding back into inefficiency and missed opportunity.

    The opportunity is global. Above all, the momentum must not be lost.

    •Abiodun A Oleolo, London, United Kingdom.

  • Ojulari: NNPCL lost $500m monthly to refineries operation

    Ojulari: NNPCL lost $500m monthly to refineries operation

    • ‘Oil giant will adopt private partnership to ensure sustainable profitability’

    The country lost between $300 million and $500million monthly while the Port Harcourt Refinery was operating, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari said yesterday.

    He said: “When I resumed, one of the first priorities I focused on was the refinery. I did a quick review to see if we could quickly fix it. What I found is that we were losing between $300 million to $500 million on a monthly basis in the refinery. We were pumping about 50,000 barrels of crude to go into the refinery. What was coming out was less than 40 per cent equivalent of what was coming in.”

    Ojulari said this when he met with the leadership of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in his office at Abuja.

    The Port Harcourt Refinery, after years of being in comatose, started working in November, 2024 when former GCEO Mele Kyari announced the reopening to a wide applause by Nigerians, but the operation was halted in May, barely one month after Ojulari’s resumption.

    Ojulari, who assumed office on April 2, the same day Kyari was relieved of the job, said he halted the operation of the refinery to prevent further losses and work towards a sustainable arrangement.

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    Ojulari explained: “The first thing we said was rather than continue to lose, let’s quickly stop and look for a way to put this refinery into a sustainably profitable venture.”

    He said the NNPCL was working to revive the moribund refineries to operate at full capacity by adopting the Nigeria Liquefied Natural Gas (NLNG) model (Public, Private, Partnership), which PENGASSAN advocated during the meeting.

    The NNPCL chief said talks were on to find a viable solution to the refining crisis, ensuring the refineries become a sustainably profitable venture.

    He said the national oil company had concluded a technical review for the three refineries, pointing out that the long term neglect and lack of maintenance were major reasons behind the huge losses recorded monthly, despite the huge investments to make them work

    The NNPCL chief explained that a lot of money has been spent on these refineries, but admitted that it’s been challenging to translate those funds into profitability.

     He likened the situation of the refineries to parking an old car for some time without any greasing and oiling. He added that the Port Harcourt refinery has been difficult to put back because of years of neglect and it’s been difficult: when you fix one thing, the other thing is still there.

    Turning to PENGASSAN, Ojulari said: “The solution you are proposing (the NLNG model) is what we are working on. We’ve completed technical review of the three refineries, but it’s not just about technical. It’s also about commercial viability, it has to make money. Maybe not a lot, but it should not be making a loss.

     “We’ve completed the commercial review for the Port Harcourt refinery and from that commercial review, we have come to the conclusion that the best way forward is to get a true professional refinery company to join us and co-operate with us.

     “We’ve been having meetings with potential parties, but we need to find the pathway that will work. We’ve also realised that it was not in the best interest of Nigeria, not in the best interest of NNPCL, that we will continue to put money into a place where we do not have the full ability to fully operationalise. So, when we bring in partners, we can work with them.”

     Ojulari appealed to Nigerians, contractors, traders and beneficiaries to be patient with the shutdown of the refineries.

     In the course of the briefing, the NNPCL chief said his team was facing attacks, but said he will not be deterred. “We are under attack. We will not budge to short-term pressure, as it will not be in the best interest of Nigerians. You cannot drive change without a price, and the transformation is tough,” he said, adding that patience will be required from Nigerians to get to the other side of change, which will benefit the citizens.

    He restated his commitment to stay focused in driving the mandate given to the team by President Bola Ahmed Tinubu.

      “Tinubu did not put pressure on me to go and do the wrong thing. The baseline was to go and ensure that whatever we’re doing, going forward, sustainably works. There’s no need for us to pretend, there was no negative political pressure for NNPCL to just continue to run at a loss, so we decided to freeze on it, and we’ve been working astutely fine.

     “My commitment is that when this refinery is reworking, everybody will be back to work but for now, we all need to co-operate and work together to ensure that whatever we put in place is sustainable.”

     Ojulari declared that he is not a politician, saying that he will have to learn a bit more about politics. “I’m not hiding from anybody. I’m not a politician. I will have to learn a bit more about politics, but for me, it is a development plan, and I’m ready to learn.”

    The NNPCL chief raised concerns about threats to his life, and some members of the company’s management, saying his major “offence” was the reforms he introduced in the oil and gas sector in line with President Tinubu’s directive to revive the country’s ailing refineries. He said some powerful interests were plotting to unseat him, but insisted that he remained focused on ensuring the success of the refinery rehabilitation plan.

    Osifo said the pipelines have been working optimally since Ojulari became the GCEO, leading to an increase in production.

    He commended the management of NNPCL for moving beyond addressing the welfare of members.

     While seeking answers to the reasons behind the shutdown of the refineries, Osifo noted that PENGASSAN was committed to supporting the NNPCL to stabilise the system, which has been bedevilled with so many challenges, including non-producing fields, to boost production to 2.6 million barrels per day next year.

     The PENGASSAN president, who is also president of the Trade Union Congress (TUC), said: “Managing institutions as this and trying to bring about change, we know that there are always ups and downs, which is expected in life. But at PENGASSAN, we assure you that we are solidly behind you, that we will work with you, we will collaborate with you and your team to ensure the stability of the system, because for us, when the system is not stabilised, it has a way of trickling down to our members.

     “We will work with you to ensure that the system is stabilised and to ensure that NNPCL continuously remains vibrant, the way it has been, and even to take it a notch higher, because today we are doing approximately 1.8 million barrels of crude.

     “We believe that with a lot of capacities and experience that will be brought in, we’ll be able to bring about an improvement in our production”.

     The tale surrounding the new development with the nation’s refineries, as painted by Ojulari, runs counter to that of his predecessor, Mele Kyari, who described the reopening of the Port Harcourt Refinery Company in Novembe,r 2024, as a monumental achievement for Nigeria, which signified a new era of energy independence and economic growth for the country.

    In a statement, Kyari had said: “The Nigerian National Petroleum Company Limited (NNPCL) has fulfilled its pledge of re-streaming the Port Harcourt Refining Company (PHRC), signalling the commencement of crude oil processing from the plant and delivery of petroleum products into the market.”

     Ojulari’s briefing yesterday is coming barely nine months after the Port Harcourt Refinery was adjudged fit for production by Kyari.

  • IInternational syndicates behind threats to energy infrastructure – Ojulari

    IInternational syndicates behind threats to energy infrastructure – Ojulari

    The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, stated that 

    sophisticated international syndicates are behind threats to Nigeria’s energy infrastructure.

    He said the syndicates exploit gaps in the national, regional and continental security architecture to conduct illicit operations.

    Ojulari said this on Monday when he spoke at at the opening of the maiden African Chiefs of Defence Staff Summit, in Abuja.

    The NNPCL Chief Executive Officer stressed that threats to energy infrastructure were not confined to local actors. 

    According to him, oil theft and its attendant illegal activities are by no means purely localised.

    “They involved sophisticated international syndicates that exploit gaps in the national, regional and continental security architecture to conduct illicit operations,” Ojulari said. 

    He called for greater regional and continental cooperation, noting that energy security must be treated as a shared strategic priority.

    “It is therefore imperative that forums such as this summit are encouraged, with a view to strengthen strategic, tactical and operational collaboration within the continent.

    “Together we can safeguard Africa’s resources, reinforce peace, and create an enabling environment for prosperity for our people,” he added.

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    Ojulari said that the NNPCL was attaining close to 100 per cent crude oil production capacity following strengthened collaboration with security and intelligence agencies.

    He said the turnaround was a product of deliberate and sustained partnership between the oil and gas industry and the Nigerian defence and security institutions.

    Ojulari said: “Not too long ago, our crude oil receipts through pipelines and terminals had dropped dangerously low, sometimes to as little as 20 to 30 per cent.

    “That was a period when pipeline vandalism, crude theft, illegal refineries and sabotage became rampant.

    “Today, I can proudly report to you all that our production and receipts are now attaining close to 100 per cent.

    “Thanks to the professionalism, discipline and collaborative spirit of our security and intelligence agencies, particularly in stabilising the Niger Delta.”

    The NNPCL boss explained that the company had directly witnessed the impact of military operations, intelligence-driven interventions and joint patrols in securing critical energy infrastructure.

    “These successes would not have been possible without the immense and intentional efforts of our government, the armed forces and our intelligence community.

    “Their sacrifices have created the enabling environment for oil and gas operations to thrive once again,” he said.

    Ojulari reaffirmed NNPCL’s commitment to supporting the military and intelligence agencies, stressing that the oil and gas sector in Nigeria would continue to complement continental defence initiatives.

    “At NNPC Limited, we hold this partnership in the highest regard. We stand ready to complement and cooperate with defence and security institutions, not just for Nigeria’s sake, but for Africa’s collective growth and stability,” he said. 

  • NNPC Under Bayo Ojulari: Leading Reforms, Boosting Output, and Attracting Investment

    NNPC Under Bayo Ojulari: Leading Reforms, Boosting Output, and Attracting Investment

    A wave of transformation is sweeping through Nigeria’s oil and gas industry under the leadership of Engr. Bayo Ojulari, the newly appointed Group Chief Executive Officer (GCEO) of NNPC Limited. Since taking the helm in April 2025, Ojulari has overseen sweeping reforms aimed at restoring transparency, boosting oil production, and repositioning the national oil company for global competitiveness.

    Ojulari, a seasoned engineer with over 34 years of experience—most notably with Shell, where he attained the enviable height of Managing Director—brings deep technical and strategic acumen to his role. His tenure marks a decisive shift in the management of Nigeria’s most vital economic resource.

    Reforms Deliver Measurable Results

    Within his first 100 days, Ojulari launched initiatives targeting some of the sector’s most persistent challenges. He improved collaboration with upstream partners and enhanced security measures along pipelines, which played a key role in raising daily crude oil output from 1.2 million barrels to 1.8 million barrels by August 2025.

    He brought transparency to the fore. For the first time in three years, NNPC resumed publishing its monthly financial and operational reports. These efforts have coincided with early successes in reviving domestic refineries in Warri and Port Harcourt, which have contributed to a more stable fuel supply and eased pressure at the pumps.

    “We are committed to instilling a culture of accountability and commercial discipline,” Ojulari stated during a recent stakeholder briefing. “The reforms we’re implementing are already producing real results.”

    Investment Drive Gains Momentum

    A key objective of the new leadership is to make Nigeria’s energy sector more attractive to international capital. NNPC has set targets of securing $30 billion in new investment by 2027 and $60 billion by 2030. Final Investment Decisions (FIDs) are expected later this year for major projects, including:
    – Ntokon Offshore Development (OML 102)
    – OML 29 Production Expansion
    – Gas Projects in OMLs 30/42
    – Brass Methanol & Fertilizer Project

    These investments are expected to create jobs, increase revenue, and help lift oil production to 2 million barrels per day by 2027—and 3 million by 2030. Gas output is also set to climb to 8–10 billion cubic feet per day, supporting industrial growth and domestic power supply.

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    Internal Reforms Face Resistance

    Ojulari’s bold reform agenda, which includes full implementation of the Petroleum Industry Act (PIA), has encountered pushback from entrenched interests. Efforts to restructure legacy contracts and tighten financial oversight have prompted misinformation campaigns, including recent false claims of his resignation.

    The Presidency swiftly debunked such reports, and industry groups like HOSTCOM have voiced strong support for Ojulari, noting that “corruption is fighting back” against efforts to instill transparency.

    Despite the resistance, Ojulari remains undeterred. “Real transformation is never easy,” he said. “But we are determined to build a stronger, more accountable NNPC—one that operates in the national interest.”

    A Professional Team with a Clear Vision

    Supporting Ojulari is a restructured executive team with deep expertise:
    – Adedapo Segun, Chief Financial Officer, has introduced global best practices in fiscal management and laid the groundwork for a potential public listing of NNPC.
    – Isiyaku Abdullahi, EVP (Downstream), has turned around key subsidiaries and driven financial transparency.
    – Udobong Ntia, EVP (Upstream), brings decades of international project management experience with ExxonMobil.

    The board now includes respected figures such as Babs Omotowa and Austin Avuru, helping ensure strong corporate governance.

    Together, the team is modernizing NNPC—cutting bureaucratic delays, raising operational standards, and pivoting toward future-focused investments, including natural gas and cleaner energy solutions.

    President Tinubu’ s Masterstroke

    The appointment of Bayo Ojulari by President Tinubu is a masterstroke. This is the mark of a leader with a keen eye for track record, competence, and performance in recruiting persons capable of driving the Renewed Hope Agenda of the government. This is a bold statement that it is no longer business as usual in NNPC.

    Appointing a tested and proven oil expert from outside the NNPC must surely come with massive pushback from entrenched interests who have feasted on the NNPC behemoth for years. It is not an easy call to upturn fiefdoms that have thrived for years in that corporation.

    And as expected, they are fighting back in so many ways, especially by planting false and malicious materials in the public space aimed at impugning the reputation of Ojulari with the hope of instigating an early leadership change.

    It is heart-warming that these plots and conspiracies have failed woefully. The detractors did not reckon with the fact that President Tinubu is a tenacious man with a mind of his own. Given the President’s experience in the public sphere, he understands the lengths entrenched interests can go in trying to destroy the reputation of anyone they feel is an impediment to  their selfish objectives.

    It is encouraging that the presidency has come out to debunk the widespread rumor of Ojulari’s resignation. The upswell of contrived falsehood has since fallen flat, and this experience will certainly act as a major boost for the NNPC GCEO to continue on his path of reforms, restructuring, and repositioning of NNPC into an enterprise that one day can play at the same level as Aramco, Petrobas, etc.

    It is to President Tinubu’s credit that these reforms are allowed to run their full course to the benefit of Nigerians and the coming generations.

    Turning Point for Nigeria’s Energy Sector

    NNPC’s transformation under Ojulari comes at a time when Nigeria’s economic future hinges on getting its energy sector right. With increased oil output, revived refineries, and a clear investment strategy, the company is regaining the confidence of investors and the public alike.

    President Tinubu’s ambitious targets—including ending fuel imports and leveraging gas for industrial growth—are increasingly within reach. While challenges remain, NNPC’s new leadership appears ready and capable of meeting them head-on.

    As Ojulari concluded in a recent address: “We are not just managing a company—we are building a legacy. The reforms we implement today will shape the future of Nigeria’s energy security and economic resilience.”

  • Bayo Ojulari, the gold standard in our oil and gas industry, is the right choice for Nigeria’s energy future

    Bayo Ojulari, the gold standard in our oil and gas industry, is the right choice for Nigeria’s energy future

    • By Dr. Danladi Usman Dangana

    As an energy expert and public affairs analyst with over a decade of immersion in Africa’s oil and gas sector, I have witnessed the ebb and flow of leadership in national oil companies across the continent. Few figures, however, embody the pinnacle of expertise, integrity, and visionary stewardship as profoundly as Bashir Bayo Ojulari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL). 

    In an era where the global energy landscape is fraught with volatility, from geopolitical tensions disrupting supply chains to the inexorable shift toward sustainable energy, Ojulari stands as the gold standard in the exploration and management of oil economies. His appointment by President Bola Ahmed Tinubu in April 2025 marks not just a change in leadership but a strategic masterstroke that positions Nigeria to reclaim its stature as a formidable player in the global hydrocarbons arena. 

    Ojulari’s transition from the private sector, where he was a towering figure in multinational oil giants and indigenous energy firms, to public service exemplifies a rare breed of patriotism. In the cutthroat world of international energy conglomerates, Ojulari had carved out a legacy of success, amassing wealth, influence, and respect on a global scale. Yet, he chose to heed the call of national duty, stepping into the helm of NNPCL, an institution long plagued by inefficiencies, corruption scandals, and operational bottlenecks. 

    This decision underscores a profound sense of responsibility toward Nigeria’s economic sovereignty. The nation is indeed privileged to have a leader of Ojulari’s caliber: a man whose qualifications are unimpeachable, whose experience spans continents, and whose reputation in the oil industry commands universal respect. 

    In a sector where technical prowess must marry strategic acumen, Ojulari represents the archetype of excellence, drawing from a reservoir of knowledge that few can rival.

    Reworking the narrative of his illustrious career reveals a trajectory marked by relentless innovation and transformative impact. A seasoned engineer whose professional odyssey spans more than three decades, Ojulari assumed the role of GCEO at NNPCL with a depth of expertise that promises to redefine Nigeria’s petroleum landscape. 

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    Graduating from Ahmadu Bello University with a Bachelor of Engineering in Mechanical Engineering, he commenced his journey at Elf Petroleum Nigeria as a Fields & Process Engineer, laying the foundational stones of his mastery in upstream operations. His subsequent 24-year tenure at Shell propelled him through leadership positions across Nigeria, Europe, and the Middle East, where he honed skills in petroleum process engineering, strategic planning, and field development, experiences that have equipped him to navigate the complexities of global energy markets with unparalleled finesse.   

    With over 34 years in the global oil and gas industry, Ojulari emerges as a business leader par excellence, his portfolio encompassing the management of petroleum asset acquisitions and divestments, exploration, field development, production management, strategic planning, economics, investment evaluation, and commercial negotiations. 

    A pinnacle of his career was his stewardship as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) from 2015 to 2021. In this capacity, he oversaw deep-water assets boasting a production capacity of 320,000 barrels per day and an annual operating budget exceeding $1 billion. 

    Under his guidance, SNEPCo achieved extraordinary feats: a 20 per cent surge in production, a 30 per cent slash in operational costs, and a 40 per cent reduction in capital project expenditures. His prowess in negotiating intricate commercial agreements was pivotal in securing new production-sharing contracts and resolving disputes for Oil Mining Lease OML-118, paving the way for growth initiatives valued at $6–8 billion. 

    Further burnishing his credentials, Ojulari’s engagements with entities such as ND Western Limited, Trewan Energy Limited, and Renaissance Africa Energy Company have cemented his status as a strategic thinker and adept problem-solver. At Renaissance, as Executive Vice President and Chief Operating Officer, he spearheaded a consortium’s $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC), demonstrating his acumen in high-stakes deals that bolster indigenous participation in the sector.   

    If President Tinubu’s mission was akin to finding a needle in a haystack, seeking a leader capable of overhauling a behemoth like NNPCL amid fiscal pressures and energy transition imperatives, he unequivocally hit a home run with Ojulari’s appointment. This choice reflects Tinubu’s commitment to competence, a principle that has defined his administration’s approach to governance.

    Since assuming office in April 2025, Ojulari has wasted no time in imprinting his vision on NNPCL, ushering in a suite of achievements and reforms that augur well for the company’s future. 

    In his first 100 days alone, he has fortified collaborations with upstream partners, catalysed growth in oil and gas production, and advanced critical infrastructure projects like the successful Ajaokuta–Kaduna–Kano (AKK) gas pipeline’s River Niger Crossing, a milestone that enhances Nigeria’s gas transportation capacity and supports industrialisation.   

    Strategic reviews of refinery operations have led to a notable reduction in petrol prices to N910 per litre in Abuja, alleviating consumer burdens amid economic headwinds.  Moreover, Ojulari has reaffirmed NNPCL’s commitment to retaining and rehabilitating key assets like the Port Harcourt Refinery, ruling out privatisation and emphasising operational efficiency over short-term divestments.    

    His reform agenda is multifaceted and intellectually rigorous, drawing on economic theories of resource optimisation and institutional economics to address entrenched inefficiencies. Key initiatives include resuming monthly financial and operational reports after a nearly three-year hiatus, championing transparency and accountability in line with global best practices such as those espoused by the Extractive Industries Transparency Initiative (EITI).  

    Ojulari is aggressively pursuing investment inflows, targeting $30 billion by 2027 and $60 billion by 2030, while aiming to elevate oil production beyond 2 million barrels per day (mbpd) by 2027 and 3 mbpd by 2030.  Gas production is slated to reach 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030, unlocking potential in power generation, petrochemicals, and exports. 

    These reforms are underpinned by robust revenue assurance mechanisms, clean energy transitions, and job creation strategies that could generate millions of direct and indirect employment opportunities.    

    Under his stewardship, NNPCL is poised to evolve into a world-class, profit-oriented entity, contributing substantially to Nigeria’s GDP growth and energy security.

    Yet, amid these promising developments, I must express profound disappointment with reports I encountered online regarding high-ranking management officers allegedly attempting to sabotage Ojulari’s plans and efforts.       

    These accounts depict a coordinated campaign of misinformation and internal resistance aimed at derailing the GCEO’s reform agenda, ostensibly driven by vested interests resistant to change. Such actions are not only counterproductive but antithetical to the principles of corporate governance and national interest.

    I unequivocally condemn these attempts by forces within the management spearheading this onslaught against the GCEO and the company at large. NNPCL, as Nigeria’s flagship energy institution, requires collaboration among staff at all levels. From junior engineers to executive suites, it fulfils its organisational goals and objectives. 

    Internal discord undermines collective efficacy, eroding trust and efficiency in a sector where precision and unity are paramount. As the adage goes, nobody wins when the family feuds; infighting only perpetuates the very inefficiencies that have historically hampered NNPCL’s performance. Instead, all stakeholders must align to deliver on President Tinubu’s mandate and meet the expectations of the Nigerian people, who yearn for tangible reforms in the oil sector, lower fuel prices, increased production, and equitable revenue distribution.

    The energy currently squandered in combating a leader who has exceptionally positioned NNPCL for greatness should be redirected toward bolstering his initiatives. Ojulari’s reforms, ranging from transparency enhancements to ambitious production targets, are intellectually grounded in sustainable development models, such as those integrating environmental, social, and governance (ESG) criteria with economic imperatives. 

    Distractions from forces intent on derailing his agenda risk stalling progress at a critical juncture when global investors scrutinise Nigeria’s commitment to reform. For instance, the push for clean energy and gas infrastructure not only mitigates climate risks but also diversifies revenue streams, reducing vulnerability to oil price fluctuations. 

    Allowing sabotage to prevail would perpetuate a vicious cycle of underperformance, depriving Nigeria of the economic multipliers these reforms promise: enhanced fiscal revenues, technological transfers, and socio-economic upliftment.

    These reforms must not be derailed; distractions could exacerbate Nigeria’s energy poverty, hindering the transition to a low-carbon economy while forfeiting opportunities in emerging markets like liquefied natural gas (LNG) exports.

    I therefore call upon President Bola Ahmed Tinubu to intervene decisively, calling those distracting the GCEO to order. The world recognises Tinubu’s emphasis on competence as the cornerstone of his appointments, a philosophy vividly illustrated in selecting Ojulari. Decision rooted in meritocracy over patronage. By quelling internal dissent, the President can safeguard the integrity of his administration’s energy policy.

    In conclusion, if the overarching goal is to realise President Tinubu’s Renewed Hope Agenda for the oil and gas industry, encompassing prosperity, energy security, and sustainable development, then everyone at NNPCL must close ranks. 

    Internal sabotage, bickering, and senseless media wars against the GCEO serve no purpose but self-defeat. United under Ojulari’s visionary leadership, NNPCL can transcend its past challenges, emerging as a catalyst for Nigeria’s renaissance in the global energy order. The time for cooperation is now; the nation’s future depends on it.

    • Dr. Danladi Usman Dangana is an Energy Economist, Poet, Writer and Analyst
  • Ojulari gets 10 days to answer Senate panel’s query

    Ojulari gets 10 days to answer Senate panel’s query

    • Senators threaten oil chief with arrest

    The Senate Public Accounts Committee (SPAC) yesterday gave the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, a 10-day ultimatum to answer its query on what it called gaping discrepancies in the company’s handling of trillions of naira in public funds contained in its audit reports.

    The SPAC had, at its last session with the management of NNPCL, demanded answers to 11 critical audit queries stemming from discrepancies in its financial records amid growing public concern.

    The threat came during a heated committee session yesterday, following a formal request by the NNPCL to defer its appearance by two months, citing the ongoing absence of its top management team, said to be away on a retreat.

    But senators were unimpressed by the non-appearance of the NNPCL management, describing the excuse as unacceptable.

    Addressing reporters over the development, SPAC Chairman Ahmed Wadada said the oil giant’s request was “unacceptable”.

    The committee chairman noted that the enquiry was not about fresh documentation but responses to 11 questions the panel had raised at its previous hearing.

    “For a corporate body like NNPCL to ask for two months to respond to queries that emanated from their books is unacceptable,” he said. “This committee is giving NNPC 10 working days from today— till July 10, 2025— to appear and provide answers.”

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    Failure to comply, the committee warned, would amount to contempt of the Senate and may trigger the invocation of constitutional powers to compel attendance and enforce accountability.

    In a letter dated June 24, NNPCL requested the postponement, citing the need to “collate requested information and documentation” and the absence of board and senior management members.

    But the lawmakers said the delay was a possible sign of unpreparedness or avoidance.

    A member of the SPAC and Senate Deputy Chief Whip Onyekachi Nwebonyi, who expressed disappointment over the development, said: “This two-month delay request suggests to me that there are no answers. But in fairness, we are granting them 10 working days. On July 10, the GCEO must appear in person. No excuses.”

    Also present at the session were representatives from the EFCC, ICPC, NFIU, and DSS, all of whom the committee said would remain part of the ongoing probe to ensure transparency, integrity, and thoroughness.