Last Thursday, the Nigerian National Petroleum Company Ltd released its monthly performance report for April, 2025. This is the first time the report will be released under the leadership of the Group Chief Executive Officer, Bayo Ojulari.
In releasing the performance report, Ojulari has sent a clear and resounding message to stakeholders that, like his predecessor, the era of opacity in Nigeria’s oil and gas industry is over.
By walking in the footsteps of the immediate past NNPC GCEO, Mele Kyari—whose tenure redefined transparency, accountability, and commercial viability within the NNPC, Ojulari has demonstrated that the company’s transformation is not tied to individuals but is now institutional and irreversible.
This transparency is not mere formality—it is foundational. It builds public trust, encourages foreign and local investment, and holds NNPC Ltd accountable to the Nigerian people whose natural resources it manages.
It also reflects the continuous culture of openness that aligns with global standards of corporate governance and aligns seamlessly with the demands of the Petroleum Industry Act.
Moreover, the report underscores NNPC’s growing role, not only as a profit-oriented commercial entity but as a nation-building institution. The combination of strategic project execution, financial performance, gas infrastructure expansion, and far-reaching social investments marks a new chapter in the company’s evolution—one where energy leadership is matched by developmental impact.
According to the report, the NNPC is to take a Final Investment Decision (FID) on four major oil and gas projects in the fourth quarter of this year.
FID is a formal decision made by the executive management or board of a company—particularly in the energy, oil & gas, or infrastructure sectors—to proceed with a major capital project.
It marks the transition from planning and evaluation to full-scale project execution.
In the report, the national oil company listed the projects where FID would be taken before the end of the year to include Ntokon Development (OML 102), Crude Oil Production Expansion Project (OML 29), Gas Development Projects (OML 30, 42) and Brass Fertilizer (Financial Close).
The Ntokon Development refers to the recently discovered oil and gas field on OML 102, located about 60 km offshore in shallow waters (approximately 40 m depth) off Nigeria’s southeast coast.
It was discovered by TotalEnergies EP Nigeria in June 2023, with NNPC Ltd holding 60 per cent interest and TotalEnergies 40 per cent.
Wood Mackenzie estimates reserves could be 300–400 MMboe, with a notional scenario of about 320 MMboe leading to first oil in 2029, yielding a healthy 24 per cent Internal Rate of Return, assuming current concession terms.
This is expected to accelerate NNPC’s growth ambitions, enhance Nigeria’s oil production profile, and add value using low-cost, low-emission development approaches favoured by the Petroleum Act (PIA) regime.
The NNPC Ltd would also be entering into collaboration with venture partners to accelerate sustainable production enhancement, which would ensure the completion of relevant presidential directives and executive orders for its upstream operations.
It also revealed the completion of Turn Around Maintenance of OML 18, OML 58, OML 118 and OML 133. The national oil company recorded the sum of N5.89tn as revenue, resulting in a profit after tax of N748bn.
In the report, the NNPCL put the crude oil and condensate production at 1.603 million barrels per day, while natural gas production was 7.473 million standard cubic feet per day.
Crude oil production was 1.67MBPD in January before dropping to 1.62MBPD and 1.56MBPD in the month of February and March this year, respectively.
Between January and March this year, the company also made statutory payments of N4.225tn and empowered 531 NYSC Corps members with solar power starter packs, igniting a new generation of clean energy entrepreneurs under the NNPC/NYSC Business Empowerment Initiative.
In the report, the NNPC stated that the AKK Gas pipeline project is about 70 per cent completed, while the OB3 pipeline project is about 95 per cent completed.
The completion of the Ajaokuta–Kaduna–Kano (AKK) gas pipeline project would enhance the transportation of gas across Nigeria, facilitating greater domestic supply and export capabilities.
According to the report, the NNPC, through its Foundation, also equipped 83 ICT trainees & 170 creative industry talents with business starter kits, driving youth innovation across Nigeria’s digital and creative economies.
The company also restored vision for 2,005 individuals through cataract surgeries in the Southeast and South-south, delivering dignity, hope, and new beginnings.
Also achieved during the period under review are the rehabilitation of three hospital wards with 100-bed capacity at National Orthopaedic Hospital, Igbobi, advancing access to quality healthcare and saving lives.
The NNPC Foundation also commissioned STEM books and science libraries in Abuja and Lagos schools, building future scientists, thinkers, and innovators from the ground up.
Over 3,860 vulnerable farmers were trained in modern, climate-smart agriculture across the Southeast and South-south, transforming rural livelihoods and food security.
Under Ojulari’s watch, NNPC is not just investing in barrels of oil—it is investing in people, sustainability, and Nigeria’s future. From rural farmers to NYSC entrepreneurs, schoolchildren to surgery patients, the impact is tangible and far-reaching. These are not just figures in a report; they are lives transformed.
As the company prepares for critical Final Investment Decisions later this year, its actions today will shape Nigeria’s energy security, industrial growth, and environmental resilience for decades to come.
Ojulari is not only continuing a legacy—he is building upon it. And with each transparent report, successful project, and human-centred initiative, NNPC Ltd has again reaffirmed its place not just as Nigeria’s energy giant, but as one of its most vital agents of progress and hope.
During the inauguration of the NNPC board by President Bola Tinubu, Ojulari had expressed optimism on the positive market response to the company’s recently appointed management and board of directors.
He emphasized that although the new leadership team has been in place for less than two months, it has already begun to inspire renewed investor confidence in the company and the wider oil and gas sector.
He said, “Already, the market has responded to say that they believe this new management team will take the industry and the country to a different level. The same applies to the new board of directors.”
Ojulari called on Nigerians to give the new board time to drive the anticipated transformation across the company and the industry.
Highlighting growing interest from both local and international partners, he revealed that the NNPC is now receiving more business proposals than in recent years.
He said, “People are coming forward, saying, ‘we think you have a new board, we think corporate governance will be improved, we think there’ll be more transparency, and we are ready to do business with you. Some of these entities have stayed away from NNPC for over five years.”
The release of the April 2025 performance report under Ojulari’s leadership is more than a routine corporate disclosure—it is a defining statement of intent. By prioritizing transparency, institutional continuity, and impact-driven initiatives, Ojulari is reinforcing a transformative agenda that reaches far beyond the oilfields.
As Nigeria stands at the threshold of a new energy era, the company’s renewed credibility and expanding partnerships suggest that the future of its oil and gas industry is not only brighter but also more inclusive, transparent, and resilient than ever before.
•Onuba wrote from Abuja.
