From reform to results: Ojulari’s NNPCL reset

Barely a year after a sweeping leadership overhaul at the Nigerian National Petroleum Company Limited (NNPCL), early indicators suggest that long-promised reforms are translating into measurable operational and governance outcomes.

At the centre of this shift is Mr Bayo Ojulari, whose appointment as Group Chief Executive Officer in April 2025 marked a decisive turning point for Nigeria’s national oil company.

Notably, Ojulari’s emergence followed President Bola Tinubu’s dissolution of the NNPCL board and executive management, replacing entrenched structures with industry professionals mandated to restore credibility, transparency and commercial discipline.

“Our goal is to build a resilient, profitable and globally respected energy company that truly serves Nigeria’s national interest,” Ojulari said.

From the outset, he unveiled a reform agenda anchored on governance strengthening, operational efficiency and aggressive investment mobilisation across oil, gas and refining value chains.

Crucially, Ojulari has stressed that the reforms are practical rather than aspirational, with early outcomes already visible across management, reporting and investor engagement.

“We are instilling a culture of accountability and performance.

“The reforms are not theoretical. They are already producing tangible results,” he said.

To translate vision into action, one of his earliest steps was appointing a lean, technically grounded management team spanning upstream, downstream, gas, power, finance and corporate services.

According to Ojulari, the restructuring aligns NNPCL’s leadership framework with global energy business standards and evolving commercial realities.

“We have assembled a team with deep technical competence and a strong commercial mindset.

“Our mission is to build a company Nigerians can trust and investors can confidently partner with,” he said.

Beyond leadership changes, another major signal of the reset was reinstating monthly operational and financial performance reports, a transparency move rarely seen in the company’s history.

Analysts say the disclosures are repositioning NNPCL from a closed public institution into a commercially accountable national energy company.

“This level of disclosure sends a powerful signal to the market,” said Dr Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI).

“Transparency is critical to restoring confidence”.

In addition, governance reforms were strengthened through the creation of Chief Compliance and Chief Sustainability offices, aligning NNPCL with international accountability and environmental responsibility standards.

Perhaps most significantly, the reforms have coincided with renewed investor confidence, reflected in NNPCL’s capital mobilisation targets of $30 billion by 2027 and $60 billion by 2030.

If achieved, these investments are projected to raise crude oil production to three million barrels per day and expand refining capacity to 500,000 barrels per day.

They are also expected to scale gas production for domestic utilisation, power generation and export, supporting Nigeria’s energy transition objectives.

Industry stakeholders say the shift toward market-driven partnerships is unlocking projects long stalled by policy uncertainty and governance concerns.

“Ojulari’s focus on capital formation and commercial partnerships is exactly what NNPCL needs now,” said Mr Johnbosco Uche, President of the Nigerian Association of Petroleum Explorationists (NAPE).

“This momentum was absent for years”.

Investor confidence gained further traction in January 2026 when senior Shell executives met President Tinubu to reaffirm long-term investment commitments to Nigeria.

Shell’s Chief Executive Officer, Mr Wael Sawan, said the company and its partners were prepared to commit an additional $20 billion to Nigeria’s energy sector.

“Nigeria under your administration has emerged as a major destination for global oil and gas investments,” Sawan said.

He cited recent investments, including $5 billion in Bonga North and $2 billion in HI and gas projects linked to Nigeria LNG.

“These investments reflect Shell’s long-term commitment, anchored on Nigeria’s improving economic stability,” he added.

Industry sources say NNPCL’s clearer governance framework featured prominently in investor engagements, reinforcing Nigeria’s competitiveness in a crowded global energy market.

“Nigeria is once again competitive,” said Bala Zakka, an energy industry expert.

“The reforms at NNPCL have changed investor perceptions.”

Meanwhile, Ojulari’s reset has also renewed focus on domestic refining, with intensified efforts to rehabilitate Warri, Port Harcourt and Kaduna refineries.

Stakeholders note that improved local refining capacity is critical to energy security, job creation and reducing foreign exchange outflows.

“Reviving local refining retains value in-country and supports industrial growth,” said Mrs Rosario Osobase, Chairman of the Petroleum Contractors Trade Section (PCTS).

“It is a strategic shift.”

Nonetheless, analysts caution that structural challenges, including aging infrastructure, volatile oil markets and the global energy transition, remain significant.

“These bottlenecks will not disappear overnight,” an energy consultant said, noting Ojulari’s emphasis on disciplined and sustained execution.

Still, across the sector, consensus is growing that the reform trajectory is credible and gaining momentum.

“The vision is bold, but the leadership is capable,” Uche added.

“What we are seeing now is consistency, clarity and momentum.”

As Ojulari’s tenure unfolds, expectations remain high that transparency, efficiency and investment discipline will translate into lasting value for Nigerians.

For many industry watchers, the message is clear; NNPCL is no longer just reforming, it is beginning to deliver.