In a pivotal address at the State House in Abuja, President Bola Tinubu urged the newly appointed board members of the Nigerian National Petroleum Company Limited (NNPCL) to intensify efforts to steer Nigeria toward economic revitalization. The President emphasized that the path to national prosperity lies in the hands of those entrusted with managing the country’s most strategic energy assets.
Speaking at the formal inauguration of the NNPCL board on Thursday, Tinubu declared that the ongoing economic reforms, initiated by his administration, are already bearing fruit both locally and globally. He called on the board to double down on those gains and pursue innovative strategies to ensure a sustainable “win-win” scenario for Nigeria.
“When I began assembling this team, I knew it had to be exceptional. Your reputation and capacity have led you here,” Tinubu told the board members. “You have my trust. Now, deliver for Nigeria.”
The President stressed the need for inward-looking solutions in light of global economic volatility and urged the board to unlock the full potential of the NNPCL. He described their appointment as a call to national service and an opportunity to redefine the energy landscape for the betterment of every Nigerian.
Minister of State for Petroleum Resources, Heineken Lokpobiri, echoed the President’s confidence. He lauded the board as the finest on the continent, noting that industry experts across Africa had praised the quality of the appointments. “If this team cannot transform the sector, we might need to import experts from another planet,” he quipped.
Ahmadu Kida, Chairman of the NNPCL Board, expressed gratitude on behalf of the appointees, pledging to uphold the values of integrity, leadership, and excellence in executing their mandate. He affirmed the board’s readiness to align with the President’s vision.
Group Chief Executive Officer, Bashir Bayo Ojulari, outlined the board’s early efforts, including strategic meetings with key industry stakeholders. According to Ojulari, the NNPCL has seen a notable increase in daily oil production from 1.5 million barrels to 1.7 million in just two months with the goal of hitting 1.9 million barrels before the year concludes.
“We’ve hit the ground running,” he said. “With bi-weekly reviews and clear direction, we are optimizing operations and addressing critical projects like refinery overhauls.”
Ojulari also highlighted the company’s ongoing transformation under the Petroleum Industry Act (PIA), which redefined NNPCL as a commercial entity in 2021. While progress has been made, he stated that a full transition into a publicly-owned business ready for an IPO will take at least two more years.
“We’re on the path,” Ojulari noted. “But it’s a long road, and one that demands collective commitment from all Nigerians.”
As Nigeria seeks to strengthen its economic foundation, the newly empowered NNPCL board has been handed both the tools and the challenge to lead that journey.
