What’s Changing at NNPC Ltd – A Personal Perspective on Engr. Bayo Ojulari’s Vision and Nigerians’ Expectations.

By Evans Uko, Oil & Gas Business Analyst | July 10, 2025

I recently watched a video highlight from the Energy Talks session at #NOG2025, where the Group CEO, Engr. Bashir Bayo Ojulari engaged in a conversation with Rolake Akinkugbe-Filani, MD/CEO of EnergyInc Advisors, on the ongoing transformation at NNPC Limited.

During the discussion, Engr. Bayo highlighted the remarkable shift in leadership structure under President Bola Ahmed Tinubu, particularly the appointment of the new board of NNPC Ltd. He emphasized that the board selection was unprecedented, bringing together highly respected individuals with strong track records—seasoned professionals from the private sector with the expertise needed to steer NNPC Ltd into its next phase of growth and innovation.

Engr. Bayo said, “What are we building on? We are building on the freedom to operate like any other private company. While we are not fully there yet, this freedom grants us access to the market.”

He outlined key priorities for NNPC Limited. First, he emphasized the goal of transforming NEPL—NNPC’s wholly operated entity into a premier exploration and production (E&P) company, aiming to become the best-run E&P company in Africa.

The second priority is achieving what he described as Non-Operator Venture Excellence. He explained that NUIMS, as it is currently known, will be repositioned into a world-class non-operating venture entity. Rather than focusing solely on contracting activities, NNPC Limited aims to rebuild its foundation on technical and commercial excellence—qualities that have consistently distinguished International Oil Companies (IOCs).

To support this, he proposed a secondment program—an exchange of personnel between IOCs, operating companies, and NNPC Limited—to facilitate mutual knowledge sharing and capacity building. He encouraged those interested in doing business with NNPC Ltd to engage in meaningful conversations centered on incremental growth.

Engr. Bayo also clarified that NNPC Ltd has fully stepped away from any regulatory role. “NNPC is no longer a regulator, and we do not want to be perceived as one. We do not want others to use us as a regulatory shield,” he stated.

He concluded by stressing the importance of strengthening collaboration and partnerships with NNPC’s operating partners.

My Take on Engr. Bayo Ojulari’s Vision for NNPC Limited

The vision presented by Engr. Bayo Ojulari for NNPC Limited is, in my view, strategically robust and holds great promise for the future of Nigeria’s oil and gas industry—provided it is executed effectively. Below are my reflections on why this vision stands out and the potential impact it could deliver:

✅ Strengths of the Vision

1. Shift to Commercial Autonomy

• "Freedom to operate like any private company" is a bold step. It moves NNPC away from the inefficiencies often tied to state-owned enterprises.
• This autonomy allows for quicker decision-making, better responsiveness to market conditions, and improved competitiveness.

2. NEPL as a Premier E&P Player

• Aspiring to become the best-run E&P company in Africa positions Nigeria to lead in oil and gas, not just by resource volume, but by operational excellence.
• This could increase production efficiency, attract investment, and restore Nigeria’s credibility in global energy markets.

3. Non-Operator Venture Excellence

• Repositioning NUIMS into a world-class venture management entity means that even in assets where NNPC is not the operator, it can still add strategic value and oversight.
• Focusing on technical and commercial excellence mimics the success factors of IOCs and can drastically improve project outcomes.

4. Knowledge Transfer via Secondment Programs

• Facilitating staff exchange between IOCs and NNPC builds local capacity and reduces reliance on expatriate expertise.
• It supports Nigeria's long-term goal of increasing indigenous technical competence and leadership.

5. Clear Delineation from Regulatory Role

• Clarifying that NNPC Ltd is not a regulator eliminates conflicts of interest and promotes a level playing field for all operators.
• It also reinforces the independence of regulatory bodies under the PIA (Petroleum Industry Act).

6. Focus on Partnership and Collaboration

• Promoting incremental growth through collaboration rather than control shows a modern mindset that values win-win partnerships, key to attracting international and local investment.

✅What Will Make or Break This Vision

• Execution: A vision is only as strong as its execution. However, its success can be threatened by bureaucratic delays, political interference, or corruption. While the newly appointed NNPC Ltd board is a step in the right direction, it’s important to recognize that the President still appoints the board and holds considerable influence over its operations. Additionally, the National Assembly retains an oversight role, which also brings political pressure. The concern is whether NNPC Ltd can maintain operational independence when political interests come into play. If key political actors expect concessions or exert undue influence, it could compromise the very transformation the company seeks to achieve.
• Talent Retention: To become a world-class E&P company, NNPC Ltd must retain and attract top talent and offer competitive compensation.
• Operational Transparency: Clear metrics and public accountability will be essential to measure whether this transformation is real or rhetorical.
• Regulatory Stability: Investors and partners need to trust that Nigeria’s regulatory environment won’t shift unpredictably.

✅Bottom Line: A Vision Worth Supporting

If this transformation succeeds, NNPC Limited could become a model for how state-owned oil companies in Africa can evolve, driving economic growth, energy security, and local content development in Nigeria. It's a forward-looking, commercially driven vision that aligns with global best practices and the intent of the Petroleum Industry Act (PIA) 2021.

✅What Nigerians Expect from the New NNPCL Board

Nigerians have high expectations for the newly appointed NNPC Limited (NNPCL) Board, especially as the company undergoes one of the most significant transitions in its history—from a state-owned corporation to a fully commercialized, profit-oriented entity under the Petroleum Industry Act (PIA) 2021. Here are the key expectations from stakeholders across the country:

1. Operational Independence & Commercial Efficiency

Nigerians expect the new board to guarantee true autonomy from political interference and operate NNPCL like a global energy company. This includes:

• Reducing bureaucratic delays
• Making commercially sound decisions
• Operating transparently and competitively in both local and international markets

2. Increased Revenue & Remittance to Government

With Nigeria facing fiscal challenges, citizens expect the board to improve:

• Profitability of NNPCL
• Timely remittance of oil revenues into the Federation Account
• Reduction of oil theft, revenue leakages, and fuel subsidy-related losses

3. Improved Oil Production & Asset Optimization

With declining oil production and underperforming fields, the public expects the board to:

• Maximize production from both NNPCL-operated and joint venture assets
• Support indigenous operators and midstream infrastructure development
• Drive the timely implementation of field development plans

4. Transparency, Accountability & Corporate Governance

Nigerians want a clean break from the past. Expectations include:

• Regular, audited financial reports
• Full disclosure of contracts, lifting agreements, and investment terms
• Elimination of backdoor deals and opaque transactions

5. Job Creation & Local Content Development

With unemployment rising, there’s strong demand for the board to:

• Support local companies across the value chain
• Build Nigerian capacity through training, secondments, and technology transfer
• Encourage sustainable job creation, especially for youth and skilled professionals

6. Strict Compliance with the PIA

Nigerians expect the board to be fully aligned with the Petroleum Industry Act, ensuring:

• Separation of regulatory roles from commercial operations
• Fair treatment of host communities
• Full implementation of Host Community Development Trusts (HCDTs)

 7. Energy Security & Transition

As Nigeria prepares for energy transition:

• The board is expected to drive investments in gas, renewables, and cleaner fuels
• Promote domestic gas utilization and power generation
• Balance fossil fuel development with sustainability goals

8. Eradication of Oil Theft & Pipeline Vandalism

Citizens expect firm action on pipeline security and oil theft, including:

• Better collaboration with security agencies
• Deployment of surveillance technology
• Holding saboteurs and collaborators accountable

In Summary:

Nigerians want the new NNPCL Board to be bold, transparent, competent, and independent. They expect a shift from rhetoric to results—measured in revenue, jobs, energy reliability, and integrity. The time for transformation is now, and the nation is watching.

#NNPCL #NOG2025 #NigeriaOilAndGas #EnergyTransition #OilAndGasTransformation #PIA2021