The Nigerian National Petroleum Company Limited (NNPCL) has achieved significant milestones under the leadership of Bashir Bayo Ojulari, who was recently honored as the 2026 Leadership Newspapers CEO of the Year (Public Sector). This recognition comes as NNPCL records stronger financial performance, attracts fresh investment, and advances critical oil and gas projects. The company's reform efforts aim to make it more efficient, transparent, and commercially competitive.
NNPCL's financial performance has been impressive, with a revenue of N19.04 trillion and a profit after tax of N2.28 trillion in the first six months of 2026. The company also remitted N7.913 trillion in statutory payments to the Federation Account between January and July, including N1.627 trillion in July alone. These figures demonstrate the positive impact of the reform conversation at NNPCL.
Ojulari assumed leadership of NNPCL during a challenging period for Nigeria's petroleum industry, marked by production challenges, infrastructure deficiencies, and investor uncertainty. With his extensive experience in the oil and gas industry, including his years at Shell, he was well-equipped to lead the company's transformation. Ojulari's efforts have focused on moving NNPCL from a national oil company to a more disciplined, competitive, and commercially minded energy enterprise.
A key aspect of NNPCL's transformation under Ojulari has been a renewed emphasis on commercial discipline. The company has strengthened performance reporting, restored regular remittances to the Federation Account, and expanded its engagement with investors and the market. NNPCL has also maintained compliance with its joint venture cash call obligations and reinstated practices that enhance transparency and accountability.
The upstream sector has also seen significant reforms, with Ojulari outlining a three-pronged strategy to protect existing production, accelerate projects capable of delivering additional barrels, and restructure the company's portfolio to attract new investors. The company has also prioritized asset integrity, with a greater emphasis on maintenance, efficiency, and getting the maximum value from existing infrastructure. Additionally, NNPCL has unlocked over $24 billion in fresh investments from two projects, with another $10 billion currently in the pipeline.
The Petroleum Industry Act has provided a foundation for the emerging investment climate, with improved regulatory clarity helping to address bottlenecks that previously slowed projects and complicated investment decisions. The company's reform agenda also recognizes the importance of natural gas and gas infrastructure, with progress on projects such as the Obiafu-Obrikom-Oben and Ajaokuta-Kaduna-Kano pipelines. Furthermore, NNPCL is leveraging technology, including digitalization and artificial intelligence, to improve exploration, reduce downtime, and increase efficiency.
The recognition of Ojulari extends beyond the Leadership Newspapers award, with him being conferred with the Fellowship of the Energy Institute in the United Kingdom earlier in 2026. The company's substantial savings through contract restructuring and optimization, alongside increases in crude and gas production, demonstrate the positive impact of its reforms. NNPCL's exploration and production arm has recorded significantly higher output, while improvements in crude recovery at export terminals point to greater operational efficiency.
Key points
- NNPCL has recorded a revenue of N19.04 trillion and a profit after tax of N2.28 trillion in the first six months of 2026.
- The company has unlocked over $24 billion in fresh investments from two projects, with another $10 billion currently in the pipeline.
- Ojulari was recently honored as the 2026 Leadership Newspapers CEO of the Year (Public Sector) amid NNPCL's impressive financial performance and reforms.
