The Nigerian National Petroleum Company Limited (NNPCL) has recorded significant financial growth, with a revenue of N19.04 trillion and a profit after tax of N2.28 trillion in the first six months of 2026. This achievement is attributed to the leadership of Bashir Bayo Ojulari, who has been driving reforms to make the organisation more efficient, transparent, and commercially competitive. The company's improved financial performance has also led to increased statutory payments to the Federation Account.
Ojulari assumed leadership of NNPCL at a challenging time 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 tackle the task ahead. His reform agenda has focused on transforming NNPCL into a more disciplined, competitive, and commercially minded energy enterprise. This has involved strengthening performance reporting, restoring regular remittances to the Federation Account, and expanding engagement with investors and the market.
A key aspect of Ojulari's reform agenda is a renewed emphasis on commercial discipline. Under his leadership, NNPCL has maintained compliance with its joint venture cash call obligations and reinstated practices that enhance transparency and accountability. The company has also prioritised asset integrity, with a greater emphasis on maintenance, efficiency, and getting the maximum value from existing infrastructure. This approach has helped to increase production and reduce costs.
The upstream sector has seen significant progress under Ojulari's leadership, with a three-pronged strategy focused on protecting existing production, accelerating projects capable of delivering additional barrels in the near term, and restructuring the company's portfolio to create opportunities for new investors. This approach has led to the unlocking of over $24 billion in fresh investments from two projects, with another $10 billion currently in the pipeline. This represents a meaningful shift in investor sentiment and demonstrates the potential for Nigeria's energy sector to attract significant investment.
The Petroleum Industry Act has provided a foundation for the emerging investment climate, offering improved regulatory clarity and addressing bottlenecks that previously slowed projects and complicated investment decisions. The Act has helped to move long-delayed Final Investment Decisions and renewed attention for previously troubled assets. To sustain this confidence, it is essential that policy stability, regulatory efficiency, and political commitment are maintained.
Ojulari's reform agenda also recognises the importance of natural gas and gas infrastructure in Nigeria's energy future. Progress on projects such as the Obiafu-Obrikom-Oben and Ajaokuta-Kaduna-Kano pipelines could strengthen domestic gas supply and support power generation, fertiliser production, manufacturing, and other industries. The company is also prioritising technology, including digitalisation, artificial intelligence, and the systematic mining of historical data, to improve exploration, reduce downtime, cut costs, and strengthen safety.
The recognition of Ojulari as the 2026 Leadership Newspapers CEO of the Year (Public Sector) is a testament to his leadership and the progress made by NNPCL under his guidance. Earlier in 2026, he was conferred with the Fellowship of the Energy Institute in the United Kingdom, an honour associated with senior leadership in the energy sector. The company's substantial savings through contract restructuring and optimisation, alongside increases in crude and gas production, demonstrate the effectiveness of Ojulari's reforms.
Key points
- NNPCL has recorded significant financial growth, with a revenue of N19.04 trillion and a profit after tax of N2.28 trillion in the first six months of 2026.
- Ojulari's reform agenda has focused on transforming NNPCL into a more disciplined, competitive, and commercially minded energy enterprise.
- The company has unlocked over $24 billion in fresh investments from two projects, with another $10 billion currently in the pipeline.
