NNPC BOARD REAFFIRMS COMMITMENT TO TRANSPARENCY AND TRANSFORMATION AMID REFINERY AND IPO QUESTIONS 22-05-25
By Sadiq Aminu The newly inaugurated board of the Nigerian National Petroleum Company Limited, NNPC Ltd, has reiterated its commitment to transparency, accountability, and performance in steering the country’s oil and gas sector towards prosperity.
The Group Chief Executive Officer, GCEO, Mr. Bayo Ojulari, and the Chairman of the Board, Alhaji Ahmadu Kida, re-emphasised their resolve in Abuja after their inauguration by President Bola Tinubu.
The GCEO lauded the diverse composition of the board, which includes professionals from the private sector and public service, including representatives from the Ministries of Petroleum and Finance.
He said that he would ensure alignment with national goals while drawing on institutional memory and practical business experience.
“We have the opportunity to steward this God-given wealth to prosperity for Nigerians, just like Saudi Arabia and Qatar have done”, he stated.
Asked whether the under-performing refineries would be privatised and if plans for a long-anticipated Initial Public Offering (IPO) had begun, the Chairman said no specific date could be given for the IPO but confirmed that full preparations were underway to meet global standards of governance and corporate structure necessary for a successful market entry.
“We are sailing full speed ahead to make sure that NNPC delivers maximum value when we go public”, he said.
Addressing the refinery question, the Chairman confirmed that no option, including privatisation, was off the table.
He acknowledged years of public frustration with the state-owned refineries and said a detailed, honest assessment of their current condition was in progress.
“We will come back with concrete steps to ensure the refineries either add the greatest value to Nigerians or function optimally,” he pledged.
He also urged the media to avoid sensationalism and instead support the effort to rebuild public trust in the national oil company.
On the broader transformation agenda, the GCEO explained that transitioning from a public corporation to a limited liability company under the Petroleum Industry Act (PIA) was complex and would take at least two more years to fully implement.
“We’re not regulators anymore; we’re a business. Nigerians must begin to see us as a company governed under the Companies and Allied Matters Act, CAMA,” he said.
He also said inspections of two of the three major refineries had already been completed, adding that full Board reviews are scheduled in the coming weeks.
In response to concerns raised by a recent report suggesting NNPC could lose 80% of its oil and gas revenue due to over-reliance on unproductive assets, the management strongly disagreed, stressing that Nigeria’s daily oil production had already risen from 1.5 to 1.7 million barrels since the board assumed office.
“We are doing everything to increase production and attract fresh investment. Our credibility is restoring investor confidence, and we are seeing proposals from businesses that stayed away for years”, he said.
The Board re-affirmed its resolve to walk its talk and be judged by concrete outcomes, not promises.