The Nigerian National Petroleum Company Limited (NNPCL), whilst celebrating the 100 days of its new administration led by Bashir Ojulari, last week, listed eight-point achievements of the nascent leadership, among which, is reinstatement of transparency, noting that monthly financial and operational reports have resumed in earnest, after the last publication in 2021.
Monthly, quarterly and yearly publishing of financial and operational reports is statutorily required by any limited liability company as part of its corporate governance obligations, and NNPCL having moved from a public corporation to a company, is to abide by the law. Incidentally, this has not been really so, for reasons that are shrouded in secrecy.
But Engr. Ojulari, in marking his 100 days in office has stated that the operations of the NNPC Ltd would no longer be ‘business as usual’, vowing to keep every record straight and transparent.
Making good his avowed displacement of the routine, the GCEO last week released the June, 2025 financial statement of the company, wherein it posted a profit after tax of N905 billion and a total remittance of N6.96 trillion to the federation account in five months.
Talking frankly about the way forward for the state-owned refineries that have been enmeshed in monumental corruption over the decades, Ojulari revealed that it is becoming a ‘bit more’ complicated to revamp state-owned refineries.
“But what we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now,” he stated.
Ojulari assumed office on 2 April 2025 following his appointment by President Bola Tinubu to replace former GCEO, Mele Kyari, as part of a sweeping overhaul of the company’s board and executive team.
In a performance review released by the national oil company across its social media platforms last week, the administration highlighted eight point achievements, with sustainable growth focus. They include: production and partnership, repositioning for profit, innovation and operational efficiency, refinery progression, and reinstatement of transparency. Others are; AKK river Niger crossing, clean energy and staff welfare.
The post read, “We are pleased to announce a key milestone as NNPC Ltd. progresses under the leadership of the Group CEO, Engr. Bashir Bayo Ojulari.
“The report card is out, and the first 100 days of the Group CEO is a testament to steadfast commitment and forward movement.”
Under Ojulari’s leadership, NNPCL said it has strengthened collaboration with upstream partners, achieved growth in oil and gas production, and ensured 100 per cent pipeline availability, a crucial metric for securing revenue flows.
In what it termed a “repositioning for profitability,” NNPCL said it has taken a tough stance on waste, cost inefficiencies, and underperformance.
To drive operational efficiency, the company said it has opened new funding channels and pursued strategic investments in upstream and midstream infrastructure.
A key infrastructure milestone achieved under Ojulari is the completion of the AKK River Niger Crossing, a crucial segment of the Ajaokuta–Kaduna–Kano gas pipeline project.
After years of dormancy, NNPCL also announced the resumption of its monthly financial and operational reports, last consistently published in 2021.
An analysis showed that the company has remitted N6.96tn to the Federation Account within the first five months of 2025.
The Monthly Report Summary for June revealed that it posted a Profit After Tax of N905bn for June 2025, marking a decline from the N1.054tn reported in May.
Internally, the company said it is investing in its people by closing benefit gaps, improving welfare, and fostering a performance-driven culture.