The Nigerian National Petroleum Company Limited (NNPC Ltd.) is at a critical juncture, navigating ambitious reform agendas while simultaneously facing scrutiny over its operational decisions. The Nigeria Extractive Industries Transparency Initiative (NEITI), through its Executive Secretary/CEO, Dr. Orji Ogbonnaya Orji, has expressed strong confidence in the leadership of NNPC Ltd. under its Group Chief Executive Officer, Engr. Bashir Bayo Ojulari. During a courtesy visit to the NNPC Towers in Abuja, Dr. Orji lauded Ojulari’s appointment as a “defining moment” for Nigeria's extractive sector, emphasizing its potential for renewed investor confidence and expanded indigenous participation. NEITI urged NNPC Ltd. to serve as a beacon of transparency, accountability, efficiency, and civic engagement to restore public trust and safeguard what it termed “Nigeria’s greatest national asset.”

In response, Engr. Ojulari reiterated NNPC Ltd.'s unwavering commitment to upholding NEITI principles and global Extractive Industries Transparency Initiative (EITI) standards. He pledged full collaboration, indicating that NNPC Ltd. is actively undertaking internal transformations to deepen transparency in its operational reporting and performance reviews. Notably, the company has reinstated the publication of monthly financial and operational reports and is strengthening internal reporting structures for greater accountability. Ojulari also assured NEITI of the company's readiness to provide comprehensive and timely data for the 2024 and 2025 audits, leveraging technology for efficiency.

Central to NNPC Ltd.'s strategic vision are the directives from President Bola Tinubu, aiming to significantly boost Nigeria's oil and gas production and expand refining capacity. Engr. Ojulari detailed these ambitious targets, which include growing oil production to 3 million barrels per day (bpd) by 2030, increasing gas production to a minimum of 20 billion cubic feet per day, and achieving an additional refining capacity of 500,000 bpd by the same year. To realize these goals, NNPC Ltd. estimates a requirement of at least $60 billion in fresh investments, which Ojulari stressed would only be attainable through sustained reforms, robust investor confidence, and strengthened partnerships across government agencies, operators, and accountability institutions like NEITI.

Beyond crude oil, NNPC Ltd. is positioning itself as crucial to Nigeria's overall gas development. The Ajaokuta-Kaduna-Kano (AKK) pipeline is highlighted as a major transformative project poised to significantly impact the economy. The company's gas and new business teams are actively engaging customers and off-takers to establish structures that will drive growth beyond mere pipeline infrastructure. The focus extends to enabling businesses through power generation, industrial parks, and Compressed Natural Gas (CNG) expansion initiatives. Furthermore, NNPC Ltd. is exploring the expansion of the West African Gas Pipeline (WAGP) to Morocco, alongside other gas-to-power schemes and new industrial parks, to maximize value from its gas resources.

However, NNPC Ltd.'s operational decisions have not been without controversy. The Hoscom Bulk Petroleum Retailers of Port Harcourt Refinery has leveled serious accusations against the company, alleging that it deliberately shut down the Port Harcourt refinery to favor private refineries. This claim came after GCEO Bayo Ojulari stated in August that the company was incurring monthly losses of approximately N500 million on the facility and had decided to halt its rehabilitation. Hoscom expressed deep concern, interpreting Ojulari's statement as vindication for stakeholders who suspected a bias towards private interests. The group dismissed claims of “routine maintenance” or “sustainability assessment” for the shutdown, labeling it a “deliberate tactic” to give private rivals an advantage, potentially leading to “price exploitation against Nigerians.”

Hoscom further criticized Ojulari's actions for seemingly prioritizing private refinery interests over public ones, especially given that billions of dollars, including an estimated $1.5 billion, had reportedly been spent on the refinery's revamp before its shutdown. The association underscored the vital role of state-owned refineries as a price check mechanism against private entities, arguing that their closure removes a crucial market control, allowing private refineries to dictate prices and undermining the very purpose of public facilities. The group also pointed out NNPC's reliance on a 7.2% equity stake in the Dangote Refinery, which they noted was contrary to an initially agreed 20% due to non-payment of the balance, while simultaneously shutting down its own facilities. Hoscom concluded by supporting PENGASSAN's call for the comprehensive rehabilitation of Nigeria's four refineries and urged President Bola Tinubu to take decisive action to make them functional, thereby boosting GDP and creating jobs.

Despite the challenges and criticisms, NEITI maintains its vision for NNPC Ltd., urging its leadership to restore and sustain critical disclosures that previously earned it global recognition as a reform leader. Dr. Orji emphasized that past disclosures boosted investor confidence and improved Nigeria's global image, advocating for NNPC Ltd. to sustain its leadership in openness. He envisioned an NNPC Ltd. capable of competing “shoulder-to-shoulder” with international energy giants like Saudi Aramco, QatarEnergy, and Petronas, stressing that this requires unwavering transparency, accountability, efficiency, and civic engagement. NEITI reaffirmed that NNPC Ltd., as Nigeria’s national asset, must be managed to win citizens’ trust, consolidate investors’ confidence, and safeguard the country’s reputation, ensuring its endurance as a global energy powerhouse.