NNPCL Reforms Under Ojulari Boost Trust in Tinubu’s Government, Says CRGG
- The Centre for Reforms and Good Governance praised NNPCL chief Bashir Bayo Ojulari for what it described as a transformative turn at the national oil company
- NNPCL recorded ₦19.04 trillion in revenue and ₦2.28 trillion in profit after tax in the first half of 2026 under Ojulari's leadership
- Nigeria's crude oil production reached approximately 1.73 million barrels per day in 2026, the highest level in five years
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Abuja, FCT - A Nigerian civil society group says the reforms carried out at the Nigerian National Petroleum Company Limited (NNPCL) since Engr. Bashir Bayo Ojulari took over as Group Chief Executive Officer have meaningfully raised public confidence in President Bola Ahmed Tinubu's administration.
The Centre for Reforms and Good Governance (CRGG) made this position known in a statement signed by its Executive Director, Maxwell Onazi, crediting Ojulari's tenure since his April 2, 2025 appointment with a measurable shift in how the national oil company operates.
Source: Twitter
NNPCL's Financial Turnaround
The Centre pointed to NNPCL's half-year 2026 numbers as the clearest proof of the change. Between January and June 2026, the company posted revenue of ₦19.04 trillion and a profit after tax of ₦2.28 trillion. Statutory remittances to the Federation Account reached ₦6.286 trillion in the same six months and grew to ₦7.913 trillion by the end of July, including a single-month payment of ₦1.627 trillion in July alone.
"The 2026 half-year numbers speak louder than any rhetoric. Revenue of ₦19.04 trillion, profit after tax of ₦2.28 trillion and nearly ₦8 trillion remitted to the Federation Account in seven months show that NNPCL is now operating as a true commercial entity that delivers value to the Nigerian people," Onazi said.
The CRGG described these figures as a clear departure from the irregular transfers and limited financial disclosure that previously characterised the company.
Production Gains and Infrastructure Progress
On the operational side, national crude oil output held above 1.7 million barrels per day for much of 2026 and peaked at about 1.73 million barrels per day, a five-year high. NNPC Exploration and Production Limited pushed its own output to around 365,000 barrels per day, building on records set in late 2025. Gas production reached 7,841 million standard cubic feet per day in June 2026.
Work on key gas infrastructure also advanced significantly. The Ajaokuta-Kaduna-Kano (AKK) pipeline reached 94 per cent completion, while the Obiafu-Obrikom-Oben (OB3) pipeline hit 98 per cent. Ojulari's team also saved $3.4 billion through contract reviews and operational optimisation.
"Engr. Bayo Ojulari has shown that with disciplined leadership, commercial focus and commitment to transparency, NNPCL can be transformed from a historically loss-making entity into a profitable, investor-ready national asset," Onazi added.
The CRGG concluded that Ojulari's tenure has set a new standard for public-sector performance in Nigeria and called on stakeholders to sustain support for the ongoing reforms so the recorded gains can be built on in the years ahead.
Source: Legit.ng
