NNPC: Cut Ojulari, new board members some slack - Bamidele Atoyebi

Amid increasing media reports and political noise alleging financial irregularities in the Nigerian National Petroleum Company Limited (NNPC Ltd), industry stakeholders and analysts are urging Nigerians to focus on facts rather than sensationalism.

Critics warn that newly appointed professionals leading the company are being unfairly targeted for issues dating back to previous administrations.

Bamidele Atoyebi, Convener of the BAT Ideological Group and public affairs analyst, in a strongly worded piece, cautioned against what he described as “public hysteria founded on misinformation and political undertones.”

“Headlines of NNPC being ‘indebted to the tune of ₦100 trillion’ or ‘mismanaging ₦200 trillion’ are not only sensationalist but risk undermining the efforts of a newly constituted board that hasn't spent up to four months in office,” Atoyebi said.

Calls to Hold the Right People Accountable

The new board of NNPC was inaugurated in April 2025, with Bayo Ojulari, a veteran energy engineer, appointed as Group Chief Executive Officer.

Atoyebi emphasised that any investigation into alleged financial misconduct should focus on former board members who oversaw the company during the relevant period.

“If there are credible claims of mismanagement, then the right approach is to invite former board members, especially Mele Kyari and Chief Pius Akinyelure,” he wrote.

He criticised the Senate and other political actors for failing to present evidence-based reports.

“Why is the Senate not backing its claims with a transparent financial review instead of throwing figures into the public space without substantiation?” he asked, suggesting the attacks could be part of a broader effort to resist reform.

New Leadership Raising Transparency Standards

Supporters say Ojulari and his board have already taken bold steps to instill transparency in the notoriously opaque national oil company.

In a historic first, NNPC, under Ojulari, published its operational and financial data for April 2025, reporting revenues of ₦5.89 trillion and a profit after tax of ₦748 billion.

“Ojulari is not just leading — he’s setting a new bar for what technocratic leadership should look like in Nigeria’s public enterprises,” Atoyebi said, adding that the move underscores a break from the past.

Ojulari, formerly of Shell Nigeria Exploration and Renaissance Africa Energy, is credited with implementing reforms that boosted production and cut operational costs in his previous roles.

As MD of Shell’s Bonga asset, he increased output by 20% and slashed costs by over 30%, earning the platform the title “Asset of the Year.”

Board Members Bring Global Experience, Integrity

Observers note that the composition of the new board reflects a technocratic, rather than a political, shift in managing the oil and gas sector. The board includes:

Ahmadu Musa Kida, Chairman, with over 30 years in upstream operations and former Deputy MD of TotalEnergies.

Babs Omotowa, ex-CEO of Nigeria LNG, who generated over $40 billion in revenue and returned $22 billion to the federal purse.

Engr. Yusuf Usman, a former Chief Operating Officer at NNPC known for leading critical infrastructure projects and introducing procurement reforms that saved billions.

Usman is also noted for his unblemished record, having served under controversial oil ministers without ever being summoned by anti-graft agencies, a testament to what Atoyebi described as “unassailable integrity.”

“These board members represent a coalition of excellence — visionaries in gas commercialisation, corporate finance, and policy reform,” he said.

A Reform Agenda With Measurable Targets

The new board is already driving a reform agenda in alignment with President Tinubu’s energy goals.

These include plans to increase crude oil production to 2 million barrels per day by 2027 and 3 million by 2030.

The board also aims to attract $60 billion in investment over the next five years, restore Nigeria’s refining capacity, and expand the country's domestic gas infrastructure.

“This is the first time in Nigeria’s oil history that a team of seasoned professionals, not political appointees, has been given the reins of NNPC. That in itself is a step in the right direction,” Atoyebi asserted.

He urged political leaders to support, not sabotage, their efforts: “The Senate and other political actors must rise above opportunistic politics. A true national interest conversation would focus on reform metrics and transparent financial reviews.”

In concluding his message, Atoyebi called on Nigerians to “cut Ojulari, Yusuf Usman, and the entire new NNPC board some slack and let them work.”

“The president knows their worth. The industry knows it. The Nigerian people should come to know it, too,” he wrote, warning that misdirected scrutiny could derail a rare opportunity for genuine reform in the country’s most critical sector.