The leadership of Bayo Ojulari, as the Group Chief Executive Officer at the Nigerian National Petroleum Company Limited (NNPC Ltd) has resulted in a mega increase in crude oil production to 1.71 million barrels per day, the highest level recorded in five years.

This was detailed in its one-year performance report under Ojulari, made public at the official X handle of the GCEO on Sunday.

He described the report as a demonstration of accountability and measurable progress across the oil giant’s operations.

Providing a breakdown of achievements between April 2025 and April 2026, the company said its upstream subsidiary, NNPC Exploration and Production Limited, also recorded a milestone, reaching an all-time peak production of 365,000 barrels per day in December 2025.

It read, “Oil Production: Increased crude oil production to 1.71 million bpd (highest in five years). NEPL achieved an all-time peak production of 365,000 bpd in December 2025.

ALSO READ: Dangote Leads East Africa’s Industrial Revolution

PPLS 2000, 2001 PSC: Executed a model PSC for PPL 2000 & 2001 successfully. The first PSC to include comprehensive terms designed to facilitate the development of deepwater non-associated gas resources.”

The report further highlighted the execution of a new Production Sharing Contract model for oil blocks PPL 2000 and 2001, noting that the framework includes comprehensive terms to unlock deepwater non-associated gas resources, an area long considered underdeveloped in Nigeria’s energy mix.

It also disclosed that it supported the resolution of the long-standing dispute surrounding the former OPL 245 (Zabazaba/Etan) asset, which has now been converted into new Production Sharing Contracts covering PMLS 102 and 103, as well as PPLs 2011 and 2012.

In the gas segment, the company reported major infrastructure milestones, including the completion of the River Niger crossing of the Ajaokuta-Kaduna-Kano pipeline in July 2025, alongside the welding of the entire pipeline network.

It also confirmed the commissioning of the Assa North-Ohaji South processing plant and its connection to the Obiafu-Obrikom-Oben pipeline, a critical link in Nigeria’s domestic gas supply chain.

According to the report, gas supply rose to 7.5 billion standard cubic feet per day in 2025, supported by multiple commercial agreements. These include a Network Exit Agreement between NGIC and Dangote Fertiliser Limited, as well as supply deals involving NGML, Dangote Cement, and the Dangote Refinery.

The company added that it launched a Gas Master Plan in January 2026 and signed additional supply agreements, including one with CNG Ibese, while continuing optimisation work on the Soku gas pipeline infrastructure.

On refining, NNPC Ltd said it had introduced an Incorporated Joint Venture model aimed at repositioning its refineries to operate as commercially viable and self-financing entities.

It also confirmed the consolidation of its 7.25 percent equity stake in the Dangote Refinery, describing the move as critical to safeguarding national energy interests.

The company reiterated its continued crude oil supply to the refinery under the “crude-for-naira” initiative, a policy designed to reduce foreign exchange pressure and stabilise domestic fuel supply.

“Sustained support for Dangote Refinery through crude oil supply under the ‘crude-for-naira’ programme,” it added.

The NNPC Ltd said it strengthened its international footprint through strategic shipping partnerships with global firms, including Stena Bulk and Sonangol, while also launching a new crude grade, Cawthorne. It added that its Oleum lubricant brand had been expanded into the West African subregion.

In terms of project development, the company disclosed that it secured presidential approval for incentives aimed at unlocking the Final Investment Decision on the Bonga South West Aparo project under the OML 118 Production Sharing Contract.

Additionally, it signed a tripartite Memorandum of Understanding with China Gas Holding Limited and Peiyang Chemical Singapore PTE Ltd to accelerate gas commercialisation.

A major highlight of the report is the resumption of full monthly remittances to the Federation Account Allocation Committee since July 2025.

The NNPC Ltd added that it had also reintroduced monthly performance reporting and held its first-ever earnings call in November 2025, moves seen as part of efforts to improve transparency and investor confidence.

“Transparency: Reinstated monthly performance reporting. Held NNPC Limited’s first earnings call in November 2025. FAAC Remittances: Resumed full monthly payment into the Federation Account and continued consistent payment since July 2025.”

On human capital development, the company said it onboarded 1,000 new employees, dubbed “The Tigers,” and launched a new performance management system to drive efficiency and accountability. It also inaugurated the Women in NNPC programme to enhance gender inclusion and leadership opportunities.

The firm noted that it had embarked on a major internal restructuring under its “Fit4Future” initiative, aimed at transforming it into a globally competitive, profit-driven energy company.

Commenting on the report, Ojulari said the company’s performance reflects deliberate efforts to reposition NNPC Ltd as a transparent and results-driven organisation.

He stated, “Over the past year, we have delivered steady progress against our mandate, with measurable results across production, financial performance, infrastructure, and organisational culture.

“But this is more than a report on targets met. It is a statement of accountability to every Nigerian. At NNPC Limited, we are committed to leading with purpose, putting our best foot forward to build a more prosperous and sustainable energy future for our country.”

The NNPC Ltd transitioned into a fully commercial entity under the Petroleum Industry Act, with expectations to operate profitably while maintaining transparency and contributing to national revenue.

However, the company has faced scrutiny in recent years over oil theft, declining production, and delays in remittances to the Federation Account.

The latest report signals a strategic shift, particularly with the recovery in production levels, renewed focus on gas as a transition fuel, and reforms in refinery operations.

The sustained implementation of the “crude-for-naira” policy and deeper collaboration with private sector players such as the Dangote Group are also seen as critical to stabilising Nigeria’s downstream sector and reducing dependence on fuel imports.

Ojulari was appointed on April 2, 2025, following the dissolution of the NNPC board and the removal of his predecessor, Mele Kyari, in what the presidency described as a strategic overhaul aimed at repositioning the national oil company.

The decision was part of a broader effort to improve operational efficiency, boost crude oil production, and restore investor confidence in the sector.

Ojulari, a seasoned petroleum engineer, brought decades of industry experience into the role, having previously served as Managing Director of Shell Nigeria Exploration and Production Company and later as Chief Operating Officer at Renaissance Africa Energy.

Osun State Governor, Ademola Adeleke has justified the activation of the Osun State Security Trust Fund on the ground of growing insecurity and public sector funding challenges facing all levels of government.

To show commitment of the state government, Gov Adeleke announced a contribution of three hundred million naira (N300m) to the trust fund.

On his part, billionaire philanthropist and brother of the state governor, Dr. Deji Adeleke donated five hundred million naira (N500m) while several businesses contributed various amounts.

The governor also used the occasion to announce the imminent sharing of refurbished Armoured Personnel Carriers and new patrol vehicles, declaring that “the administration is determined to maintain Osun’s record as one of the most peaceful states in the country”.

Launching the security trust fund at Osogbo, the governor decried the abandonment of the trust fund initiative by the Oyetola administration, describing the implementation of the trust fund as ‘long overdue’.

According to the governor, several states in Nigeria have established security trust funds. Osun started the process but this was abandoned under the immediate past administration of Mr Gboyega Oyetola.

“Our government decided to revive the initiative by updating the law and organising the launching today. A security trust fund is a matter of necessity considering the security climate in Nigeria and Osun state.

“We all know Nigeria faces security challenges. Yet, available public financing resources are limited. Governments at all levels then initiate public-private partnership to bridge the funding gap.

“It is neither a political project nor a self-serving policy. This is a necessary policy to secure our people. Only an irresponsible government will abandon the PPP arrangement that is working so well in Lagos, Kaduna, River states among others. Ours is a responsible leadership with people-oriented innovations, policies and programmes.

ALSO READ: Dangote Refinery Showcases Power of Domestic Value Addition – Prof Ike‑Muonso

“This Fund is designed to provide sustainable funding for modern security infrastructure. Through this Fund, we will establish a modern Situation Room with real time CCTV surveillance. We will continue the provision of operational tools required by our security agencies.

The governor appreciated all individuals, corporate organisations and stakeholders that have been contacted. “We appreciate your positive disposition. Today, I am inviting, for partnership, the private sector, financial institutions, development partners, professional bodies and all sons and daughters of Osun State.

“As a trust fund regulated by law, I assure you of strict accountability, transparency and due process in the management of the trust fund”, the governor said.

Secretary to the State Government who also doubled as the deputy chairman of the trust fund, Hon Teslim Igbalaye congratulated the governor for activating the Fund after its enabling law was passed as far back as 2012 while several special guests pleaded support for the initiative.

Public Policy analysts, government officials and other stakeholders have in Lagos hailed the strategic foresight and industrial courage of the President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, describing the Dangote Petroleum Refinery as a transformative national asset deserving of collective appreciation by Nigerians.

This position was strongly articulated at the 2026 Bullion Lecture, powered by the Centre for Financial Journalism, where the Director‑General of the Raw Materials Research and Development Council (RMRDC), Prof Nnanyelugo Ike‑Muonso, declared that Nigerians owe Aliko Dangote a profound debt of gratitude for investing in the world‑class refinery.

Delivering the keynote lecture themed “From Resources to Prosperity: How Raw Materials Development, Value Addition and Innovation Can Catalyse Nigeria’s Industrial Renaissance,” Professor Ike‑Muonso said the refinery represents a decisive break from Nigeria’s long‑standing dependence on crude oil exports with minimal domestic value addition.

According to the RMRDC Chief, Nigeria had historically exported crude oil only to re‑import refined petroleum products such as Premium Motor Spirit (PMS), with little economic benefit beyond crude sales.

“That narrative has now changed. Instead of exporting crude and importing PMS alone, the Dangote Petroleum Refinery processes crude locally to produce PMS, diesel, dual purpose kerosene (DPK), and valuable by‑products for petrochemicals such as polypropylene. This represents complete domestic value addition.”

Prof Ike‑Muonso described the refinery as Nigeria’s most concrete example yet of how strategic industrial investment can unlock the full value of the country’s natural resources.

Against the backdrop of ongoing instability in the Middle East and its implications for global energy supply and price volatility, the RMRDC boss said the Dangote Petroleum Refinery has emerged as a stabilising force and an African‑led solution to global energy challenges.

“With the far‑reaching consequences of the Middle East crisis on global energy markets, the Dangote Petroleum Refinery stands today as a monumental demonstration of strategic foresight, industrial courage and African self‑reliance,” he said.

“Nigeria should, in fact, be praying for Aliko Dangote at this time.”

Prof Ike‑Muonso also presented comparative data on raw‑material value addition across countries, including the United States, India, Brazil, South Africa and Kenya, revealing that Nigeria records the lowest percentage of value addition.

He disclosed that the country loses an estimated $29 billion annually due to the export of raw materials without processing partly due to the energy deficit.

“Rather than exporting raw materials, Nigeria should be exporting processed raw materials and finished products,” he argued.

Identifying obstacles to achieving full value addition, the RMRDC Director‑General highlighted key structural challenges such as: Private infrastructure tax, resulting from companies’ reliance on self‑generated power; Logistics gaps, noting that only about 30 percent of Nigeria’s road network is paved; and Capability gaps within the industrial ecosystem.

He stressed that sustained industrialisation remains Nigeria’s most viable pathway to broad‑based economic prosperity, citing Dangote Industries’ investments as a model for the country.

Earlier in his remarks, Otunba Kelvin Dele Oye, Chairman of the Economic Research and Ethics Committee and former President of the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), also commended Dangote’s industrial contributions.

He decried what he described as an imbalance in the exploitation of Nigeria’s raw materials by foreign investors, often without meaningful value addition to the local economy.

Otunba Oye called for deliberate government policies and stricter regulatory vigilance to ensure that raw material exploitation benefits Nigerians, while enabling local investors to compete favourably with foreign players.

The event, which marked the 10th anniversary of the Bullion Lecture, also featured the unveiling and launch of a commemorative book titled “Pathways to Nigeria’s Socio‑Economic Transformation.”

The book, authored by Mr. Ray Echebiri, Chief Executive of the Centre for Financial Journalism, documents all lectures delivered since the inception of the Bullion Lecture series.

Photo Caption
From Left: GMD/CEO, Dangote Cement Plc, Arvind Pathak; Chairman, Sinoma International Engineering Co. Ltd., Yin Zhisong; Consulate General of the People’s Republic of China, Yan Yaqing; President/CE, Dangote Industries Limited, Aliko Dangote; Chairman of the Board, Sinoma International Engineering Co. Ltd., Lin Zhisong and Vice President Oil & Gas, Dangote Industries Limited, Devakumar Edwin, during the Sinoma International visit to Dangote Head Office in Lagos