NEWS
Ojulari Drives Nigeria’s Crude Oil Output to 5-Year High
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.
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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.
The Securities and Exchange Commission (SEC) has explained why it directed capital market operators to immediately refund funds collected from investors in connection with a purported Initial Public Offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE.
In a public notice issued on Tuesday, the Commission revealed that it had observed the circulation of advertisements, flyers, digital banners, and electronic messages across social media and investment platforms inviting members of the public to invest in the refinery through an alleged IPO.
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According to the SEC, the purported offer has not received regulatory approval, as the Commission has neither received nor approved any application from Dangote Petroleum Refinery & Petrochemicals FZE for a public offering.
The regulator expressed concern that some registered capital market operators were actively promoting the unapproved offer and soliciting subscriptions from prospective investors.
Explaining the reason for its directive, the SEC stated that the campaign was misleading and amounted to market manipulation capable of creating false expectations among investors and undermining confidence in Nigeria’s capital market.
The Commission noted that invitations encouraging members of the public to open accounts, pre-fund investments, or reserve guaranteed share allocations for the alleged IPO violate provisions of the Investments and Securities Act as well as existing market regulations.
As a result, the SEC ordered all registered operators, including stockbrokers and promoters of digital investment platforms, to immediately cease all advertising and promotional activities relating to the purported offer.
The Commission further directed operators to remove all related promotional materials from their websites, social media pages, and other communication channels within 24 hours.
In addition, firms were instructed to stop accepting deposits, investment commitments, account registrations, or expressions of interest linked to the alleged public offering.
To protect investors from potential losses, the SEC ordered any operator that had already collected funds in connection with the purported IPO to refund such monies within 24 hours.
The regulator warned that any operator that fails to comply with the directive risks facing sanctions under the Investments and Securities Act 2025 and the SEC Rules and Regulations.
The Commission also advised Nigerians to rely only on information released through approved regulatory channels and to ignore unofficial promotional campaigns or investment solicitations concerning the refinery.
SEC added that if Dangote Petroleum Refinery & Petrochemicals FZE eventually decides to proceed with a public offering and secures regulatory approval, an authorised prospectus will be published in line with the law.
The directive comes amid reports that the Dangote Group is considering listing a 10 per cent stake in its $20 billion refinery through a Pan-African IPO expected in 2026.
Dangote Petroleum Refinery has strongly dismissed allegations that its petroleum products are exported to Lomé, Togo, and later re-imported into Nigeria, describing the claims as a “tissue of lies” and lacking both factual and commercial basis.
In a statement released by its management on June 23, 2026, the refinery said the allegations were not supported by available trade flows or commercial logic, insisting that reports suggesting its products are routed through Togo before returning to Nigeria are false.
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The company stated that although it typically avoids responding to what it described as baseless and unsubstantiated claims, it was compelled to address the issue to set the record straight and preserve the facts for posterity.
“As a matter of policy, we do not respond to baseless and unsubstantiated claims, given our current determination and focus in ensuring energy security in Nigeria and Africa as a whole. However, we have decided to clear the air on these ill-motivated web of falsehoods for posterity,” the statement read.
Dangote Refinery said one of its primary objectives is to maintain and strengthen its position as a leading supplier of refined petroleum products in Nigeria, noting that facilitating imports that directly compete with its own products would contradict its business goals.
According to the company, its sales contracts and tender agreements expressly prohibit buyers from reselling or re-importing products into Nigeria.
The refinery further argued that the economics of such a trade arrangement make no sense.
It explained that transporting petroleum products from the refinery to Lomé and subsequently back into Nigeria would cost between $82 and $90 per metric tonne, significantly reducing profitability and making such transactions commercially unattractive.
It added that it does not provide export discounts large enough to offset those logistics costs or create any viable arbitrage opportunity between export and domestic markets.
“Simply put, there is no evident commercial incentive for a producer to incur additional shipping, storage, financing and handling costs only for the product to return and compete in its largest and closest market,” the company said.
Dangote Refinery also highlighted its strict product traceability and compliance measures, revealing that it maintains detailed records of all product sales, including lifting locations, nominated vessels, counterparties and destination declarations where applicable.
The company maintained that any suggestion it knowingly facilitates the re-importation of its products is inconsistent with its contractual restrictions and established compliance procedures.
Reaffirming its commitment to Nigeria’s energy independence, the refinery said it has consistently advocated for reducing the country’s dependence on imported petroleum products, warning that increased imports undermine local refining efforts, place pressure on foreign exchange reserves and weaken domestic industrial development.
“It would therefore be inconsistent with both the refinery’s commercial interests and its publicly stated position to support or encourage practices that increase imports into Nigeria,” the statement added.
The refinery concluded that there is neither a strategic rationale nor a commercial incentive for it to export products to neighbouring countries for subsequent re-importation into Nigeria, stressing that the allegations are not supported by the economics of the trade, contractual arrangements, product traceability records or its long-standing commitment to strengthening domestic refining capacity.
France has confirmed its first-ever case of Ebola virus disease, triggering concern across Europe as health authorities move swiftly to contain the deadly infection.
The French Health Ministry announced on Wednesday that a doctor returning from the Democratic Republic of Congo (DRC), which is currently battling a major Ebola outbreak, tested positive for the virus after arriving in France.
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According to officials, the patient was immediately isolated upon arrival, even before laboratory tests confirmed the diagnosis, helping to reduce the risk of transmission.
In a statement, the ministry confirmed the identification of “a first positive case of Ebola virus disease on national territory,” marking the first time the virus has been detected in France.
The development also represents the first confirmed Ebola case recorded outside Africa during the current outbreak, which has affected both the Democratic Republic of Congo and Uganda.
French authorities disclosed that the case was detected in mainland France, while Prime Minister Sebastien Lecornu is closely monitoring the situation as health agencies intensify surveillance and response measures.
The current outbreak in the DRC was officially declared on May 15 following a series of unexplained deaths in the eastern Ituri Province.
The outbreak involves the Bundibugyo strain of the Ebola virus, for which there is currently no approved vaccine or specific treatment.
Despite growing concerns, public health experts have stressed that the risk of widespread global transmission remains low because Ebola is less contagious than many airborne infectious diseases.
The virus spreads through direct contact with infected bodily fluids and contaminated materials.
Ebola is a severe and often fatal haemorrhagic fever that can cause symptoms including high fever, weakness, muscle pain, vomiting, diarrhoea, and in severe cases, internal and external bleeding.
French health authorities have assured the public that all necessary precautions are being taken to contain the case and prevent any further spread of the disease.
The announcement has nevertheless sparked anxiety across Europe, given the deadly nature of the virus and its emergence outside the African continent during the ongoing outbreak.
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