The Centre for Reforms and Good Governance (CRGG) has stated that the reforms implemented at the Nigerian National Petroleum Company Limited (NNPCL) since Engr. Bashir Bayo Ojulari assumed office as Group Chief Executive Officer have significantly boosted public confidence in President Bola Ahmed Tinubu's administration. The civil society group, in a statement signed by its Executive Director, Maxwell Onazi, credited Ojulari's tenure, which began with his appointment on April 2, 2025, with a measurable transformation in the national oil company's operations.
Financial Turnaround Under Ojulari
The CRGG pointed to NNPCL's half-year 2026 financial results as the clearest evidence of the change. Between January and June 2026, the company reported 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-month period 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.
Production Gains and Infrastructure Progress
On the operational side, national crude oil output remained above 1.7 million barrels per day for much of 2026 and peaked at approximately 1.73 million barrels per day, marking a five-year high. NNPC Exploration and Production Limited increased 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.
Key gas infrastructure projects 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.
Impact and Call for Sustained Support
The CRGG described these figures as a clear departure from the irregular transfers and limited financial disclosure that previously characterised the company. The group 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.
