President Bola Ahmed Tinubu has tasked the newly inaugurated board of the Nigerian National Petroleum Company Limited (NNPCL) with the critical responsibility of using their industry experience and expertise to drive the transformation of Nigeria’s economy. The President gave this charge during the official inauguration of the NNPCL Board on Thursday at the State House, Abuja.
In his remarks, Tinubu said the selection of the board members was a careful and deliberate process aimed at ensuring high-quality leadership for one of Nigeria’s most strategic institutions.
“When I started searching, it took a while to come up with the kind of character that you represent,” Tinubu said. “You represent the best in the industry, and I have set goals for you. You have the reputation, resourcefulness, and experience to help the country. It is a call to duty for you.”
President Tinubu praised the board’s potential and noted that his administration’s ongoing economic reforms were already gaining local and international recognition. He urged the board to explore homegrown solutions that could provide win-win results for Nigerians amid global economic volatility.
“Explore all options for a win-win situation for Nigeria. I am so proud of you and believe you will succeed,” the president said, adding that with such a capable team at the helm of NNPCL, he could now focus on other pressing national issues.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, commended President Tinubu for assembling what he described as the best oil and gas leadership team on the continent. “I got calls from the whole of Africa, including my colleagues in OPEC, saying if this team does not deliver, Nigeria may need to import people from another planet,” Lokpobiri said jokingly, but with a tone of deep expectation.
Ahmadu Kida, Chairman of the newly inaugurated NNPCL Board, thanked the president for the trust placed in them. He assured that the board would operate with integrity, courage, and professionalism. “We will uphold the highest standards of leadership and deliver on the mandate you have given us,” Kida pledged.
Bashir Ojulari, Group Chief Executive Officer of NNPCL, revealed that the team had already held several meetings with industry stakeholders to evaluate current operations and business relationships. He noted that under the board’s leadership, efforts had begun to optimise operations across various departments.
Ojulari shared that production had already increased from 1.5 million barrels per day to 1.7 million in just two months, with plans to push it up to 1.9 million barrels by the end of 2025. He also noted progress in refinery turnaround maintenance, a long-standing challenge for the Nigerian oil sector.
“We have set a direction with the mandate that you have given us,” Ojulari said. “We’ve commenced the journey with bi-weekly meetings with stakeholders. We will promise what we can deliver, and we will deliver on our promise.”
He also assured that NNPC Ltd, under the new Petroleum Industry Act (PIA), would now function as a fully commercial business entity focused on profitability and global competitiveness. According to Ojulari, the positive signals sent by Tinubu’s economic reforms are already attracting interest from foreign investors.
The new board is expected to steer NNPCL through a critical phase of transformation that aligns with Tinubu’s broader vision of an economically self-sufficient Nigeria built on transparency, private sector engagement, and strong institutional leadership
