The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, says its collaboration with the Dangote Refinery has brought stability to the country’s product supply chain.
Ojulari, who spoke to Channels Television on the sidelines of the CERAWeek by S&P Global conference in Houston, United States, linked this to a 7.25% equity in the Dangote Refinery.
“Secondly, NNPC holds a 7.25% equity in the Dangote Refinery,” the NNPCL chief said.
“We have been collaborating closely with the Dangote Group on crude supply and improving product distribution, which has led to the stability in product availability you see in Nigeria today.”
Ojulari also spoke about efforts to complete the AKK pipeline, which he linked to the expansion of gas availability to the North.
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“Domestically, gas has already created industrial hubs in the Southeast (Aba and Umuahia) and the Southwest (Lagos, Abeokuta, and Ogun State),” he said.
“We are pushing hard to complete the AKK pipeline to expand gas availability to the North, including Kano, to drive job creation and power supply. Charity begins at home, so consolidating energy security for Nigerians is the priority.”
He said the NNPCL is on a journey, and with the Petroleum Industry Act (PIA), the company must “move into performance and culture change. As the saying goes, ‘culture eats strategy for breakfast.’”
“Our focus is transforming NNPC into a globally competitive entity like Saudi Aramco, Petronas, or Petrobras,” the NNPC Limited GCEO said.
“This isn’t just an NNPC issue; it requires the legislature, the executive, the judiciary, and the Nigerian public to understand what it means for NNPC to operate as a truly commercial, private sector-led organization.”
Last month, President Bola Tinubu signed Executive Order 9, which is targeted at safeguarding and enhancing oil and gas revenues for Nigeria.
While the move did not go down well with some stakeholders like the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Ojulari has thrown his weight behind the executive order.
According to him, the development signals improve transparency in the energy industry.
“Regarding Executive Order 9, the intent is to improve revenue transparency across the entire energy industry, not just NNPC. We fully support that intent,” he said.
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