The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, says the company is prioritising organisational culture, operational stability, and realistic production targets as part of a broader effort to rebuild confidence, attract investment, and stabilise Nigeria’s oil output.
Mr Ojulari made this remark during a fireside chat at the ongoing Nigeria International Energy Summit (NIES) on Wednesday. He said the NNPC is undergoing a fundamental transformation driven by people, processes and systems, rather than headline-grabbing targets.
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“When an organisation truly wants to transform, the real drivers are the people, the processes and the systems,” he said.
“Culture eats strategy every time.”
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According to him, the emergence of a new governance structure under the Petroleum Industry Act (PIA) and the president’s push for a commercially driven national oil company have reshaped NNPC’s operating mindset, blending public interest obligations with private-sector discipline.
The Nigerian National Petroleum Corporation (NNPC) transitioned to NNPC Limited (NNPCL) following the Petroleum Industry Act (PIA) 2021. This change aimed to transform the entity into a commercially driven company that blends public-interest obligations with private-sector discipline, moving away from its previous government-run structure.
The NNPC was incorporated in September 2021, weeks after the PIA was signed into law by late ex-President Muhammadu Buhari.
The NNPC Limited was then floated with an initial capital of N200 billion, making history as the company with the highest share capital in the country.
The new entity is expected to become a commercially oriented and profit-driven national petroleum company independent of government. It will be audited annually.
Culture Change
On Wednesday, Mr Ojulari noted that NNPC is deliberately distancing itself from the legacy culture of opacity and command-style engagement, especially with partners and host communities.
“We are not coming as big men to impose decisions,” he said. “We are showing respect, integrity and performance, and that is changing how people respond to us.”
He added that increased transparency and engagement have begun to rebuild trust, both internally and externally, with staff, partners and communities showing renewed willingness to collaborate.
Addressing Nigeria’s oil production targets, the official cautioned against treating aspirational figures as guarantees, stressing that stability is more critical than headline numbers.
“Consistent production is like driving a car — it’s not about sudden acceleration, it’s about steady control,” he said.
He explained that while figures such as two million or three million barrels per day are often mentioned, NNPC is now more focused on protecting existing output and gradually increasing production based on verifiable capacity.
“There is a difference between aspiration and reality,” he said. “Every time you hear a number, relax. What matters is what we can sustain.”
Mr Ojulari identified security challenges, including vandalism and crude oil theft, as major threats to production stability, noting that purely militarised responses have proved insufficient.
“Security is not just about guns,” he said. “It’s also social.”
NNPC, he explained, is now placing stronger emphasis on host community engagement, social investment and inclusion, recognising that local buy-in is essential to protecting critical infrastructure.
“When communities feel supported and respected, they become part of the solution,” he said.
He added that improved maintenance practices and better coordination have also reduced unplanned disruptions on key production lines.
Investment Outlook
The NNPC boss acknowledged that years of underinvestment have constrained Nigeria’s production potential, making it unrealistic to expect rapid output growth without significant capital inflows.
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“To increase production, you need investment. To get investment, you need stability, security and credibility,” the executive said.
He disclosed that NNPC now tracks production performance monthly and revises projections based on real data rather than optimism, a shift he described as one of the company’s most important internal reforms.
“I was pleased when we saw that our internal numbers were aligning with reality,” he said. “Production was protected even during periods of price volatility.”
For NNPC, Mr Ojulari said the message is clear: rebuilding Nigeria’s oil sector will take discipline, patience and trust, not just bold promises.
“We are moving from wishful thinking to grounded execution,” the executive said. “That is how sustainable growth will come.”
