Business
For The Record: “I Will Build an “NNPC that’ll be the Pride of Nigerians”- Ojulari
Ojulari said that the NNPC Ltd. under his stewardship aims to attract sectoral investments worth $30 billion by 2027 and $60 billion by 2030; raise crude oil production to over 2 million barrels per day, sustained through 2027, and attain 3 million by 2030.
The new Group Chief Executive Officer of the NNPC Ltd., Mr. Bashir Bayo Ojulari, has pledged to build an NNPCL that will be the pride of all Nigerians.
“We recognize that our greatest asset is our people. Our success will be powered by empowered employees. As such, we are fully committed to creating a workplace where everyone is valued, motivated, and inspired to thrive. Together, we will build a high-performing, globally competitive NNPC Ltd that is proudly Nigerian and proudly world-class,” Ojulari said during a meeting with the staff of the Company, with a vow to pursue the company’s bold ambitions and build an NNPC that will be the pride of all Nigerians.
In a Town Hall meeting held at the NNPC Towers in Abuja, on Thursday, Ojulari said it was a huge honour and responsibility to lead the NNPC Ltd.
He describes the Company as an entity that means a lot to Nigeria and its future.
“We stand at the gateway of a new era—one that demands courage, professionalism, and a relentless drive for excellence.
The task before us is great, yet the opportunity to redefine Nigeria’s energy future is even greater. Now is the time to turn our transformation promise into performance,” Ojulari told thousands of the Company’s staff.
Ojulari said that the NNPC Ltd. under his stewardship aims to attract sectoral investments worth $30 billion by 2027 and $60 billion by 2030; raise crude oil production to over 2 million barrels per day, sustained through 2027, and attain 3 million by 2030; expand refining output to 200kbpd by 2027, and 500kbpd by 2030; grow gas production to 10bcf per day by 2027, and 12bcf by 2030 and deepen energy access and affordability for all Nigerians.
To achieve these targets, the company will be focusing on reconfiguring its business structure for agility and value creation, conducting independent value assessments to inform data-driven decisions, enforcing a robust performance management framework, building transparent, value-aligned partnerships with all stakeholders, and, most critically, taking control of its narrative.
While explaining the criticality of pursuing the Company’s bold ambitions, the Group CEO said the targets are not just metrics, but indicators of hope, jobs, industrial growth, and energy security for millions of Nigerians.
Describing NNPC Ltd. as a renewed, forward-facing, and future-ready organisation that is proudly leading Nigeria’s energy transformation, Ojulari said “it’s time we tell our story—one of innovation, reform, and national pride.”
He charged staff to be proud of NNPC Ltd.’s recent transformation, stressing that the next journey to becoming a fully-fledged limited liability company will require the collective drive towards making NNPC more transparent, profitable, and accountable.
The Group CEO pledged to give all employees the space to be able to outperform competitors.
“We will provide the best combination where the experienced and the young will both thrive towards achieving our set targets,” he assured.
He said his Management will deepen collaboration with the Company’s in-house and national unions to build a stronger, trust-based relationship that reflects shared purpose and mutual respect.
He also called on all staff to lead with integrity and act with urgency while bringing their very best to the table.
Business
President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.
The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:
” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.
Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.
President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.
The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.
At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.
With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.
Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Tinubu will be accompanied on the trip by some of his ministers and senior aides.
He will return to Nigeria at the end of the Rwanda summit. “
Business
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.
The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.
In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.
It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
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