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
Allawee shutting down operations by December 1, warns customers must withdraw by November 30
Allawee warned that payments sent to its account numbers from December 1, 2026 will fail, while its cards will also stop working, regardless of the expiry dates printed on them.
• Allawee logo
Nigerian card-issuing fintech Allawee is shutting down its business and personal account services from December 1, 2026.
This follows its acquisition by Pay Stack.
Accordingly, customers have been given until November 30 to withdraw their funds and make alternative arrangements.
The company disclosed the decision in emails sent to customers, according to TechCabal, explaining that its technology now operates within Paystack following the latter’s acquisition of Allawee in 2025.
Allawee warned that payments sent to its account numbers from December 1, 2026 will fail, while its cards will also stop working, regardless of the expiry dates printed on them.
Customers have been advised to withdraw their balances before the deadline, provide new bank details to people or businesses that regularly pay them, and replace saved Allawee card information on subscriptions and other recurring payments.Allawee said customers would not lose their money because of the shutdown. “Your money will remain yours,” the company said.
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Business
Dangote, NMDPRA Clash Over Refinery’s Free Zone Status
The case has been adjourned until September 9, 2026, when the court is expected to hear the motion on notice.
A fresh regulatory battle between Dangote Petroleum Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has erupted into a major legal confrontation over the extent of government’s regulatory powers within Nigeria’s free zones.
A Federal High Court in Lagos yesterday restrained NMDPRA from enforcing its directive suspending the loading and truck-out of petroleum products from the Dangote Refinery, effectively stopping the regulator from taking enforcement action against the facility pending the determination of the substantive application.
Justice Akintayo Aluko, in an interim ruling, also barred NMDPRA, its officers, agents and representatives from entering, sealing, shutting down, restricting access to, obstructing, suspending, disrupting, inspecting, supervising, sanctioning or otherwise interfering with the refinery’s operations at the Lekki Free Zone.
The order followed an ex-parte application filed by Dangote Petroleum Refinery and Petrochemicals FZE in Suit No. FHC/L/CS/1174/2026.
At the heart of the dispute is NMDPRA’s August 24, 2026 directive suspending the loading and truck-out of petroleum products from the refinery.
But the case is rapidly assuming significance beyond the immediate dispute over product evacuation.
It raises a fundamental question about the jurisdiction of Nigeria’s petroleum regulator over businesses operating within designated free zones.
Who Regulates the Refinery?
Dangote is challenging NMDPRA’s action on the ground that the regulator lacks the authority to exercise regulatory or oversight powers over operations within free zones, including the Dangote Industrial Free Zone.
Justice Aluko said the documents placed before the court raised “serious issues” requiring determination, particularly whether NMDPRA possesses the regulatory or oversight powers it sought to exercise over the refinery.
The judge also referred to a March 2, 2026 letter from the Attorney-General of the Federation which, according to the court, “clearly stated” that NMDPRA was not entitled to exercise regulatory powers or oversight functions over operations within free zones.The apparent conflict between that position and NMDPRA’s August 24 directive now forms one of the central issues before the court.
Justice Aluko said the critical question was whether NMDPRA should be allowed to exercise the disputed regulatory authority while the substantive issues remained unresolved.
High Stakes for Downstream Market
The dispute comes at a sensitive time for Nigeria’s downstream petroleum industry, where the Dangote Refinery has become a major source of locally refined petroleum products.
Any regulatory action capable of restricting the refinery’s ability to load and evacuate products has potential implications for petroleum distribution and supply across the country.
For Dangote, the legal battle is also about protecting the operational autonomy and investment framework of a refinery established within a free-zone environment.
For NMDPRA, the issue goes to the core of its mandate as the statutory regulator of Nigeria’s midstream and downstream petroleum sector.
The eventual substantive ruling could therefore have consequences well beyond the two parties.
It could establish a judicial precedent on how far petroleum-sector regulators can go in supervising or enforcing their mandates against businesses operating within free zones.
The case has been adjourned until September 9, 2026, when the court is expected to hear the motion on notice.
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