Business
Setting the record straight: Meritocracy and milestones at NNPC, By Olufemi Soneye
It is important to address the concerns raised in Farooq Kperogi’s recent article, “Tinubu’s Buharisation of the NNPC”, and to clarify some of the misconceptions about the operations and leadership structure of the Nigerian National Petroleum Company (NNPC) Limited.
First, employment, promotions, appointments, and movements of business leaders at the NNPC are not influenced by ethnicity, tribe, religion, or political affiliation. Therefore, decisions within the NNPC are guided strictly by merit, business requirements, and expertise.
This approach ensures that only the most qualified and competent individuals occupy positions that are critical to the company’s success. It is significant that our company focuses on efficient and effective service delivery, which is anchored on the commitment of qualified work team.
The NNPC prides itself on being a professional organisation with a diverse leadership lineup that includes individuals from various parts of the world, not just Nigeria. The presence of qualified foreigners in the employ of the NNPC, who have been bolstering the value chain of production and distribution of allied products, is verifiable.
It is, thus, sad that a professor of Mr Kperogi’s standing would resort to and play up the issue of ethnic identities in the configuration of the work team in NNPC just to demonise President Tinubu.
This editorial preoccupation of Mr Kperogi is nothing but sheer red herring, ostensibly orchestrated to detract the President’s disciplined leadership that upholds the freedom of the NNPC as well as the company’s work ethic that has produced its strings of sterling performances.
Under the leadership of Mele Kyari, the NNPC has achieved remarkable milestones and recorded several “firsts” in the industry.
These milestones were not defined, coloured or contoured by primordial fault-lines of tribe and religion. They were inspired by the collective drive for excellence.
These milestones include groundbreaking advancements in exploration, production, and global partnerships that were previously thought unattainable.
This success is a testament to the company’s focus on competence and professionalism rather than on parochialism as insinuated in the editorial offerings by Mr Kperogi.
Regarding Mr Kperogi’s notions about President Bola Ahmed Tinubu, it is essential to highlight that Mr President has not interfered in the operations or leadership movements within the NNPC. On the contrary, his administration has introduced transformative policies that have added immense value to the oil and gas sector and the broader Nigerian economy.
President Tinubu’s approach has been to empower institutions like the NNPC to operate independently while fostering a conducive environment for growth and innovation.
His reforms have set a benchmark that has significantly improved the sector, surpassing the achievements of many of his predecessors.
It is disappointing that individuals like Mr. Kperogi, who have lived and observed governance structures abroad, would overlook these accomplishments and focus on divisive narratives.
Symbolism, while important, must not overshadow the substantive achievements and transformative impact of policies and leadership on national development.
We extend an open invitation to Mr. Kperogi to visit the NNPC and witness firsthand the professionalism, sacrifices, and daily efforts that go into driving Nigeria’s economic engine.
He will see a team that works tirelessly to contribute to the growth of our economy and the prosperity of our nation.
The NNPC remains committed to fostering unity, embracing diversity, and upholding the principles of meritocracy. It is through such commitments that we can continue to work to achieve and strengthen national cohesion and position Nigeria as a global leader in the energy sector.
We urge commentators and stakeholders alike to base their assessments on hard facts and evidence, rather than conjectures, for the greater good of our nation.
■ Olufemi Soneye is the Chief Corporate Communications Officer of the NNPC Ltd.
Business
Naira Exchange Rates Thursday, 5 Nov 2026
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₦350 UAE DIRHAM (AED
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West African CFA ₦2240 (XOF)
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Business
NNPCL wants to sell 10% equity via IPO on NGX, LSE
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.
The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.
The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.
Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.
Business
Naira Exchange Rates Wednesday, 4 Nov 2026
BLACK/PARALLEL MARKET RATES
1390DOLLAR (US
₦1835POUND (GBP)
₦1510EURO (EUR
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 West African CFA F.(XOF)
₦2200 Central African CFA F.(XAF)
₦850 Australian Dollar AUSSIE (AUD)
OFFICIAL CBN EXCHANGE RATES
DOLLAR (USD)₦1346.93
POUND (GBP)₦1807.72
EURO (EUR)₦1512.26
SWISS FRANC (CHF)₦1644.21
JAPANESE YEN (JPN)₦8.52
West African CFA FRANC (XOF)₦2.30
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1825.03
CHINESE YUAN (CNY)₦201.92
SAUDI RIYAL (SAR)₦359.15
SOUTH AFRICAN RAND (ZAR)₦81.37
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