Bayo Ojulari, the group chief executive officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, has announced plans for the company to be listed on the stock exchange by 2028. Ojulari shared these ambitions during the 9th OPEC International Seminar held recently in Vienna, Austria.
In a video posted on the NNPC’s official X account on Friday, he emphasized the national oil company’s commitment to transforming into a limited liability entity through partnerships with key industry stakeholders.
“With collaborations of our industry players, we will be the catalyst in the transformation of the national oil company to a limited liability company,” the NNPC CEO stated. “As I mentioned earlier, we have a roadmap to be listed by 2028.”
Ojulari highlighted the NNPC’s “considerable progress” in fostering a stable and secure business environment in Nigeria. “That has been quite an undertaking, but things are looking much, much more stable. We also aim to ensure that the new NNPC exemplifies prudency and leadership that is of international repute,” he added.
He credited the Petroleum Industry Act (PIA) with laying a solid foundation for this transformative journey, noting that it has enhanced stability in Nigeria’s energy sector, strengthened existing partnerships, and attracted new investments.
Sharing insights on the newly appointed NNPC board of directors, Ojulari expressed confidence that the new leadership will effectively leverage Nigeria’s vast resources to achieve the success the nation deserves.
‘WE’RE EMBARKING ON AGGRESSIVE INFRASTRUCTURE BUILDING’
Ojulari announced bold initiatives to address energy security and infrastructure challenges through aggressive investments in refineries, pipelines, and gas-based industries. He highlighted significant strides made in bridging the energy deficiency gap and enhancing overall energy security.
“Nigeria and other sub-African regions are embarking on aggressive in-country infrastructure building, including refineries and pipeline connections, as well as gas-based industries to resolve our energy deficiency problems,” Ojulari remarked. “Your support will be instrumental, and these opportunities present significant investment potential for all of us.”
The GCEO articulated that Nigeria’s oil and gas industry policies will “dramatically” improve investment climates and boost oil production. He aims to elevate the country’s oil production capacity to a minimum of 3 million barrels per day (bpd) by 2030.
“We are determined to build gas production capacity to at least 12 BCF per day,” he continued. “We have a clear roadmap to achieve this, and we will continue to share our progress along the way.”
Ojulari extended an invitation to global investors and industry leaders to engage with the newly reformed NNPC and the newly invigorated Nigeria, emphasizing the country’s readiness for business through tangible actions rather than mere promises.