By Adeyemi Adegbola
In a nation long accustomed to the fog of political rhetoric and corporate doublespeak, clarity is not just refreshing, it is revolutionary. This week, at the Nigeria International Energy Summit (NIES) 2026, the Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, offered a masterclass in exactly that kind of revolutionary clarity. In a fireside chat with Vimbai Ekpeyong of Arise TV, Ojulari did not just speak; he signalled a fundamental philosophical shift for Africa’s largest oil company. He moved the conversation from what is politically convenient to what is economically essential.
For decades, the Nigerian National Petroleum Corporation operated under a heavy, self-imposed burden: the mandate to be everything to everyone. It was to be a cash cow for the treasury, a provider of subsidised fuel, a social welfare agency, and a national symbol, all while expected to run world-class refineries and compete globally. The cost, as Ojulari has now unequivocally stated, was monumental: value destruction for its sole shareholder (the Nigerian people) and its stakeholders. The result was a chain of underperforming assets, most symbolically, the nation’s moribund refineries, which became bottomless pits for public funds.
Ojulari’s commentary at NIES 2026 cut through this legacy with the precision of a surgeon. Addressing the paused rehabilitation of the Port Harcourt, Warri, and Kaduna refineries, he framed the issue not as a failure of will, but as a triumph of reason. “The issue is not emotional, political, or symbolic,” he insisted. “It is economic.” The core question NNPC Ltd must now ask, he emphasised, is whether an investment creates or destroys value. This is the language of a commercial entity, not a social ministry. It is the hard-nosed lexicon of the Petroleum Industry Act (PIA) in action.
This is where Ojulari’s leadership, often described as that of a “straight shooter,” proves its worth. A problem fully understood, as the saying goes, is half-solved. For years, the refinery problem was misunderstood. It was seen as a technical glitch solvable by throwing more money at turnarounds and quick fixes. Ojulari has redefined it publicly as a structural and governance failure. He acknowledged that pouring capital into a broken system, without fixing the underlying operational model, governance, and commercial framework, is not rehabilitation; it is fiscal recklessness.
His proposed pathway forward is not a retreat, but a strategic recalibration. He spoke of joint venture partnerships, equity restructuring, and operational reconfiguration. These are not vague concepts; they are specific, market-tested tools for resuscitating distressed assets. They signal an NNPC Ltd that is finally willing to share risk, attract real technical expertise, and submit to the performance accountability that comes with private capital. It is an admission that NNPC Ltd does not have a monopoly on solutions, but must curate the best partnerships to deliver them.
Critically, Ojulari’s candour introduces something long missing from our national energy discourse: transparent, institutional maturity. There is no defensive bluster, no overblown promise of imminent restoration. There is, instead, a sober assessment that continuing on the old path would compound losses. This honesty, while jarring to some, builds a foundation of credibility. It tells investors, partners, and citizens that NNPC Ltd is under a leadership that would rather tell a hard truth than sell a comforting illusion.
The significance of this moment cannot be overstated. The PIA was the legislative blueprint for transforming NNPC Ltd into a commercial, profit-driven entity. Ojulari’s statements are the unequivocal executive pronouncement that this transformation is not just legal, but operational. The leadership has drawn a line in the sand: sentimentality and symbolism must yield to commerciality and profitability. The focus must shift from holding assets for national pride to managing them for national prosperity.
Therefore, the call to action is clear. Nigerians must rally behind this new direction. Supporting Engr. Bashir Bayo Ojulari is not about endorsing an individual; it is about endorsing a principle, the principle that our most strategic national assets must be governed by logic, not emotion. The public must resist the inevitable pull of nostalgia and political noise. The pause in refinery rehabilitation is not abandonment; it is the necessary, difficult step back to design a viable way forward.
The journey to a sustainable, efficient, and profitable NNPC Ltd will be complex. It will require unwavering discipline to navigate partnership deals, enforce governance reforms, and withstand political pressures. But for the first time in a long time, the captain of the ship is navigating by the correct stars: value creation, commercial viability, and transparent accountability.
Engr. Bashir Bayo Ojulari has placed his heart and the nation’s interest in the right place: on solid economic ground. He has looked a historically intractable problem in the eye, called it by its true name, and charted a credible course to solve it. For the sake of Nigeria’s energy security and economic future, he deserves not just our attention, but our full-throated support. The era of everything to everyone is over. The era of value for everyone has begun. Let us stand with the leadership that is brave enough to say it and disciplined enough to execute it.
Adeyemi writes from Abuja.
