Musa Kida, the new non-executive Chairman of NNPCL, has called for more time to reform and reposition Nigeria’s oil sector. Speaking after the board’s inauguration by President Tinubu, Kida acknowledged the scale of the task and pledged transparency and commitment. He emphasized that NNPCL will operate strictly as a limited liability company under the Petroleum Industry Act, focusing on boosting production, reviving refineries, attracting foreign investment, and ensuring strong corporate governance.
The Chairman pledged to take clear actions to ensure the refineries either deliver maximum value to Nigerians or operate efficiently. Meanwhile, CEO Bayo Ojulari praised the Board’s diverse mix of private and public sector experts, highlighting its alignment with national goals and practical experience. He emphasized the opportunity to manage Nigeria’s resources for the country’s prosperity, similar to Saudi Arabia and Qatar.The GCEO explained that the transition of NNPCL from a public corporation to a limited liability company under the Petroleum Industry Act will take at least two years.
He emphasized the company is now governed by corporate law, not as a regulator. Inspections of two major refineries are complete, with full Board reviews upcoming. Addressing concerns about potential revenue losses, management disagreed, noting that Nigeria’s oil production has increased from 1.5 to 1.7 million barrels per day since the new board took office.“We are fully committed to boosting production and drawing new investments. Our growing credibility is rebuilding investor trust, attracting proposals from companies that had previously stayed away,” he stated.The Board reiterated its determination to deliver real results and be measured by actions rather than words.
