The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has disclosed that he and members of his management team are under attack as a result of the sweeping reforms he has introduced in the oil and gas sector in line with President Bola Tinubu’s mandate to revive the nation’s ailing refineries.
Ojulari made the remarks on Thursday while receiving a delegation from the national leadership of the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) at the NNPC Towers in Abuja.
Ojulari noted that after technical and commercial reviews of the refineries, it was clear that running them without professional partnerships would continue to drain resources.
“A lot of money has been spent on these refineries, but translating that into profitability has been difficult because of years of neglect. When I resumed, we found that we were losing between $300 million and $500 million monthly. We had to stop operations and look for a sustainable solution,” he said.
Ojulari said that the reforms had rattled vested interests, leading to organized attacks on him and his management team, with some opponents even resorting to filing petitions before the Economic and Financial Crimes Commission (EFCC).
“We are under attack. We will not budge to short-term pressure, as it will not be in the best interest of Nigerians. You cannot drive change without a price, and the transformation is tough,” Ojulari stated.
According to a statement by the company, the GCEO noted that change often comes at a cost, but insisted that the present reforms will serve the larger interest of the country. He urged Nigerians to exercise patience as the ongoing transformation unfolds.
He explained that since assuming office five months ago, his management team has been prioritising the rehabilitation of Nigeria’s refineries through the Incorporated Joint Venture (IJV) model to guarantee sustainable operations.
“Mr. President doesn’t pressure me to do the wrong thing. That is why we are looking at the baseline to ensure whatever we are doing, the refineries work sustainably going forward. We don’t want to pretend and just do some quick fix because there is pressure on us,” he said.
Earlier, PENGASSAN President Comrade Festus Osifo commended NNPC Ltd. for its partnership during the 2025 PENGASSAN Energy & Labour Summit (PEALS) and praised Ojulari’s leadership for the achievements recorded within a short period.
“Our pipelines are now working. Also, crude oil theft has significantly reduced, leading to increased production. As PENGASSAN, we assure you that we are solidly behind you. We will work with you and collaborate with your team to ensure the stability of the system for the benefit of all Nigerians,” Osifo said.
