Nigeria’s oil and gas industry received a confidence boost as NNPC Limited’s Group Chief Executive Officer, Bayo Ojulari, offered fresh insight into the company’s recently announced profit figures, linking them to early dividends of the Petroleum Industry Act (PIA).
In an interview shared on the company’s official X account, Ojulari contextualized the N5.4 trillion profit after tax posted in the 2024 financial year—a result drawn from total revenues amounting to N45.1 trillion. According to him, the figures go beyond strong financial performance; they reflect a deliberate shift toward openness and corporate discipline within the national oil company.
Ojulari noted that the profit milestone serves as a public demonstration of NNPCL’s commitment to transparency and its determination to operate in a manner consistent with global best practices. He emphasized that the gains recorded are an early indication that reforms under the PIA—aimed at restructuring and commercializing the national oil company—are beginning to translate into tangible outcomes.
He described the latest earnings as a “first step” in showing Nigerians and the global energy community that the reformed NNPCL intends to be more visible, accountable, and operationally efficient.
Since assuming office in April 2025, Ojulari has overseen a renewed drive toward open reporting, including the consistent release of monthly financial updates—an effort he says is intended to build public trust and strengthen governance across the organization.
The CEO’s remarks add to the broader conversation about the PIA’s impact on the sector, with stakeholders watching to see how the reform law continues to shape performance and transparency within Nigeria’s petroleum landscape.