In a turn of events some have described to be renewed hope for Nigerians, Mr. Bayo Ojulari, the Group CEO, Nigerian National Petroleum Company Limited (NNPC), has made his first audacious shot at transparent operations, by releasing the details of its activities for the month of April to the public.
The Bayo Ojulari-led national oil company, which was appointed by President Bola Tinubu on April 2, 2025, also announced that in the month under consideration, the total revenue of the company reached N5.89 trillion.
The development has been dubbed a milestone for the new leadership of the national oil company, for over 4 years now. This was despite pressure by the media and other stakeholders. The state-owned firm has failed to budge after putting a halt the release of the monthly report years ago without any explanation.
But the new report disclosed that in the same month, Profit After Tax (PAT) by the 48-year-old oil company hit N748 billion, while petrol availability in its retail stations nationwide was 54 per cent.
For decades, NNPC has been perceived by Nigerians as largely opaque, a development which stems from long-standing issues such as limited transparency in revenue reporting, crude oil sales, subsidy payments, contract awards, among others.
Critics have also often pointed to inconsistent disclosures, delayed audits, and limited public access to financial data. Despite recent reforms, including the transition to NNPC Limited under the Petroleum Industry Act (PIA), public trust remains cautious due to years of mismanagement and lack of accountability.
The move by the new NNPC leadership, which was given a $60 billion investment target by 2030, oil production goal of 2 million barrels daily by 2027 and 3 million daily by 2030 by Tinubu, is seen as a fresh start for the company, seen as the backbone of the Nigerian economy.
In the same vein, the company’s statutory payments to the federal government for Q1, 2025 totaled N4.225 trillion, according to the report.
Besides, the NNPC disclosed its plan to make significant investment commitments this year, with four major Final Investment Decisions (FIDs) expected before the end of 2025.
The monthly report highlights the company’s operational performance, financial results, and strategic initiatives aimed at boosting Nigeria’s oil and gas production and proving its record of transparency.
The four projects slated for FID by the fourth quarter (Q4) 2025 include Ntokon Development Project in the oil mining lease ((OML 102), Crude Oil Production Expansion Project (OML 29), Gas Development Projects (OMLs 30 and 42), and Brass Fertiliser Project
The projects are integral to NNPC’s broader strategy to improve production efficiency, grow revenues, and diversify Nigeria’s energy mix, it was learnt .
The Brass Fertiliser Project is expected to meet rising domestic fertiliser demand, reduce imports, and enhance agricultural productivity.
According to the report, crude oil and condensate production stood at 1.61 million barrels per day (bpd) in April, marking a decline from the 1.67 bpd recorded in January.
However, natural gas production rose to 7,354 million standard cubic feet per day (mmscf/d), up from 7,120 mmscf/d in February.
The April report also provided updates on infrastructure initiatives as NNPC announced progress on key technical interventions on the Ajaokuta-Kaduna-Kano (AKK) and the Oben-Obiafu-Obrikom (OB3) gas pipeline projects, particularly addressing challenges related to River Niger crossings.
The company revealed that OB3 is now at 95 per cent completion, while the AKK stands at 70 per cent completion. It said upstream pipeline availability remained strong at 97 per cent, reflecting improved infrastructure reliability.
