As the new management of the Nigerian National Petroleum Company Limited (NNPC) settles in office, stakeholders insisted yesterday that the many challenges facing the economy and caused by the petroleum industry require immediate action from the national oil company.

Last week, President Bola Tinubu appointed the former head of Shell, Bashir Ojulari, alongside other industry technocrats to lead the struggling oil firm.

While the development has been met with widespread approval, industry leaders insisted that there are critical areas that demand immediate attention.

With Nigeria’s oil and gas industry at a crossroads, the reconstitution of the NNPC board presents a unique opportunity to drive reforms that have long been overdue. Industry experts agree that if the new board takes decisive action, NNPC can transition into a world-class oil company, improve revenue generation, and secure Nigeria’s place in global energy markets.

The new board, which comprises seasoned professionals with extensive industry experience, is expected to spearhead a transformation that will enhance Nigeria’s oil and gas sector competitiveness.

Chairman of International Energy Services Limited, Dr. Diran Fawibe, described the new board as one of the most competent in the company’s history.

He emphasised that the board must, as a matter of urgency, focus on increasing oil production, attracting investment, improving refinery operations and preparing for NNPC’s initial public offering (IPO).

According to him, achieving a daily production target of three million barrels should be a priority, especially in the face of global pressures against fossil fuel development.

“The President has appointed highly qualified professionals with deep industry experience. There is no excuse for underperformance. The board must ensure that NNPC transitions into a fully commercial entity with the efficiency of a private enterprise,” Fawibe stated.

He stressed the need for transparency and efficiency in refinery rehabilitation, urging the board to provide clarity on the actual progress of the Port Harcourt, Warri and Kaduna refineries.
“The board must ensure these refineries function as independent companies, competing effectively in the downstream market,” he added.

Energy business analyst, Dr Kaase Gbakon, noted that while the board changes may have come as a surprise, they were long overdue.

He highlighted the deliberate mix of private sector and NNPC veterans, ensuring a balance between legacy knowledge and private-sector efficiency.

“The government has signalled its seriousness in engaging international oil companies and indigenous players. The board is filled with professionals with expertise in deepwater development and gas commercialisation, areas that are now central to NNPC’s strategy,” Gbakon said.

Gbakon pointed out that NNPC’s legal and regulatory environment would be critical in the coming years, urging the board to work closely with the company’s legal advisers to navigate compliance issues and strengthen investor confidence.

Chairman of the Board of Trustees for the Community Development Committees (CDC) of Niger Delta Oil and Gas Producing Areas, Joseph Ambakederimo welcomed the board’s reconstitution as a necessary shake-up to drive investment.

He urged the board to prioritise reducing production costs, a major deterrent to foreign direct investment in Nigeria’s oil sector.

“For years, the promise of increasing crude oil production to three million barrels per day has remained unfulfilled. This board must ensure that Nigeria becomes an attractive destination for investors by lowering costs and making our industry competitive on the global stage,” Ambakederimo said.

He further emphasised the importance of NNPC’s planned listing on the stock exchange, stating that this move would elevate its value and reputation, bringing it on par with globally renowned oil producers. He called on the board to set an ambitious target of producing five million barrels per day, arguing that this is achievable if they leverage existing government policies and executive orders designed to streamline investment processes.