Reclaiming NNPC: A necessary reset to rescue Nigeria's oil industry
The necessity of these appointments stems from the deeply troubling legacy of the previous management, under which NNPC allegedly degenerated into a citadel of opacity and operational inefficiency, despite the transformative intent of the Petroleum Industry Act (PIA) 2021. Previously, NNPC Limited failed to meet even the most basic standards of corporate governance and transparency expected of a commercially oriented national oil company. Year after year, billions of dollars in crude oil revenues were either unremitted, underreported, or misapplied under various opaque arrangements.
The so-called fuel subsidy regime, for which NNPC served as the primary disbursing agency, became a fiscal sinkhole—characterised by gross overstatements, nonexistent verification mechanisms, and allegations of fictitious volumes and round-tripping. Meanwhile, critical investment decisions stalled, upstream output declined, and the country was left unable to take full advantage of high oil prices due to mismanagement and leakages.
The transition of NNPC into a limited liability company was supposed to signal a new era of commercial discipline and accountability. Instead, the nation saw the entrenchment of old habits under a new corporate guise. The company evaded scrutiny by withholding audited statements, failing to engage meaningfully with shareholders—the Nigerian people—and resisting structural reforms under the guise of national security or market sensitivity.
Related AfCFTA and Nigeria's port infrastructure An age of modern legends Silverbird Man of the Year Award as affirmation of Oyebanji's exemplary leadership
This undermined investor confidence, constrained capital inflow into the sector, and left Nigeria's oil and gas value chain in a state of arrested development. At this critical juncture where Nigeria must stabilize its fiscal base, accelerate gas commercialisation, attract investment, and align with global energy transition trends, NNPC cannot continue to be a drain on the treasury or a bastion of unaccountability. The new board and management, appointed with careful consideration of technical competence, ethical standing, and regional representation, bring with them a renewed mandate: to clean house, rebuild trust, and reposition NNPC as a truly performance-driven national oil company.
This moment marks the beginning of a long-overdue shift—from rent-seeking to value creation, from secrecy to transparency, and from institutional stagnation to strategic renewal. It is a necessary turning point for NNPC, and by extension, for Nigeria's economic future.
Mohammed is a finance and public affairs analyst
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 days ago
- Zawya
Nigeria: Shippers Council prevents repatriation of $33mln questionable Forex claims at seaports
The Executive Secretary/CEO of the Nigerian Shippers' Council (NSC), Dr. Akutah Pius Ukeyima, on Thursday reiterated the pivotal role of shipping and maritime trade in Nigeria's economic growth and diversification strategy, emphasising the need to shift from oil dependency to harnessing the country's vast maritime potential. Speaking in Lagos on Thursday at the 26th Annual General Meeting and Post AGM-Talk of the International Chamber of Commerce (ICC) Nigeria, Dr. Akutah who was represented by the Director, Trade Services of the agency, Ms. Adaora Nwonu, stated that in 2024 alone, the Council helped prevent the repatriation of about N52 billion in questionable foreign exchange claims through its Economic Regulatory Portal (ERP), thus strengthening the national economy and promoting cost predictability. According to the NSC Boss, 'The theme of today's gathering, 'Shipping and Maritime Trade: The Backbone of International Trade,' is not only apt, but pertinent as it underscores the vital role maritime trade plays in facilitating global commerce and sustaining economic growth across nations. 'According to the United Nations Conference on Trade and Development (UNCTAD), more than 80 per cent of global trade by volume moves by sea. For Nigeria, with our vast coastline and maritime potential, shipping is not just a trade tool, it is a national development platform.' Dr. Akutah added that over 11.1 billion metric tonnes of goods were shipped globally in 2023, emphasising the sector's influence on job creation, industrial zones, and ease of doing business. He commended the Federal Government for creating the Ministry of Marine and Blue Economy, with a vision to unlock ocean-based resources and position shipping as a non-oil growth driver. 'Modern ports are the new factories,' Dr. Akutah declared, underlining the importance of port modernisation, inland connectivity, and digital innovation. He also said that the NSC's achievements include the prevention of ₦52 billion in questionable forex claims, the resolution of over ₦2 billion in cargo disputes, and the promotion of inland dry ports to expand trade access. 'We are championing reforms that reduce delays, eliminate inefficiencies, and simplify processes. Key interventions include leading the National Single Window (NSW) implementation; Monitoring port performance; Driving process harmonisation through the Nigerian Ports Process Manual (NPPM); and collaborating with other MDAs to entrench Standard 'The Council evaluates freight rates, terminal charges, and demurrage claims to ensure economic reasonableness. In 2024 alone, we helped prevent the repatriation of about N52 billion in questionable foreign exchange claims through our Economic Regulatory Portal (ERP), thus strengthening the national economy and promoting cost predictability. 'Our Alternative Dispute Resolution (ADR) mechanism provides a transparent, time-efficient, and non-adversarial platform to resolve complaints between port users and service providers. 'In 2024, our intervention led to the recovery of over N2 billion for shippers and cargo owners,' Dr. Akutah added. On regional trade, he noted that maritime infrastructure is key to realising the promise of the African Continental Free Trade Area (AfCFTA). 'Intra-African trade currently accounts for less than 18 per cent of the continent's total trade. However, the implementation of the African Continental Free Trade Area (AfCFTA), with a market size of 1.4 billion people and a combined GDP of $3.4 trillion, is poised to change that and maritime transport will be the lifeline of AfCFTA's success. 'Nigeria must position itself as the regional hub for transshipment, logistics, and trade facilitation. To do this, we must: Modernise our ports and customs processes; Promote multimodal connectivity from seaports to industrial clusters and border posts; Harmonise tariffs and documentation with neighbouring economies; and Reduce barriers that hinder our exports and transit traffic. 'The Nigerian Shippers' Council is actively supporting these objectives through: Advocacy for seamless cargo corridors; Facilitation of stakeholder compliance with regional trade rules; and promotion of trade infrastructure that benefits landlocked countries and regional trade.' Dr. Akutah concluded by calling on the ICC Nigeria and stakeholders to join forces in building a globally competitive shipping sector, describing the Council's approach to regulation as one of empowerment, transparency, and protection. 'Let us build a maritime system that serves not only Nigeria's present needs, but secures its future as a global trade player,' he urged. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
3 days ago
- Zawya
Alexa News Nigeria (Alexa.ng) Plays a Crucial Role in Shaping Nigerian Politics and Influencing Public Opinion
In an era where online media plays a pivotal role in shaping public opinion, Alexa News Nigeria ( has emerged as a prominent player, leaving an indelible mark on the nation's political discourse. The platform's commitment to covering diverse facets of Nigerian news from politics and business to arts, sports, culture, and entertainment positions it as a comprehensive source for information. In politics, Alexa News Nigeria plays a pivotal role in shaping narratives and influencing public opinion. Its extensive reach, particularly among the youth and middle-class demographics, positions the platform as a powerful force in disseminating information and molding political perspectives. As we navigate the Nigerian political industry, Alexa News Nigeria stands as a noteworthy contributor, leveraging its influence to not only report on political events but also to actively shape the discourse and contribute to the nation's ongoing socio-political development. Understanding the media is of the utmost democratic importance. The media, whether newspapers, television, film, or social media, impacts our lives: our understanding of politics past and present, our democratic engagement, and our opinions. If we think of politics as the exercise of power, the importance of the media becomes clear: it is a place in which politics takes place. It also becomes clear that you don't need to be a politician to 'do politics'; the media can be used to impart a political viewpoint, including party political ones. In turn, politics and politicians also impact the media through regulation and law. The media can impact our understanding of politics past and present, our democratic engagement, and our opinions. It is not a one-way linear process though. Audiences are not necessarily passive ones, absorbing what they are told; they can resist meanings, challenge them, and create their own. Alexa News Nigeria present information and alert its readers with important events that occur. This information adds to what they think and the actions they take. Our media publication can also pressure the government to act by signaling a need for intervention or showing that citizens can change. Our media coverage of political events and campaigns can influence voter preferences, shape public discourse, and impact the overall electoral media reporting helps in prompting people to take action. Just before an election, for example, voters who earlier had only a mild preference for one party or candidate may be inspired by media coverage not only to take the trouble to vote but perhaps also to contribute money or to help a party organization in some other way. Interest groups, nongovernmental organizations (NGOs), religious groups, and labour unions (trade unions) cultivate the formation and spread of public opinion on issues of concern to their constituencies. These groups may be concerned with political, economic, or ideological issues, and most work through the mass media and social media as well as by word of mouth. Knowledge about politics and government activities increases due to the socialization and enlightenment functions of the mass and students are the largest bloc of voters in Nigeria but seemingly least politically informed. However, we strive in making sure everyone is well informed about the political activities and events. Alexa News Nigeria ( is a forward-thinking media platform dedicated to providing insightful, engaging content across various topics, including business insights, technology trends, innovation, and more. Alexa News Nigeria ( aims to inspire and inform its audience through high-quality journalism and community-driven are a fiercely independent, pro-investigation multi-media online news platform based in Nigeria, and focused primarily on politics, policy and economy. We are passionate, not just about the nice details, but also the ugly sides that speak truth to governments, businesses, and leaders, both locally and globally. We resolve to relentlessly pursue truth in our passion to inform and empower Nigerians. Alexa News Nigeria ( is a Nigerian digital news platform that provides accurate, relevant, and up-to-date information on a daily basis. The independent, pro-investigation multi-media online news platform focused primarily on politics, policy and economy. Jokpeme Joseph Omode, the editor in chief and CEO of Alexa News Nigeria is expanding its coverage beyond Nigerian borders and have been growing its official website's news and media portfolio. was created with intents to cover local and international news, politics, business, entertainment, technology and sports news. "We are looking to make a significant impact on the country's information narrative by bringing smart, straightforward news to Nigeria's political and media space, with commentary from political heavyweights and Nigerian leaders&business innovators, whose collective insight will be instrumental in telling the Nigeria business story from inside," says Joseph Omode. In an industry saturated with sensational sites, clickbait giants, fake news merchants, religious/ethnic promoters, and pro/anti-government platforms, Alexa News Nigeria has stood out as a credible go-to news source for every southerner, northerner, Christian, Muslim, Pagan, anti-government/pro-government individual, secessionist, and its growing global audience. Hard work, grit, skilled journalists, and management with a keen eye for excellence, have set Alexa News Nigeria apart from the rest as it keeps building a unique Omode later stated that the news platform would be tailored to meet the needs of an increasingly diversified readership base both in Nigeria and outside the shores of the country. Alexa News Nigeria is providing quality journalism, had defied the odds, broke boundaries, pulled down walls, and divided oceans. Distributed by APO Group on behalf of Alexa News Nigeria.
Zawya
3 days ago
- Zawya
Golar LNG Strengthens Africa Commitment as Chief Commercial Officer (CCO) Federico Petersen Joins African Energy Week (AEW) 2025 Speaker Lineup
Federico Petersen, Chief Commercial Officer of marine LNG infrastructure operator Golar LNG, has confirmed his participation as a speaker at African Energy Week (AEW): Invest in African Energies 2025, taking place from September 29 to October 3 in Cape Town. His participation follows a series of landmark achievements across the continent, positioning Golar LNG at the forefront of Africa's natural gas revolution. In July 2025, the company announced that its Gimi floating LNG (FLNG) unit has reached commercial operations date under a 20-year lease-and-operate agreement for the Greater Tortue Ahmeyim (GTA) project offshore Senegal and Mauritania. Backed by an estimated 15 trillion cubic feet (tcf) of natural gas, the Gimi facility will produce 2.4 million tons per annum (mtpa) of LNG, ramping up to its nameplate capacity of 2.7 mtpa. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. In Nigeria, Golar LNG signed a project development agreement in June 2024 with global energy company the Nigerian National Petroleum Corporation for the deployment of a new FLNG facility offshore the Niger Delta. With a planned processing capacity of 400-500 million standard cubic feet per day, the facility will produce LNG, LPG and condensate, with first gas targeted for 2027. The project falls under Nigeria's broader 'Decade of Gas' initiative, which aims to monetize the country's 209 tcf of gas reserves and accelerate energy access and industrial growth. Supported by reforms such as the Petroleum Industry Act and the Nigerian Gas Flaring Commercialization Program, the project is a critical step toward establishing Nigeria as a global gas hub. In Cameroon, Golar LNG operates the Hilli Episeyo FLNG facility offshore Kribi, which made history as the world's first LNG conversion and the project that introduced Cameroon as the world's 20 th LNG-exporting nation in 2018. In October 2023, the vessel offloaded its 100 th LNG cargo to the Energy Integrity, underscoring nearly six years of reliable operations. With a nameplate capacity of 2.4 mtpa and a strong track record of commercial uptime, Hilli Episeyo continues to serve as a benchmark for small- and mid-scale FLNG deployment. Golar LNG holds a 50% interest in Trains 1 and 2, with the facility enabling the monetization of associated gas while contributing to regional energy diversification and security. 'Golar LNG's proven ability to deliver bankable, scalable FLNG infrastructure in frontier markets has redefined what's possible for gas monetization in Africa. With operations in Senegal, Mauritania, Nigeria and Cameroon, the company is a true partner to Africa's energy future,' states Tomás Gerbasio, VP of Commercial and Strategic Engagement, African Energy Chamber. Federico's participation at AEW: Invest in African Energies highlights Golar LNG's commitment to advancing FLNG development and natural gas monetization across Africa. In line with the company's growing presence in Africa's energy landscape, Golar LNG will participate as a Gold Partner at this year's edition of the conference and exhibition, which serves as a strategic platform to showcase innovative FLNG solutions and a long-term commitment to the continent's energy development. Distributed by APO Group on behalf of African Energy Chamber.
