By Yemie Adeoye

We are not a serious people! We have never been in a while, and this complete and utter lack of seriousness has crept into every facet of our lives, starting with our politics, as well as the economy.

However, Nigeria now has for the first time since the return to civil rule 25 years ago, an opportunity to rewrite our story, if not nationally, at least at the Nigerian National Petroleum Company Limited (NNPCL), the nations’ economic heartbeat and arguably the largest oil company in Africa.

This supposed national representation of our economic might, now has a rare and almost unprecedented opportunity to get back on track and return to delivering on its core mandate for Nigeria’s energy security, and the national economy in general.

The masterstroke of this President in appointing a management board of technocrats and technically savvy individuals with years of experience in the industry is arguably the first of its kind since return to civil rule in 1999.

This marks a critical moment for the country’s economic future. As Africa’s largest oil producer continues its journey toward self-realization for the purposes of energy security, economic diversification, and operational transparency, the new NNPCL board faces both formidable albeit not impossible challenges, as well as transformative opportunities.

President Tinubu finally adhered to the yearnings of industry watchers and professionals by not only changing the entire board and top management of the Company and replacing them with core industry professionals with proven records but also charging them with the responsibility of reshaping the state-run energy giant into a world-class commercial entity capable of competing on the global stage. This comes at a pivotal time when the nation is battling fluctuating oil prices, pipeline vandalism, low production levels, and increasing pressure to transition toward cleaner energy.

A New Era of Corporate Governance

The reconstitution of the NNPCL board is in line with the Petroleum Industry Act (PIA) 2021, which transformed the erstwhile Nigerian National Petroleum Corporation into a limited liability company. The law aims to ensure operational independence, improve efficiency, and attract investment through clear commercial objectives.

The new board, comprising a blend of seasoned technocrats, private sector experts, and public sector appointees, is expected to strengthen corporate governance and deliver on key performance indicators. Their mandate is clear: drive profitability, ensure energy security, foster transparency, and deepen stakeholder confidence in the NNPCL.

Most importantly, the new board is charged with the mandate of increasing the nation’s crude production significantly, as a lot depends on it if the president’s agenda is to be met.

Strategic Priorities Ahead

The new NNPCL board must deviate from the era of unseriousness and policy obscurity to a more strategic, serious and open course.

Full implementation of the Extractive Industries Transparency Initiative (EITI) principles and public disclosure of financial records can rebuild public trust and investor confidence.

With Nigeria struggling to meet its OPEC quota, the board must partner with stakeholders to curb oil theft, rehabilitate refineries with the required seriousness and commitment, while fast-tracking upstream investments for increased crude production. All refineries in Nigeria including the Dangote refinery should never have to import crude oil for refining if seriousness was a thing in our clime.

A clear roadmap for cleaner energy, including gas monetization, renewable projects, and decarbonization strategies, will ensure NNPCL stays competitive in a changing global energy landscape. While expanding pipeline networks, securing export terminals, and enhancing refinery capacity are key to reducing Nigeria’s dependence on imported petroleum products.

Also, investing in workforce development and doing away with the civil servant entitlement mentality is key to driving NNPCL to its supposed heights, if it is to be taken seriously globally. The essence of digitization, and advanced technologies to modernize operations and improve efficiency across the board can never be over emphasized.

As a commercial entity owned by Nigerians, NNPCL’s success hinges on its ability to engage stakeholders, especially from oil-producing communities, as well as international partners, and this must be done with transparency, fairness and international best practice. The new board must foster inclusive dialogue, resolve legacy issues amicably, and present a clear vision of shared prosperity.

The Road Ahead

Nigeria’s oil sector remains a cornerstone of its economy, contributing over 90% of foreign exchange earnings and a significant portion of government revenue. For NNPCL to thrive in a competitive, evolving energy market, bold reforms, focused and sustainable policies, as well as ethical leadership are non-negotiable.

As the new board settles in, Nigerians expect a shift from bureaucracy to business, from opacity to openness, and from inefficiency to innovation. The journey may be long, but with competent leadership, national commitment, and global best practices, NNPCL can become a symbol of economic resilience and energy transformation for Nigeria and the continent.

For starters, the company needs to be fully commercialized in the real sense of the word. Not commercialized while obviously tied the governments apron-strings. The NLNG module must be strictly implemented if NNPCL is to be taken seriously internationally. This is necessary because government, especially in Nigeria cannot run a company with the corporate governance and seriousness expected in a serious industry or even internationally.

While government through the NNPCL retains 49 percent shareholding of the NLNG, it is glaring that the company is fully commercialized and operates independently of undue government interference, and control unlike the national oil company.

This must stop if we are to be taken seriously as a people, and if this government is ready for the changes it professes.

Secondly, the NNPCL has been too politicized and not acted as a serious Oil and gas company for a long time, and that is telling. It has superintended the dearth and near-death of its three refineries, even as over 25 billion dollars is said to have been spent on these entities for the so called and now infamous Turn around Maintenance, TAM, since 2015 with absolutely Nothing to show for it in 2025. The world sees and hears ugly developments like this, and that is a major and most essential reform that the company requires going forward, to revive brand integrity, if nothing else.

The NNPCL expending over 25 billion dollars in ten years on the joke popularly known as as Turn Around Maintenance, TAM, while Alhaji Aliko Dangote spent 20 billion dollars on the world’s largest single-train refinery in the world in just 4 to 5 years period speaks volumes to unseriousness, lack of proper planning, and lack of readiness to use the rich mineral resource for the benefit of the country like the Saudis, Emirates and Qataris have done, little wonder the world takes those nations seriously and listen when they speak. We now have a rare opportunity to also become one of those nations or even better, if we can realize and seize the moment.

There is nothing wrong in thinking big, especially when it is of immense economic benefit, hence, the NNPCL needs to develop plans to start playing internationally, just like other serious National Oil Companies like Saudi Aramco which operates in about 50 countries across four continents of Asia, Europe and the Americas.

The company which is arguably the largest oil company in Africa needs to compete more internationally, bid, acquire and operate oil blocs like other NOCs like the Norwegian Equinor, Brazil’s Petrobras, or the Malaysian Petronas which operates in about 100 countries across the world directly and indirectly.

If the NNPCL plans and plays big in global oil affairs, it will surely be placing the country on the global stage for viable-economies, and a laudable national pride like the Dangote refinery will not be junketing the world in search of crude oil to import into a country adjudged as the largest crude producer in Africa.

If this strategically assembled board and management can not achieve these three cardinal steps, then it’s okay to conclude that the NNPCL nay Nigeria is completely incapable of managing its economic affairs and requires urgent external care.

*Adeoye, a journalist and Energy Policy analyst, writes from Richmond Texas, USA.