Capital Goes Where Value Is Clear, Nigeria Has That Value: NNPC GCEO Ojulari

Capital goes where value is clear. The Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, today delivered a characteristically direct and pragmatic assessment of Nigeria and Africa’s energy future at CERAWeek 2026, declaring that the country’s fundamentals are strong, its value proposition clear, and its focus now squarely on execution.

Speaking on the opening day of the world’s premier energy gathering, held under the theme “Convergence and Competition: Energy, Technology and Geopolitics,” Ojulari told a global audience of energy leaders, including C-suite executives, energy secretaries and government ministers, that Nigeria’s strategy is grounded in realism, partnership, and disciplined delivery.

“Capital goes where value is clear, and Nigeria has that value,” he stated, setting the tone for a leadership dialogue that outlined a pragmatic approach to balancing the country’s immediate energy needs with its long-term transition ambitions. The GCEO articulated NNPC’s core philosophy with characteristic clarity: “We are not choosing between today and tomorrow; we are funding the future with the present.”

At the fireside chat anchored by Dan Pratt, S&P Global’s Senior Vice President, Upstream Solutions, Ojulari explained that Africa remains dependent on hydrocarbons for revenue and foreign exchange, making sustained upstream production non-negotiable. Additionally, with over 600 trillion cubic feet of proven reserves, gas represents not merely a transition fuel but a strategic economic lever for industrialisation and energy security across the continent.

According to the GCEO, “Nigeria is the reliable destination for energy investment the world needs. The country has positioned itself as a dependable supplier, riding on the established legacies of stable policies, improved energy infrastructure security, partnerships, and, lastly, the orientation of the government. The President has given NNPC the autonomy to act on its behalf and consolidate commercial solutions that are long-lasting.”

“Balance is not about equal allocation; it is about optimal sequencing,” Ojulari stated, outlining a portfolio where oil sustains value today, gas underpins industrial growth, and transition investments are targeted and disciplined. He further highlighted the critical role of partnerships in de-risking Nigeria’s deepwater assets, noting that global players like Shell and Eni bring not only capital but execution capability, technology, and project discipline—particularly for assets like OPL 245 and other deepwater developments.

According to the oil executive, the Petroleum Industry Act (PIA) has now firmly established regulatory certainty, while infrastructure gaps are being closed through targeted investments and security is being strengthened through a more robust architecture. “When the fundamentals are right, partnerships scale naturally,” he added.

Addressing Nigeria’s long-discussed gas potential, the GCEO noted that what is different now is execution discipline. Three key enablers are receiving focused attention: commercial pricing across the value chain, critical infrastructure like the AKK (Ajaokuta-Kaduna-Kano) pipeline, and bankable contracts that provide investor certainty. On the balance between domestic gas needs and LNG exports, Engr. Ojulari described a dynamic approach of portfolio optimisation—allocating gas where it delivers the highest combined national and commercial value.

NNPC GCEO Ojulari

The GCEO articulated a clear strategic shift, moving from resource ownership to resource monetisation. He emphasized that unlocking Nigeria’s significant proven but undeveloped reserves requires commercial discipline, competitive fiscal frameworks, and strong partnerships. Deepwater remains a priority because it offers scale, it is less exposed to onshore challenges, and attracts global capital.

CERAWeek 2026, hosted by S&P Global, runs from March 23–27 in Houston, Texas, bringing together over 10,000 global energy leaders, executives, and officials to explore the convergence of energy, technology, and geopolitics.

Lagos Governor Sanwo-Olu Presents 100 Cars To Directors In Lagos Civil Service

Lagos Governor Sanwo-Olu. Mr Sanwo-Olu described the gesture as part of ongoing efforts to strengthen institutional capacity and improve governance.

Mr Sanwo-Olu described the gesture as part of ongoing efforts to strengthen institutional capacity and improve governance.

He presented the cars at a brief ceremony at the Pavilion, Lagos House, Ikeja, where the beneficiaries, all directors on grade level 17, received the vehicles.

“This presentation of 100 brand new cars to our substantive directors is a deliberate investment in the machinery of governance.

“It is part of our ongoing efforts to strengthen institutional capacity, improve governance, and ensure that those saddled with critical responsibilities are well supported to deliver effectively,” Mr Sanwo-Olu said.

He congratulated the beneficiaries and urged them to see the gesture as a call to greater responsibility, accountability, and dedication to public service.

Mr Sanwo-Olu said the state government remained committed to the welfare of its workforce and would continue to create an enabling environment for officers to perform optimally.

The governor urged that the gesture should inspire other public servants to be diligent and loyal.

The state’s head of service, Olabode Agoro, commended the governor for the gesture, describing it as morale-boosting and a demonstration that hard work and excellence were appreciated in the Lagos State civil service.

Sanwo-Olu

Mr Agoro said the presentation would further inspire directors and other officers to remain steadfast in their duties.

Thanking the governor on behalf of the beneficiaries, one of the directors, Shakirat Adeosun, said the gesture would enhance their efficiency and enable them to discharge their duties with greater ease.

She promised that the directors would continue to support government policies and deliver quality service.

Rising Oil Price Has Forced Some Countries To Ask Citizens To Work From Home: Dangote

Rising oil price. Dangote spoke to journalists after a courtesy visit to President Bola Tinubu on Monday after the Eid al-Fitr celebrations.

The businessman said if the Middle East conflict does not ease, energy prices will continue to rise, adding that governments are currently unable to increase salaries.

“So people will really feel the heat. People like barbers, people who are making bread, people who have industries, who have to fire their own generators,” he said.

“I mean, you can see, in some countries today what they’ve done is ask everybody to work from home because they cannot…

“I think in Indonesia or so, they said only go to work four days a week and they will look at the situation, if it doesn’t improve, they will ask everybody not to go to work anymore. We did that in the time of COVID-19, where people worked from home.”

Speaking further on the impact of the conflict, Dangote said it carries significant implications for Nigeria.

He noted that although the country is not directly involved, the interconnected nature of the global economy means it will inevitably feel the effects.

“But we pray this situation will be sorted out, it’s not going to escalate. If it doesn’t de-escalate, we’ll end up paying big prices,” Dangote said.

Furthermore, he said Africa is already heavily burdened by debt, and adding the effects of the conflict would worsen the strain on governments and citizens alike, despite having no direct involvement in the crisis.

“If you look at it now, when you talk about energy, energy affects almost everything and it’s not only energy, some people will try and take a chance and say this an opportunity so let me make money,” Dangote said.

“So I pray, and we all need to pray that this thing de-escalates. If it doesn’t escalate, normally we in Africa, we don’t have any reserves in terms of savings or in terms of…

“People normally go out and look for money for the next day or even for the same day. If they don’t work that day, they won’t eat. So I think really, we just need all hands on deck to pray that this thing comes to an end.”

Dangote

On March 20, the International Energy Agency (IEA) said minimising road and air transport, working from home where possible, driving slower, and switching to electric cooking could significantly help cushion the shock of the Middle East conflict for consumers.