We’ll Clean Up Oil Sector, Launch Public Share Offer — NNPCL

The newly inaugurated Board of the Nigerian National Petroleum Company Limited (NNPCL) has pledged to reform the nation’s oil and gas sector, promising transparency, accountability, and improved corporate governance, with plans underway to launch a public share offering.

Speaking with State House correspondents shortly after their inauguration by President Bola Tinubu on Thursday at the Presidential Villa, the new Non-Executive Chairman of NNPCL, Ahmadu Musa Kida, said the board was committed to repositioning the company into a commercially viable and globally competitive entity.

“Our task is huge. But we are deeply honoured to be part of the very select few called upon by the President to reform the oil sector,” Kida stated. “One thing we can assure you is that, we will always tell Nigerians the truth, irrespective of how bitter it will be.”

He noted that the oil company would now be operated strictly as a limited liability company, guided by international best practices and corporate integrity.

“We are fully prepared to launch the company’s IPO (Initial Public Offering), but we must ensure we are fully prepared. We want Nigerians on the streets to look at NNPCL as their own,” he said, stressing the importance of restoring trust and confidence in the company’s operations.

Kida acknowledged that public perception of the company has been shaped by years of inefficiencies and controversies, ranging from long fuel queues to reports of mismanagement.

“The most casual Nigerian only knows NNPCL through hardship and fuel scarcity. Our focus is going to be on changing that narrative,” he said.
He added that the Board would focus on boosting production, revamping refineries, attracting foreign direct investment (FDI), and enforcing strong corporate governance mechanisms.

“Before anybody invests in any business, they must look at what the company represents — its management, governance structure, and reporting mechanisms. We intend to meet those expectations,” Kida affirmed.

Also present at the inauguration were key government officials, including the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Information and National Orientation, Mohammed Idris; and Minister of State for Petroleum Resources, Heineken Lokpobiri.

Tinubu had earlier urged the Board to consolidate the gains of his administration’s economic reforms, which have drawn both local and international commendation.
The Board’s pledge to restore integrity and prepare for a public listing marks a potentially transformative chapter for the national oil firm long viewed as opaque and underperforming.