Business
NNPC uncovers sabotage plot against leadership, vows reforms will continue
NNPC leadership uncovers sabotage campaign by internal and external actors. New GCEO Bayo Ojulari vows transformation into a corruption-free firm will continue.
NNPC leadership uncovers sabotage campaign by internal and external actors. New GCEO Bayo Ojulari vows transformation into a corruption-free firm will continue
NNPC leadership under the newly appointed Group Chief Executive Officer, Bayo Ojulari, has raised the alarm over a coordinated sabotage campaign allegedly orchestrated by internal and external actors threatened by the company’s anti-corruption drive.
Also read: Don’t fall for it: NNPC debunks AI-generated video advertising non-existent scheme
In a strongly worded statement released on Friday, the Nigerian National Petroleum Company Limited disclosed that a syndicate of known and faceless individuals is actively working to derail its transformation into a performance-driven, transparent energy institution.
The campaign reportedly includes the dissemination of fabricated stories aimed at discrediting the reform-minded leadership.
“The Nigerian National Petroleum Company Limited has uncovered an emerging coordinated sabotage campaign being waged by a syndicate of known and faceless actors, both outside and within various levels of the organisation,” the statement read.
“This group is actively spreading lies and misinformation simply to discredit NNPC Ltd’s leadership and derail the organisation’s ongoing transformation into a corruption-free, performance-driven energy company.”
Ojulari, who took over from Mele Kyari following his removal by President Bola Tinubu on 2 April 2025, has pledged to pursue deep institutional reforms. The company stated that resistance was expected from individuals opposed to transparency and accountability.
“Their tactics include planting scandalous and fabricated reports, curated to distract leadership, mislead the public, and undermine the commitment of our dedicated workforce and reform-minded Nigerians,” the statement added.
According to the NNPC, those behind the campaign are threatened by the firm’s new direction and are determined to obstruct efforts that align with the president’s anti-corruption vision.
Despite anticipating more defamatory content in the near future, the company insists that its mission remains unchanged. “We expect a surge of defamatory content in the days and weeks ahead. NNPC Ltd remains undeterred. The transformation is underway, and no amount of sabotage will stop it,” it assured.
The statement concluded by calling on staff, stakeholders, and the Nigerian public to remain focused and not be swayed by distractions. “We urge our dedicated staff, stakeholders, and all patriotic Nigerians to stay focused, ignore the noise and not be discouraged. We remain on a mission.”
Also read: Tinubu inaugurates NNPCL board, management
The NNPC is yet to appoint a new spokesperson following the recent resignation of Olufemi Soneye on Saturday, leaving the organisation’s media relations in transition amid these unfolding developments.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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