President Bola Ahmed Tinubu is reportedly the driving force behind the ongoing investigations into corruption and mismanagement within the Nigerian National Petroleum Company Limited (NNPCL), according to official briefings and sources close to the presidency.
Multiple insider sources confirmed that President Tinubu initiated NNPCL Corruption Probe after receiving numerous reports detailing financial misappropriation and systemic rot within the NNPCL, stretching back years.
A top source privy to recent developments revealed: “Mr. President had made it clear that there is no way the federal government under his watch would not investigate the well-known mismanagement and looting at NNPC. He said, ‘I will certainly deal with them.’”
While the President had initially exercised restraint—reportedly due to assurances from the former leadership that they would revive Nigeria’s refineries—the tide turned as pressure mounted from within his inner circle. A group led by Prince Dipo Eludoyin, a close business ally of the President, urged Tinubu to first overhaul the executive leadership before expecting meaningful reforms.
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That recommendation appears to have prevailed. Empowered Newswire gathered that the Eludoyin-led faction helped identify a new NNPCL leadership team. Although the Akinyelure-led board attempted to work alongside the former Group CEO Mele Kyari to improve refinery output, the President eventually lost patience.
The decision to change course came shortly before President Tinubu’s retreat visit to Paris. The overhaul was quietly made public on April 2 via a late-night announcement by presidential spokesperson Mr. Bayo Onanuga.
An insider source confirmed that “the President sent a clear signal he was fed up with the back-and-forth regarding refinery repairs. Even if it meant letting go of his long-time ally Akinyelure, he did it. He served notice that he would not tolerate inefficiency or sacred cows—not in the NNPCL or any arm of government.”
Shortly after the new GCEO, Mr. Ojulari, assumed office, he reportedly traveled to London to brief the President on his preliminary findings and plans for a sweeping reform. According to the source, President Tinubu quickly gave his full endorsement and directed that investigations and refinery overhaul efforts be expanded beyond the immediate past leadership.
This bold action underscores the administration’s broader strategy to clean up the oil sector. When announcing the new board, Tinubu outlined an action plan, including a strategic review of NNPCL’s assets to maximize value and promote transparency.
According to Onanuga, since 2023, Tinubu’s government has spearheaded reforms to attract investment into the oil and gas sector. NNPCL reported $17 billion in new investments in 2023 alone. The administration aims to increase this to $30 billion by 2027 and $60 billion by 2030.
As part of the broader reform goals, the Tinubu administration is targeting a rise in daily crude oil production to two million barrels by 2027 and three million by 2030. Gas output is expected to increase to 8 billion cubic feet per day by 2027 and 10 billion cubic feet by 2030.
Additionally, Tinubu expects NNPCL’s share of domestic refining output to reach 200,000 barrels per day by 2027 and 500,000 by 2030.
