The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, on Monday addressed stakeholders at the ongoing Nigeria Annual International Conference and Exhibition hosted by the Society of Petroleum Engineers, choosing not to respond directly to widespread speculation about his alleged forced resignation.
Ojulari, who delivered his remarks virtually, used the platform to indirectly dispel oline reports suggesting he was pressured by government agencies to step down.
His appearance and speech appeared to calm anxieties within the industry over the unverified claims.
Focusing on the future of Nigeria’s energy sector, Ojulari emphasised the need for a coordinated, strategic approach to attract global investors.
He urged stakeholders to build a strong, bankable narrative around Nigeria’s energy potential to remain competitive on the international stage.
“In a world where global capital pools are vast, the competition for them is fierce. Africa must not just participate; it must compete. Nigeria must make its energy story bankable, sustainable, and globally relevant,” Ojulari said during his virtual presentation.
Pushing back against narratives that label oil and gas as declining sectors, Ojulari maintained that hydrocarbons still have a key role to play in achieving an inclusive and sustainable energy future. He said fossil fuels should be integrated strategically with emerging technologies rather than discarded.
“The future of energy is not linear. It is shaped by the decisions we make today, how we invest, how we innovate, and how we collaborate. We must embrace technologies like carbon capture and storage, hydrogen development, artificial intelligence, smart grid systems, and compressed natural gas as strategic enablers, not as buzzwords,” he stressed.
Highlighting the growing adoption of compressed natural gas (CNG) across Africa, Ojulari noted that clean fuel alternatives are already making an impact.
He said displacing traditional biomass with modern fuels is vital to achieving a just and equitable energy transition.
He also stressed the need to de-risk Nigeria’s energy landscape by improving governance, enhancing regulatory consistency, upholding contractual obligations, and establishing credible dispute resolution mechanisms.
Ojulari reiterated the importance of contextualising Africa’s energy transition, cautioning against externally imposed solutions.
With large segments of the population still lacking access to electricity, he said any transition plan must prioritise energy justice.
“Our transition must be just. It must reflect the reality that in many parts of Africa, energy poverty is still the dominant challenge. Natural gas must be recognised as a transitional fuel for Africa, allowing us to meet climate goals without sacrificing development,”
he added.
