By Adewale Sanyaolu
The Nigerian National Petroleum Company (NNPC) Limited, says it is considering the Incorporated Joint Venture (IJV) model for the revival of the nation’s refinery.
Group CEO of NNPC Ltd., Mr. Bayo Ojulari, disclosed this while playing host to a delegation from the national body of the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) at the NNPC Towers in Abuja on Thursday.
The IJV model is a business structure where two or more companies collaborate to form a new, independent entity. This entity operates as a separate company, allowing the partners to share resources, expertise, and risks while pursuing a common goal.
He added that said since coming on board about five months ago, his Management Team has prioritised reviving the nation’s refineries in order to put them back into more sustainable and profitable venture.
Mr. President doesn’t pressure me to do the wrong thing. That is why we are looking at the baseline to ensure whatever we are doing, the refineries work sustainably going forward. We don’t want to pretend and just do some quick fix because there is pressure on us,” Ojulari added.
He, however, regretted that, the Company is under attack from people who don’t mean well for Nigeria and who are against the ongoing transformation efforts in the Company.
He said because change always comes with a price, the NNPC Management will not succumb to such attacks. Instead, it will work for the larger interest of Nigerians.
“We are under attack. We will not budge to short-term pressure, as it will not be in the best interest of Nigerians. You cannot drive change without a price, and the transformation is tough,” Ojulari explained.
The GCEO emphasised that patience will be required from the Nigerian people at large to get to the other side of change, which will benefit Nigeria and her citizens.
He reiterated his commitment to stay focused in driving the mandate given to the team by President Bola Ahmed Tinubu.
While thanking the leadership of the Union for its support, Ojulari assured them to stay calm and build resilience to stay focused during these trials.
“I am overwhelmed with the support from the union executives present here. The enemies of this company and Nigerians will not win,” he added.
Earlier in his address, the President of PENGASSAN, Comrade Festus Osifo, said the oil workers union came to thank the NNPC Management for its partnership during the recently held 2025 PENGASSAN Energy & Labour Summit (PEALS) in Abuja.
The Union also acknowledged the “remarkable milestones” recorded so far under the GCEO’s watch.
“Our pipelines are now working. Also, crude oil theft has significantly reduced, leading to increased production. As PENGASSAN, we assure you that we are solidly behind you. We will work with you and collaborate with your team to ensure the stability of the system for the benefit of all Nigerians,”.
Leave a comment