By IDNN Business & Energy Desk
Published: May 9, 2025
In a landmark show of corporate diplomacy, Africa’s richest man, Aliko Dangote, and the new Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Bashir Bayo Ojulari, have pledged to forge a new era of strategic synergy in Nigeria’s energy sector.
During a high-level courtesy visit on Thursday at the NNPC Towers in Abuja, both parties agreed to deepen collaboration between the Dangote Petroleum Refinery & Petrochemicals and the national oil firm, with the aim of enhancing energy security, reducing import dependency, and accelerating national economic growth.
This meeting was the first official engagement between the two energy giants since the removal of former NNPC GCEO Mele Kyari in April and the appointment of Ojulari.
Healing Old Wounds: From Tension to Teamwork
Relations between NNPC and Dangote Group had been fraught in recent months due to issues surrounding the naira-for-crude oil deal, a policy intended to reduce dollar dependence but which stalled under Kyari’s leadership.
Insiders disclosed that the agreement has now been revived under Ojulari, triggering a recent drop in the pump price of Premium Motor Spirit (PMS) to ₦915 per litre. The revived deal enables crude-for-naira settlements, a mechanism that enhances local currency liquidity and eases forex pressure.
The discussion also touched on lingering concerns over NNPC’s $1 billion equity stake in the 650,000 bpd Dangote Refinery. The company clarified that the investment represented just 5% of the project’s total value, countering earlier media speculation about overexposure.
Dangote: ‘We Can Achieve the Impossible Together’
Aliko Dangote used the opportunity to express confidence in the new NNPC leadership, describing Ojulari’s team as seasoned professionals with the expertise to reset Nigeria’s energy path.
“I am very impressed by the quality and experience of the new team. I believe we can work together to achieve great things for the country,” Dangote said.
He emphasized that collaboration—not rivalry—will be key to delivering energy self-sufficiency and positioning Nigeria as a regional refining powerhouse.
“When we collaborate, we transform the impossible into reality. The world is watching, and we must get this right,” he added.
Ojulari Praises Dangote’s Industrial Vision
In his response, Ojulari hailed Dangote as a ‘humble African leader’ whose track record continues to inspire economic transformation across the continent.
“You are an African icon. Your contributions to industrial growth are unrivalled,” Ojulari said.
He assured that NNPC Ltd. under his leadership would prioritize transparency, collaboration, and investor confidence, reiterating that national interest would drive all decisions.
Ojulari disclosed that since assuming office, he has encountered exceptional technical talent within NNPC and aims to optimize it for sustainable outcomes.
Both Leaders to Serve as Direct Relationship Managers
In a show of personal commitment, both Dangote and Ojulari agreed to serve as direct relationship managers for their respective organizations, ensuring constant communication, trust-building, and alignment.
The leaders pledged to eliminate bureaucratic bottlenecks and prioritize healthy competition alongside mutually beneficial partnerships.
“We owe it to the Nigerian people to work together—not against each other,” Ojulari concluded.
A Pivotal Moment in Nigeria’s Energy Sector
As the Dangote Refinery gears up for full commercial production and NNPC Ltd. seeks to solidify its new corporate structure post-Petroleum Industry Act (PIA), Thursday’s meeting marks a potential turning point in Nigeria’s oil and gas reform.
With global demand for refined petroleum products surging, energy stakeholders will be closely watching how this alliance shapes Nigeria’s industrial future.