The Peoples Wellbeing Association (PWA) has thrown its weight behind the Nigerian National Petroleum Company Limited over its $20 billion Bonga Southwest deepwater development and proposed Initial Public Offering (IPO) on major global stock exchanges.
In a statement issued in Abuja on Friday, PWA’s Head of Communications, Abba Abubakar, praised the leadership of Bashir Bayo Ojulari, describing his reforms as key to repositioning the company for global competitiveness.
Abubakar said the $20 billion Bonga Southwest project signals renewed investor confidence in Nigeria’s energy sector, noting that Ojulari’s focus on transparency, financial sustainability, and workforce development is attracting international interest.
He highlighted ongoing reforms within NNPCL, including leadership restructuring, operational integration, and gas expansion initiatives aimed at strengthening the company’s performance and appeal to investors.
According to him, the proposed IPO goes beyond listing the company on exchanges such as New York Stock Exchange and London Stock Exchange, stressing that it is centered on building strong fundamentals, improving cost efficiency, and delivering world-class energy projects.
Abubakar described the IPO-driven reforms as crucial to addressing longstanding structural inefficiencies and governance challenges within the company, while also enhancing transparency.
He further noted that Nigeria’s deepwater assets could mark a turning point after years of stalled investments, adding that recent reforms have helped restore investor confidence previously affected by regulatory uncertainties and disputes with international partners.
The PWA reaffirmed its support for NNPCL’s IPO plans, saying the strategy aligns with broader efforts to promote transparency, efficiency, and sustainable growth in Nigeria’s energy industry.
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