Nigeria, Dec. 28 -- In Nigeria, energy security has never been a narrow technical concern. It sits squarely at the crossroads of fiscal stability, foreign exchange earnings and the broader political economy. Under President Bola Tinubu, whose reform agenda has exposed both the resilience and the fragility of the national economy, this linkage has become even more pronounced. Eight months into the tenure of Bayo Ojulari as Group Chief Executive Officer of NNPC Limited, the national conversation is shifting - from how much oil Nigeria produces to how securely that value is protected and converted into public benefit.

Ojulari has increasingly framed energy security as revenue security, advancing the idea that barrels lost to theft, ineffici...