The transformation of NNPC under the Petroleum Industry Act (2021) aimed to promote commercial efficiency and good governance. However, structural change alone may be insufficient if legacy systems, entrenched cultures, and power imbalances remain unaddressed. This study examines whether NNPC Limited is strategically aligned to meet its commercial mandate and evaluates the challenges of implementing reform within a politically influenced environment. The objective is to analyse the interplay between key organisational elements and assess their impact on the company’s ability to function as a commercially viable entity. Adopting a content analysis methodology, the study found that although restructuring efforts occurred in 2000, 2009, and 2016, only the 2021 Petroleum Industry Act (PIA) provided the legal foundation for effectively unbundling and commercialising the NNPC; transforming it into NNPC Limited, a profit-oriented, corporatised entity with clearer governance and strategic focus. The study recommends sustained political commitment and depoliticisation, institutionalising a performance-driven culture, strengthening legal and regulatory enforcement, and accelerating infrastructure and financial market readiness for privatisation.