Lasun Alagbe
Nigerian National Petroleum Company (NNPC) Limited now has a new Chief Executive Officer, Bayo Ojulari, as President Muhammadu Buhari has sacked its erstwhile boss, Mele Kyari.
Bayo Bashir Ojulari is a Nigerian engineer and expert in petroleum, process and production engineering. He was managing director of Shell Nigeria Exploration and Production Company (SNEPCo) from 2015 to 2021
Tinubu also dissolved NNPCL’s board and appointed a new one.
The development is contained in a statement signed by Bayo Onanuga, special adviser to the president on information and strategy, early Wednesday.
It said the decision was based on the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC”, Tinubu invoked his powers under section 59(2) of the Petroleum Industry Act (PIA) 2021 to carry out the sweeping reconstitution.
As part of the overhaul, Ahmadu Musa Kida has been appointed as NNPC’s new non-executive chairman, replacing Pius Akinyelure.
Also, Adedapo Segun has been confirmed as the company’s chief financial officer (CFO).
They include Bello Rabiu representing the north-west, Yusuf Usman from the north-east, and Babs Omotowa, a former managing director of the Nigerian Liquefied Natural Gas (NLNG), for the north-central.
Others are Austin Avuru for the south-south, David Ige for the south-west, and Henry Obih for the south-east.
“This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices. We are taking bold steps to transform the company into a more commercially driven and transparent entity,” the statement reads.
The changes take effect immediately, and the new board has been handed a strategic action plan, which includes a “review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives”.
Tinubu, who has prioritised investment-driven reforms in the oil sector, highlighted that since 2023, his administration has attracted $17 billion in new investments and is now targeting $30 billion by 2027and $60 billion by 2030.
“Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030,” the statement added.
The administration has prioritised domestic refining capacity to reduce reliance on fuel imports and strengthen Nigeria’s energy security.
Kida, the new NNPC chairman, brings over three decades of experience in the oil and gas sector. A graduate of Ahmadu Bello University, Zaria, with a degree in civil engineering, he later obtained a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris.
He began his career at Elf Petroleum Nigeria before moving to Total Exploration and Production, where he rose to become deputy managing director of Deep Water Services in 2015. He most recently served as an independent non-executive director at Pan Ocean-Newcross Group.
He started his career at Elf Aquitaine before joining Shell Petroleum Development Company in 1991 as an associate production technologist.
“President Tinubu thanked the old board members for their dedicated service to NNPC Limited, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries, which enabled them to resume petroleum product production after prolonged shutdowns. He wished them well in their future endeavours,” the statement added.
