Bayo Ojulari: Meet NNPC's New GCEO as Tinubu Sacks Mele Kyari, Other Board Members

• President Bola Tinubu has replaced the board of the Nigerian National Petroleum Company Limited (NNPC)
• Tinubu sacked Mele Kyari as the NNPC Group CEO and appointed Bayo Ojuri as the new head of the state oil firm
• Ojulari was the managing director of Shell Nigeria Exploration and Production Company (SNEPCo) from 2015 to 2021

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

President Bola Tinubu has reconstituted the board of the Nigerian National Petroleum Company Limited (NNPC), removing Mele Kyari as the Group Chief Executive Officer (GCEO).

He appointed Bayo Ojulari as the new NNPC GCEO and tasked him with crude oil output for Nigeria.

The reason why President Tinubu has decision to replace Kyari remains undisclosed, even though some people have linked it with the fallout of the naira-for-crude initiative with Dangote Refinery, and other matters.

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Tinubu sacks Mele Kyari, appoints Ojulari

Ojulari took over from Kyari, who has been NNPC’s boss since July 2019. He is the longest-serving NNPC CEO since 1999.

He has over 34 years of experience in the global oil and gas industry, spanning the management of petroleum asset acquisition and divestment, exploration, field development, production management, and other areas.

Ojulari’s appointment as NNPC chief seeks to leverage Nigeria’s oil production by achieving over two million barrels of oil daily while maximising value for the economy.

Who is Bayo Ojulari, NNPC's new GCEO?

Ojulari graduated from Ahmadu Bello University with a Bachelor of Engineering in Mechanical Engineering and began his career at Elf Petroleum Nigeria.

He joined Shell and spent over 24 years in various leadership positions in Nigeria, Europe, and the Middle East.

He was the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) from 2015 to 2021.

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While at Shell, he supervised deep-water assets, with a production capacity of 320,000 barrels daily and an annual operating cost of $1 billion.

Ojulari's work at Shell

Under his leadership, Shell Nigeria achieved robust milestones, including a 20% production increase, a 30% reduction in operational costs, and a 40% reduction in project costs. He was awarded the Bonga award as the Asset of the Year in 2016.

His negotiation abilities allowed him to navigate complex commercial agreements, which were instrumental in securing new product-sharing contracts and dispute resolution agreements with OML-118, leading to growth projects worth between $6-8 billion.

Ojulari's appointment comes amid significant challenges in NNPC, such as pipeline vandalism, oil theft, and the call to diversify Nigeria’s oil portfolio.

Experts believe Ojulari’s record of delivering results in tough environments makes him the ideal leader to take NNPC through the challenges it would face.

Expectations for Ojuri

Mr. Bayo Ojuri's appointment as the new Group CEO of the NNPC comes at a critical juncture for Nigeria’s oil sector, and expectations are justifiably high.

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First, he must prioritise stabilising crude oil production, which has suffered from pipeline vandalism, oil theft, and regulatory inconsistencies.

Nigeria’s inability to consistently meet its OPEC quota has undermined both revenue targets and investor confidence. Ojuri must work closely with security agencies and host communities to secure infrastructure and enhance output.

Secondly, all eyes are on his capacity to drive the proposed NNPC Initial Public Offering (IPO). For this to succeed, the company must demonstrate transparency, operational efficiency, and sound corporate governance—qualities that potential investors will scrutinise.

This IPO could transform NNPC into a commercially viable global energy company, but only if Ojuri lays the groundwork carefully.

Lastly, reviving the naira-for-crude initiative could be a strategic move to bolster the local currency and reduce dollar dependence.

However, it must be approached with clarity, fairness, and safeguards to prevent misuse. Stakeholders will be watching how Ojuri balances market realities with national economic interests.

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In all, Mr. Ojuri has a unique opportunity to reset the narrative and reposition NNPC as a beacon of reform and results.

Kyari gives update on NNPC fuel comparison

Legit.ng previously reported that Kyari had announced that security and legal action had been taken against those misleading Nigerians about fuel products.

He made the statement while reacting to a viral video that circulated online comparing petrol quality from the Dangote refinery and NNPC filling stations.

He immediately discredited the video, which allegedly showed that NNPC fuel has a higher burn rate than Dangote’s, calling claims amateurish and baseless.

This article has been updated by head of business desk, Victor Enengedi, with additional information.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng