Bayo Ojulari: Tinubu Appoints New NNPC Boss After Sacking Kyari

• President Bola Tinubu has appointed Bayo Ojulari as a replacement for Mele Kyari, the immediate past GCEO of NNPC Limited
• The presidency announced the appointment of Ojulari in the early hours of Wednesday, April 2, 2025, adding that it was with immediate effect
• Ojulari's appointment came amid the disagreement between the NNPC and the Dangote Refinery over the selling of crude oil in naira

Aso-Rock, Abuja - President Bola Tinubu has announced the appointment of Bayo Ojulari as the new Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) following the sacking of Mele Kyari.

The presidency announced the shakeup in Nigeria's oil company in a statement signed by Bayo Onanuga, Tinubu's special adviser on information and strategy, in the early hours of Wednesday, April 2, 2025.

Who is Ojulari, the new NNPC boss?

Before his appointment, Ojulari had earlier served as the chairman of BAT Advisory and Energy Company. Ojulari has also served as the managing director of Shell Nigeria Exploration and Production Company (SNEPCo) from 2015 to 2021.

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Along with Ojulari, President Tinubu also made several other appointments in the NNPC Limited management. This included Adedapo Segun, who took over the role of chief financial officer from Umaru Isa Ajiya last November and has now been named to the new board by President Tinubu.

Full list of NNPC non-executive members

Six board members, who are non-executive directors, represent the country's geopolitical zones. They include Bello Rabiu from the North West, Yusuf Usman from the North East, and Babs Omotowa, a former managing director of the Nigerian Liquefied Natural Gas (NLNG), representing North Central.

President Tinubu appointed Austin Avuru as a non-executive director from the South-South, David Ige as a non-executive director from the South West, and Henry Obih as a non-executive director from the South East.

Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.

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See Onanuga's statement here:

NNPC's saga with Dangote Refinery

The development in Nigeria's oil company happened amid the growing controversy between the NNPC Limited and Dangote Refinery, a major privately owned refinery in Nigeria. The NNPCL earlier agreed to sell Nigeria's crude oil to the refinery in naira, with the hope of stabilising the naira and reducing fuel prices in Nigeria.

However, the deal ended a month ago, and the two companies were unable to renew the contract. This has led to an increase in fuel prices, with retailers now opting to import fuel instead of purchasing from Dangote, who also sells in dollars following the termination of the deal.

Recall that Dangote had earlier accused the NNPCL leadership of a plot to sabotage his business and continue to import substandard fuel from Malta.

Analyst forecasts potential refinery synergy boost

A financial analyst, David Olujinmi, has reacted to the appointment of Bayo Ojulari as the new Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), predicting key structural changes in the oil sector.

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"One of the projected shakeups is the refineries," Olujinmi told Legit.ng.

"We may see a more developed structural framework for improving synergy between our upstream and downstream players (local refiners)."

"That's something we'll wait to see—it's not just for Dangote Refinery alone,” he added.

The leadership transition comes amid ongoing tensions between NNPCL and Dangote Refinery over crude oil pricing, raising expectations for policy adjustments in Nigeria’s oil industry.

Tasks ahead for Bayo Ojulari as NNPC chief

Analysts say one of Ojulari's key challenges, as a 24-year industry veteran, will be to overhaul NNPC for greater efficiency.

This may include reducing its workforce of over 5,700 employees and divesting from some of its extensive assets, such as petrol stations and underperforming refineries, to focus more on oil production.

However, such sweeping reforms may encounter resistance from influential politicians who have a stake in NNPC's contracts and play a role in the company's appointments, Rueters reported.

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The global news media cited Jeremiah Enoch, an associate at consultancy firm J.S. Held, as saying that Ojulari would also have to carefully navigate "the persistent issue of ethnic politics within the organisation," referring to how ethnic identity can make or break careers in Nigeria.

Senator Shehu Sani, a former federal lawmaker from Kaduna state, also spoke about the ethnic politics.

"When a person is appointed to office, the first thing most people in our country want to verify is his tribe, then his religion; competence and experience are secondary. The system conditioned most people to be more comfortable with their kind at the helm," Sani posted on X.

How Tinubu retained Kyari as NNPC boss

Legit.ng earlier reported that Kyari's tenure was expected to terminate in 2027, in accordance with Section 59(2) of the Petroleum Industry Act 2021. It was important to note that President Tinubu had the final say on Kyari's tenure, and any decision regarding his removal ultimately rested with the President.

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In November 2023, Tinubu reappointed Kyari to continue leading the NNPC, suggesting that the President was satisfied with Kyari's performance. However, Kyari's leadership and Tinubu’s appointments at the NNPC had sparked controversy, with some critics accusing the President of ethnic bias.

Editorial assistant Ololade Olatimehin provided exclusive commentary from a financial analyst for this report.

Nurudeen Lawal, head of the Politics and Current Affairs desk, contributed to the report by including analysts' reactions on the tasks Bayo Ojulari faces in his role as NNPC chief.

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

Source: Legit.ng