President Bola Tinubu has made major changes at NNPCL, removing Mele Kyari as Group Chief Executive Officer (GCEO) and dissolving the company’s board. This decision is part of a broader restructuring plan for the national oil company.
New Leadership at NNPCL
To replace Kyari, President Tinubu has appointed Engineer Bashir Bayo Ojulari as the new GCEO. Ojulari has a solid background in the oil and gas industry, having previously led Shell Nigeria Exploration and Production Company (SNEPCo). His experience makes him well-suited for the role.
Additionally, the President has appointed a new board. Ahmadu Musa Kida will serve as the non-executive chairman. The new board also includes representatives from various regions of Nigeria, aiming to ensure more regional balance and better company performance.
Reasons Behind the Restructuring
This restructuring reflects President Tinubu’s desire to improve the performance of NNPCL. His main goals include:
- Boosting efficiency: Streamlining operations to improve productivity at NNPCL.
- Attracting investment: Building confidence among local and international investors.
- Supporting economic growth: Increasing oil and gas production to drive Nigeria’s economy.
- Maximizing gas resources: Using Nigeria’s vast natural gas reserves more effectively.
Who Is Engineer Bayo Ojulari?
Ojulari brings a wealth of experience to the new role. He holds a Bachelor of Engineering in Mechanical Engineering from Ahmadu Bello University and has worked for both Elf Aquitaine and Shell. His leadership at Shell was marked by increased oil production and significant cost savings.
During his time at SNEPCo, Ojulari oversaw operations that resulted in a 20% increase in production and major cost reductions.
Plans for NNPCL’s Future
Now, with the new leadership in place, Ojulari and the board will review NNPCL’s assets. This review will help align the company’s strategies for value maximization.
NNPCL also has ambitious production goals. By 2027, the company aims to increase oil production to 2 million barrels per day. By 2030, the target is to reach 3 million barrels per day. The company is also focusing on expanding its refining capacity and increasing gas production.
Conclusion
These changes at NNPCL mark an important shift in Nigeria’s oil and gas industry. The restructuring will help the company focus on growth, efficiency, and attracting more investment in both oil and gas. With Ojulari’s leadership, NNPCL is expected to make significant progress in the coming years.
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