BREAKING: Tinubu Appoints New NNPC Boss After Sacking Kyari

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, President Tinubu’s special adviser on information and strategy, in the early hours of Wednesday, April 2.

Before his appointment, Ojulari had earlier served as the chairman of President Bola Ahmed Tinubu (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.

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.

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

See Onanuga’s statement here:

NNPC 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 stabilizing the naira and reducing fuel price in Nigeria.

However, the deal ended a month ago, and the two companies could not renew the contract, which has led to an increase in the price of fuel, and retailers now import fuel rather than buying from Dangote, as Dangote also sells in dollars following the end 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