Abuja, Nigeria – President Bola Ahmed Tinubu has appointed Bayo Ojulari, a former Shell executive, as the new Chief Executive Officer of the Nigerian National Petroleum Corporation (NNPC) Ltd. This move is part of Tinubu’s strategy to revamp Nigeria’s oil sector, increase oil production, and restore refining capacity.
Key Appointments and Changes
- Ojulari replaces Mele Kyari, with the appointment taking immediate effect.
- Previously served as:
- Chief Operating Officer at Renaissance Africa Energy Co., which acquired Shell’s onshore assets in Nigeria.
- Head of Shell Nigeria’s exploration unit.
- New 11-member NNPC board appointed to enhance reforms and boost efficiency in the sector.
Nigeria’s Oil Sector Goals Under Tinubu
- Increase oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
- Expand gas output to 8 billion standard cubic feet per day (2027) and 10 billion (2030).
- Boost refining capacity, targeting 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.
- Revive Nigeria’s four refineries, which remain idle due to maintenance despite a combined capacity of 445,000 barrels per day.
Economic and Policy Reforms
Since taking office, Tinubu has ended costly fuel subsidies and twice devalued the naira to attract investment and stabilize the economy. The oil sector overhaul is expected to maximize government revenue, improve energy security, and reduce reliance on fuel imports.
With Ojulari’s leadership and a restructured NNPC board, Nigeria aims to strengthen its position as Africa’s top oil producer while ensuring long-term growth in the energy sector.
