In a decisive move aimed at revitalizing Nigeria’s oil industry, President Bola Ahmed Tinubu has appointed Bayo Ojulari, a former Shell executive, as the new Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC). This appointment is part of a broader strategy to reform the sector and boost oil production. ​

Background of Bayo Ojulari

Bayo Ojulari brings a wealth of experience to his new role, with a distinguished career in the oil and gas sector. He began his journey at Shell in 1991 as an Associate Production Technologist and rose through the ranks to become the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) from 2015 to 2021. Prior to his appointment at NNPC, Ojulari served as the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company, where he played a pivotal role in acquiring Shell’s onshore assets in Nigeria. ​Wikipedia+2Premium Times Nigeria+2Business Insider Africa+2Reuters+4Business Insider Africa+4Premium Times Nigeria+4

President Tinubu’s Vision for NNPC

President Tinubu’s decision to appoint Ojulari aligns with his administration’s commitment to overhauling Nigeria’s oil sector. The president aims to increase oil production to 2 million barrels per day by 2027 and further to 3 million barrels per day by 2030. Additionally, there is a target to raise gas output to 8 billion standard cubic feet per day by 2027. These ambitious goals are set against the backdrop of challenges such as declining production levels and the need for improved refining capacities. ​Reuters+1S&P Global+1

Challenges Facing Ojulari

Ojulari steps into his role at a critical juncture. Nigeria’s oil production has faced setbacks due to issues like large-scale theft and operational inefficiencies, with output dipping below 1 million barrels per day in 2022. Furthermore, the country’s refining capacity has been under scrutiny, with efforts underway to enhance domestic refining to reduce reliance on imports. ​Financial Times

The new NNPC leadership is also tasked with preparing the company for an initial public offering (IPO), a move aimed at increasing transparency and efficiency within the organization. This transition requires strategic restructuring and a clear roadmap to attract potential investors. ​Bloomberg

Safety and Security Considerations

Given the complexities of Nigeria’s oil sector, concerns naturally arise regarding the safety and security of those at its helm. The industry has historically been fraught with challenges, including militant activities in the Niger Delta region and issues related to oil bunkering. However, there is no specific information suggesting that Ojulari faces immediate personal security threats. Nonetheless, the government is expected to provide the necessary support and security measures to ensure that he can effectively carry out his mandate.​

Conclusion

Bayo Ojulari’s appointment as the GCEO of NNPC marks a significant step in President Tinubu’s efforts to reform Nigeria’s oil sector. With his extensive experience and the administration’s backing, Ojulari is poised to tackle the challenges ahead. While the path to revitalizing the industry is complex, the combined focus on increasing production, enhancing refining capacity, and preparing for an IPO reflects a comprehensive approach to achieving sustainable growth in Nigeria’s oil and gas sector.​Premium Times NigeriaReuters

Last Updated on April 3, 2025 by kingstar