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The Management of the Nigeria National Petroleum Company Limited (NNPC Ltd.) has welcomed the appointment of its new Group Chief Executive Officer (GCEO), Mr. Bayo Ojulari, and Board of Directors by President Bola Tinubu.
Mr. Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., in a statement on Wednesday, April 2, 2025, appreciated the outgoing GCEO, Mr. Mele Kyari, and the former Board Members for their selfless and dedicated service to the company and nation.
President Bola Tinubu on Wednesday approved a reconstitution of the NNPC Ltd. board, removing the chairman, Chief Pius Akinyelure, and the GCEO, Malam Mele Kyari.
Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023.
The new 11-man board has Mr. Bayo Ojulari as the GCEO and Ahmadu Kida as non-executive chairman.
He said that Kyari’s leadership and tireless efforts had left an indelible mark on the NNPC Ltd.
“We are sincerely grateful for his outstanding contributions.
“We wish him and all departing Board Members continued success and fulfilment in their future endeavours.
Ojulari, the new GCEO, hails from Kwara State, and until his new appointment, was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company.
His Renaissance recently led a consortium of indigenous energy firms in the landmark acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria (SPDC), worth $2.4 billion.
Ojulari graduated with a degree in Mechanical Engineering, worked for Elf Aquitaine as the first Nigerian process engineer to begin a stellar career in the oil sector.
From Elf, he joined Shell Petroleum Development Company of Nigeria Ltd in 1991 as an associate production technologist.
Aside working in Nigeria, he worked in Europe and the Middle East in different capacities as a petroleum process and production engineer, strategic planner, field developer, and asset manager.
In 2015, he became the managing director of Shell Nigeria Exploration and Production Company (SNEPCO).
During his career, he was chairman and member of the board of trustees of the Society of Petroleum Engineers (SPE Nigerian Council) and a fellow of the Nigerian Society of Engineers.
Meanwhile, an economist, Prof. Evans Osabuohien, has commended President Bola Tinubu for removing both the Chairman, Board and Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company (NNPC) Limited.
Osabuohien, who is Head of the Economics Department at Covenant University in Ota, said on Wednesday that their removal was a welcome development.
Osabuohien said sacking the NNPC board would help to check sharp practices in the petroleum sector.
“The sacking of the NNPC board was a right step in the right direction,” he added.
The economist however stated that the move should not stop there.
“There is the need for a holistic probe of that sector,” he said.
Osabuohien said NNPC had been recording losses in the past two years when it became a private company.
He suggested that the Federal Government should make NNPC a public liabilities company so that there would be a board of directors which would be responsible to the public.
“This will make the sector vibrant and be contributing positively to the economy and generating employment opportunities in the country.”
Osabuohien also urged the Federal Government to look into the recent conflict between the NNPC and Dangote Group.
By Emmanuella Anokam and Ige Adekunle
