NNPC Limited Undergoes Major Shake-Up as New CEO Bayo Ojulari Drives Reforms

The Nigerian National Petroleum Company (NNPC) Limited is undergoing a significant restructuring under its newly appointed Group Chief Executive Officer, Bayo Ojulari, with over 200 senior staff members, including managing directors of its three state-owned refineries, being sacked or forced into early retirement.

The overhaul, which began following Ojulari’s appointment on April 2, 2025, aims to reposition the national oil company for greater efficiency, transparency, and alignment with Nigeria’s energy goals.

Among those affected by the shake-up are Bala Wunti, former chief of the National Petroleum Investment Management Services (NAPIMS), Ibrahim Onoja, managing director of the Port Harcourt Refining Company Limited (PHRC), Dr. Mustafa Sugungun, managing director of the Kaduna Refining and Petrochemical Company (KRPC), and Efifia Chu, managing director of the Warri Refining and Petrochemical Company Limited (WRPC).

Additionally, Lawal Sade, the chief compliance officer and former managing director of NNPC Trading, was relieved of her duties.

The company also directed management staff with less than one year to retirement to exit, impacting around 200 employees across various departments.

As part of the reorganization, NNPC appointed Maryam Idrisu as the new managing director of NNPC Trading, responsible for all crude oil transactions, and Obioma Abangwu as the chief liaison officer for board matters.

Sources within the company indicate that these changes are part of a broader strategy to place “round pegs in round holes” and achieve national objectives in the oil and gas sector, with the restructuring extending from the corporate headquarters in Abuja to subsidiaries in upstream, downstream, gas, power, new energy, and non-energy businesses.

The shake-up follows President Bola Tinubu’s sudden dismissal of former NNPC Group CEO Mele Kyari and the company’s board on April 2, 2025, a move attributed to poor performance and failure to meet production targets.

Tinubu appointed Ojulari, a seasoned industry professional with over three decades of experience, and Ahmadu Musa Kida as non-executive chairman to lead a new 11-member board.

Ojulari, previously the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company, is tasked with stabilizing crude oil production, tackling oil theft, and increasing refining capacity to 200,000 barrels per day by 2027 and 500,000 by 2030.

The restructuring comes amid heightened scrutiny of NNPC’s operational integrity, particularly regarding its refineries. The Warri Refining and Petrochemical Company, which underwent an $897.6 million revamp, has been shut since January 25, 2025, due to safety issues in its Crude Distillation Unit Main Heater, failing to produce Premium Motor Spirit (petrol).

Similarly, the Port Harcourt Refinery, which resumed operations in November 2024, has been operating at less than 40% capacity, raising concerns about transparency and efficiency.

Adding to the turmoil, operatives of the Economic and Financial Crimes Commission (EFCC) stormed the Port Harcourt Refinery on Wednesday, April 30, 2025, to question Acting Managing Director Jelili Ademoye, who assumed the role following Onoja’s dismissal.

Sources at the refinery described the EFCC’s actions as a “commando-style raid,” alleging that officials ignored protocol and briefly sparked a tense standoff with other security outfits, including the Department of State Services (DSS) and the Army.

The EFCC’s visit was reportedly to verify the availability of vital documents left by the outgoing managing director, though the agency has not officially commented on the operation.

Industry experts and stakeholders have expressed mixed reactions to the developments. Some view the shake-up as a necessary step to address longstanding inefficiencies and political interference in NNPC’s operations, while others caution that the aggressive approach could disrupt morale and continuity.

“The President appears ready to let technocrats lead, but Ojulari faces a tough road ahead,” said Kelvin Emmanuel, an Abuja-based energy analyst.

“Restructuring must be accompanied by clear policies to tackle oil theft, pipeline vandalism, and the shift to private-sector-led refining, as exemplified by the Dangote Refinery.”

Ojulari has outlined ambitious targets, including attracting $30 billion in sectoral investments by 2027 and $60 billion by 2030, raising crude oil production to 2 million barrels per day by 2027 and 3 million by 2030, and expanding gas production to 10 billion cubic feet per day by 2027.

At a recent town hall meeting with NNPC staff, he emphasized transparency, profitability, and employee empowerment, stating,

“We will build a high-performing, globally competitive NNPC Limited that is proudly Nigerian and world-class.”

As the new leadership navigates these challenges, stakeholders are calling for sustained reforms, including the continuation of the naira-for-crude policy and collaboration with private refineries like Dangote to enhance energy security and reduce fuel imports.

With Nigeria’s economy heavily reliant on oil, the success of Ojulari’s reforms will be critical to restoring investor confidence and driving economic growth.