LAGOS, Nigeria – On Friday, Nigerian National Petroleum Company Limited (NNPC) disclose new eight-member senior management team to take charge of the company operations and ensure better strategic direction. This decision is part of an effort to boost efficiency and enhance the company’s operational framework.
The announcement come from Olufemi Soneye, the spokesperson for NNPC, who state that the new team will be led by Mr. Bashir Ojulari as the Group Chief Executive Officer (GCEO). Other key appointees include Rowland Ewubare as Group Chief Operating Officer, Adedapo Segun as Group Chief Financial Officer, and Olalekan Ogunleye as Executive Vice President for Gas and Power & New Energy.
Mr. Isiyaku Abdullahi, who was in charge of Downstream since November 2023, will be replaced by Mumuni Dangazau in the same position. New faces also include Sophia Mbakwe, who will serve as Executive Vice President for Business Services, and Adesua Dozie, appointed as Company Secretary & Chief Legal Officer. All these appointments are effective immediately.
In the statement, NNPC said, “Following the appointment of the GCEO and Board of Directors, we have established this new managerial team to tackle existing inefficiencies and steer the company to prosperity.”
The company further mention that shareholders have approved these appointments, which will be officially submitted to the Corporate Affairs Commission as per the Petroleum Industry Act. This action follows a resolution signed by the shareholders, mainly the Ministry of Finance and the Ministry of Petroleum Resources.
The resolution state, “We, the undersigned, being all the shareholders of the Company, hereby approve the passing of these resolutions and agree that they shall take effect as if they were passed in a general meeting of the Company.”
In a related news, President Bola Tinubu also confirmed the reconstitution of the NNPC board, leading to the removal of Chief Pius Akinyelure and all other board members who were appointed in late 2023. The president emphasizes the urgent need for reforms in a sector plagued by inefficiency and allegations of corruption.
The new GCEO, Mr. Ojulari, who have vast experience from leading Shell Nigeria, hopes to restore confidence in the NNPC, particularly amid significant financial challenges the company face. As reported last year, NNPC admitted to having debts totalling approximately $6 billion.
Oil sector analysts express cautious optimism about Ojulari’s leadership. Henry Adigun, an energy expert, stated, “While Mr. Ojulari comes with decades of experience, the NNPC has serious financial and operational issues to tackle. The organization must become transparent for any meaningful change to take place.”
If Mr. Ojulari can effectively manage the existing challenges, he could potentially lead reforms that align with the government’s goals to increase Nigeria’s oil production to two million barrels per day by 2027.
