Oil and gas analysts and stakeholders express confidence in the new NNPCL board, emphasizing the need to boost oil production and revive idle assets for economic growth. NEITI commends Bayo Ojulari’s appointment as NNPCL’s GCEO.NEITI’s Dr. Orji urges NNPCL’s new GCEO to uphold transparency, accountability, and governance, crucial for ongoing reforms under the Petroleum Industry Act.
NEITI urges NNPCL’s new leadership to uphold transparency, disclose financial and production data, and align with global best practices to rebuild public trust and drive national development.NEITI congratulates the new NNPCL Board, urging strategic leadership to drive transformation under the PIA.
It highlights the Board’s accountability to Nigerians and thanks Mele Kyari for advancing transparency and collaboration during his tenure.NEITI reaffirms commitment to transparency in Nigeria’s extractive sector. JP Morgan sees NNPCL’s leadership change as key to oil sector reform, boosting transparency and government revenue.NNPC’s new FX financing deal, potentially $9.5B, could boost liquidity and reserves. NGA’s Chichi Emenike urges NNPCL to uphold transparency and restructure agreements to attract investors.Emenike urges NNPCL to boost private sector involvement, optimize gas production, and learn from global NOCs for profitability.
She stresses collaboration with stakeholders to protect assets and increase output.Gillis-Harry urges NNPCL to expand global partnerships, enhance transparency, and tackle refining challenges. He advocates stakeholder engagement, optimization, and sustainability for long-term success.Experts call for revitalizing public refineries to avoid monopolies. NAPE praises President Tinubu for appointing a new NNPCL board, commending Bayo Ojulari’s appointment as GCEO for driving industry growth and efficiency.President Tinubu appoints an 11-man NNPCL board, led by Bayo Ojulari as CEO and Ahmadu Musa Kida as non-executive chairman.
Six non-executive directors represent Nigeria’s geopolitical zones. The restructuring aims to improve efficiency, restore investor confidence, and drive economic growth. All appointments take effect April 2, 2025.President Tinubu directs NNPCL’s new board to review assets for value maximization. His administration aims to boost investments to $30B by 2027 and $60B by 2030, raise oil production to 2M bpd by 2027, and increase gas production to 8B cubic feet daily by 2027.
The goal is to refine 200,000 barrels of crude daily by 2027, reaching 500,000 by 2030.President Tinubu aims to increase NNPC’s refining output to 200,000 barrels by 2027 and 500,000 by 2030. Ahmadu Musa Kida, the new board chairman from Borno State, is a civil engineering graduate with extensive experience in the oil industry, including roles at Total Nigeria and Pan Ocean-Newcross Group.
Bayo Ojulari, the new NNPCL CEO, hails from Kwara State.Bayo Ojulari, the new NNPCL CEO, was previously EVP and COO of Renaissance Africa Energy, which led the $2.4 billion acquisition of Shell Petroleum Development Company’s assets. A mechanical engineering graduate from Ahmadu Bello University, Ojulari has extensive experience with Elf Aquitaine, Shell, and SNEPCO. President Tinubu thanked the outgoing board for their efforts in rehabilitating the Port Harcourt and Warri refineries and wished them well.
