The new management of the Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed the Managing Directors of its three refineries as part of a sweeping overhaul aimed at revitalising Nigeria’s oil and gas sector.
The affected refineries are the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and the Kaduna Refining and Petrochemical Company.
In addition to the refinery bosses, several senior officials were also shown the door, including Bala Wunti, the former head of the National Petroleum Investment Management Services (NAPIMS), a key subsidiary of NNPC Ltd.
Sources within the company revealed that numerous officials with just one year remaining before retirement were also asked to exit early as part of the restructuring.
While the company’s spokesperson, Olufemi Soneye, declined to comment on the development when contacted, multiple reliable sources within the national oil firm confirmed the leadership shake-up under the new management.
This move follows the dramatic dismissal of the former NNPC Ltd Group Chief Executive Officer, Mele Kyari, and other board members on 2 April 2025 by President Bola Tinubu. The decision, which came as a surprise, formed part of broader reforms aimed at boosting crude oil and gas production in Nigeria.
Presidency sources cited underperformance and a failure to meet key output targets as major reasons behind the sacking of Kyari and others, saying the system had stagnated under their leadership.
“The President took this action based on performance. The previous team had been going in circles and had become part of the problem, not the solution,” one official said on condition of anonymity.
“There’s a need for a new direction—fresh minds with the energy and expertise to deliver results. These new appointees are core professionals, true technocrats who understand the industry. This is the first time we are seeing a fully technocratic team at the helm.”
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Another senior government source emphasised that the restructuring had nothing to do with age or civil service rules, pointing out that NNPC Ltd now operates as a limited liability company.
“It’s about delivery. The President gave them clear performance metrics, including crude production targets and asset optimisation plans,” the source explained.
“By 2027, Nigeria must stabilise at 2 million barrels of crude per day, and by 2030, we must reach 3 million barrels per day. On the gas front, we must produce 10 billion cubic metres by 2030. The former management was not delivering on these goals.”
He added that despite Nigeria’s long-standing OPEC membership, the country has struggled to meet production quotas since 1973, underlining the urgency of reform.
In a midnight statement, the presidency also announced the appointment of a new 11-member board for NNPC Ltd, with Bayo Ojulari named as Group Chief Executive Officer and Musa Ahmadu-Kida appointed as Non-Executive Chairman.
Ojulari, who hails from Kwara State, previously served as Executive Vice President and Chief Operating Officer of Renaissance Africa Energy. Under his leadership, Renaissance led a consortium of Nigerian firms in acquiring Shell Petroleum Development Company of Nigeria in a landmark $2.4 billion deal.
