The Nigerian National Petroleum Company Limited has officially welcomed its new Group Chief Executive Officer, Bayo Ojulari, who assumed leadership responsibilities yesterday, barely 48 hours after his appointment by President Bola Tinubu’s administration.
According to a statement released by NNPCL spokesperson, Olufemi Soneye, the handover ceremony took place on Friday at the company’s headquarters, marking the end of former GCEO Mele Kyari’s tenure at the helm of Nigeria’s national oil company.
The leadership transition follows President Tinubu’s comprehensive reconstitution of the NNPCL’s organizational structure on Wednesday, which saw the replacement of board chairman Chief Pius Akinyelure and all board members who had been appointed in November 2023.
During the handover ceremony, Ojulari praised his predecessor for his significant contributions to NNPCL’s growth and commended his exceptional service to the nation. The new GCEO expressed his commitment to building upon existing achievements while steering the company toward greater heights.
“Though the targets before my management team are substantial, I am confident that with the cooperation of the company’s management and staff, alongside the guidance of my predecessor, we will successfully achieve our objectives,” Ojulari stated during his inaugural address.
In his farewell remarks, outgoing GCEO Kyari congratulated Ojulari and expressed gratitude to the management and staff for their unwavering support throughout his tenure.
The national oil company also announced the appointment of a new eight-member senior management team tasked with overseeing the company’s operations and strategic direction. This organizational restructuring aims to enhance operational efficiency across all business segments.
The newly constituted executive team includes Rowland Ewubare as Group Chief Operating Officer, Adedapo Segun as Group Chief Financial Officer, and Olalekan Ogunleye as Executive Vice President of Gas, Power & New Energy.
Additional appointments include Udy Ntia as Executive Vice President Upstream, while Mumuni Dangazau replaces Isiyaku Abdullahi as Executive Vice President of Downstream. Sophia Mbakwe will serve as Executive Vice President of Business Services, with Adesua Dozie appointed as Company Secretary & Chief Legal Officer.
Our correspondent gathered that the shareholders of the national oil firm the Ministry of Finance and the Ministry of Petroleum Resources have already approved the names and portfolios of the new management team for submission to the Corporate Affairs Commission, in compliance with the provisions of the Petroleum Industry Act.
According to the resolution signed by the shareholders, “The Board of Directors of the Company is hereby authorised to do all such things including without limitation to signing such documents, directing such committees or person(s), if any, as may be required by law and the Memorandum and Articles of Association of the Company to give effect to the resolutions.”
Industry analysts suggest this leadership overhaul signals President Tinubu’s determination to revitalize Nigeria’s oil sector amid ongoing challenges with crude oil production and refining capacity. Energy sector stakeholders are watching closely to see how the new team will address persistent issues of petroleum product scarcity and achieve the administration’s energy security objectives.
