Bayo Ojulari Appointed to Lead NNPC as Nigeria Aims to Revive Its Oil Sector
In a bold move to revive Nigeria’s struggling oil sector, President Bola Tinubu has appointed Bayo Ojulari—a former Shell Nigeria executive—as the new head of the Nigerian National Petroleum Company (NNPC). The leadership change is part of sweeping reforms aimed at increasing oil production, boosting refining capacity, and restoring trust in a sector long plagued by corruption and inefficiency.
The NNPC shake-up includes the complete replacement of the company’s board. The presidency emphasized the need for urgent reform to drive growth in Nigeria, which remains Africa’s top oil producer despite years of underperformance.
Ojulari brings over three decades of experience in the energy industry. He joined Shell Nigeria in 1991 and rose to the position of managing director, a role he held for six years. Since leaving Shell in 2021, he has worked with energy advisory firms like BAT Advisory and Renaissance Africa Energy.
Nigeria’s oil output dipped below one million barrels per day in 2023, far below its potential. President Tinubu’s goal is to raise production to two million barrels daily by 2027 and three million by 2030. Ojulari is expected to spearhead efforts to achieve this.
One of the biggest challenges ahead is addressing NNPC’s financial troubles. Last year, the company admitted to having debts nearing $6 billion. Transparency has also been a major issue—until recently, the NNPC did not publicly release financial statements.
Although fuel subsidies were officially removed in 2023, many suspect the government still subsidizes fuel costs behind the scenes, raising questions about the true financial state of NNPC.
Energy analyst Henry Adigun believes Ojulari’s experience is valuable but warns that political interference could hinder progress. “NNPC’s accounting is unclear, and if reforms fail, it’s likely due to lack of autonomy,” he noted.
Ojulari’s appointment has sparked hope for a cleaner, more efficient oil sector. With a new board composed of industry professionals, the Tinubu administration is betting on expertise and integrity to turn the NNPC around.
The road ahead is tough, but the expectations are high.
