Nigerian President Bola Ahmed Tinubu has appointed Bayo Ojulari, a former executive at Shell, to lead the state-owned oil company NNPC Ltd. This decision, announced by the presidency on Wednesday, comes as the nation aims to increase oil production and enhance its refining capabilities.
Following the removal of expensive subsidies and two devaluations of the naira currency during his first year in office, Tinubu is now concentrating on reforming the state oil company to optimize its contribution to national revenue.
Ojulari succeeds Mele Kyari, with the appointment taking effect immediately, as stated by presidential spokesman Bayo Onanuga.
Most recently, Ojulari served as the chief operating officer at Renaissance Africa Energy Co., a Nigerian consortium that owns Shell’s former onshore subsidiary in the country. He previously led Shell Nigeria’s exploration division.
- Advertisement -
In addition to Ojulari’s appointment, Tinubu has also restructured the NNPC board, establishing an 11-member team tasked with implementing reforms and enhancing efficiency within the oil sector.
As Africa’s largest oil producer, Nigeria generates approximately 1.8 million barrels per day, with oil accounting for nearly half of government revenue. Under Tinubu’s leadership, the country aims to increase its oil and gas production, targeting 2 million barrels per day of oil and 8 billion standard cubic feet of gas daily by 2027, with further goals of reaching 3 million barrels per day and 10 billion standard cubic feet per day by 2030.
