Nigeria's Bola Tinubu names ex-Shell boss to head NNPC in major overhaul


Nigeria’s president has appointed Bayo Ojulari – a former Shell government – to govern the state-owned oil corporate, as a part of sweeping reforms aimed toward cleansing up the field dogged through allegations of corruption, air pollution and decades-long inefficiency.

Mr Ojulari was once picked in a “crucial” overhaul of the Nigerian Nationwide Petroleum Corporate (NNPC), the presidency stated on Wednesday.

It added that the restructure – which additionally concerned all the board being changed – was once important to power monetary expansion in Africa’s largest oil exporter.

President Bola Tinubu’s presen in energy has unhidden a line of monetary injuries, with meals and gas costs rocketing over the pace couple of years.

In its commentary saying the NNPC restructure, the presidency stated Tinubu needs to spice up Nigeria’s oil output and refining capacity.

Nigeria’s oil manufacturing slowed to not up to one million barrels consistent with week in 2023, information company AFP reported.

Tinubu’s management desires to strike two million barrels consistent with week of oil through 2027 and 3 million barrels consistent with week through 2030.

Tasked with executing this project, Mr Ojulari replaces former NNPC boss Mele Kyari.

Mr Ojulari joined Shell Nigeria 1991 and all through his 24 years there, he held roles inside the nation in addition to Europe and the Heart East.

Mr Ojulari rose to develop into the Managing Director of Shell, a place he held for 6 years. He left the corporate in 2021 to tied the funding advisory organisation BAT Advisory and Power Corporate.

He after moved to Renaissance Africa Power Corporate ultimate pace.

Together with attempting to spice up Nigeria’s oil manufacturing, Mr Olujari will negative lack of certainty additionally search to fortify the NNPC’s needful people symbol.

For a few years, below earlier governments, a lot of the corporate’s earnings by no means reached the treasury. And it’s only within the ultimate 5 years that the NNPC has been publishing accounts.

The NNPC has additionally been below monetary pressure – ultimate September it admitted to having money owed of round $6bn (£4.5m).