The management and staff of the Nigerian National Petroleum Company Ltd (NNPC) have expressed excitement about the appointment of the new Chief Executive Officer of the state-owned company, Mr. Bayo Ojulari and a new board.
The management of the NNPCL shared this following the new appointment announced by President Bola Tinubu on Wednesday.
“The Management and staff of NNPC Ltd have welcomed the appointment of a new Group Chief Executive Officer, Mr. Bayo Ojulari, and Board of Directors for the Company by President Bola Ahmed Tinubu,” said a statement by the Chief Corporate Communications Officer, Olufemi Soneye.
The staff and management also thanked the outgoing GCEO, Mele Kyari for his commitment and transformational leadership during his tenure at the NNPCL.
“We extend our profound appreciation to the outgoing GCEO, Mr. Mele Kyari, and the former Board Members for their selfless and dedicated service to the Company and to the nation.
“Mr. Kyari’s leadership and tireless efforts have left an indelible mark on NNPC Ltd., and we are sincerely grateful for his outstanding contributions. We wish him and all departing Board Members continued success and fulfilment in their future endeavours.”
Kyari has been instrumental in repositioning the NNPC Ltd and turning it from a loss-making entity into a profitable company that has raked over N6tn in profitability in the last four years.
From a loss position of N1.7bn in 2019, the management of the NNPC under Kyari’s leadership was able to reverse the trend by posting a profit of N287bn in 2020, N674.1bn in 2021, and N2.54tn in 2022 before hitting the current figure of N3.29tn in 2023.
He also spearheaded the rehabilitation of the Port Harcourt and Warri Refineries, which commenced operation last year and guaranteed energy security for Nigerians.
The company under Kyari also delivered numerous gas projects to drive CNG gas penetration across the country.
Kyari had said the partnership is “Part of the NNPCL commitment to reducing carbon footprint and providing cheaper alternative fuel to motorists.”
On May 19, 2024, the NNPCL and its partners delivered three critical gas infrastructures commissioned by the President.
The projects were, the AHL Gas Processing Plant 2 (GPP – 2) – 200mmscf/d which is an expansion to the Kwale Gas Processing Plant (GPP – 1); the AHL Gas Plant, which is being developed by AHL Limited, an incorporated Joint Venture owned by NNPC Limited and SEEPCO and the ANOH-OB3 CTMS Gas Pipeline Project.
Last year, the NNPCL commissioned 12 Compressed Natural Gas stations to reduce transportation costs in the country following the removal of petroleum subsidy by President Tinubu.
The newly built CNG stations which had six in Lagos and six in Abuja were commissioned by the Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo.
Meanwhile, the reconstitution saw the replacement of the NNPCL board chairman, Chief Pius Akinyelure, and all other board members appointed in November 2023.
Engineer Bashir Bayo Ojulari has been appointed as the new Group CEO while Ahmadu Musa Kida takes over as non-executive chairman of the newly formed 11-man board.
Adedapo Segun, who replaced Umaru Isa Ajiya as chief financial officer last November, retains his position on the new board.
The reconstituted board includes six non-executive directors representing the country’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). Additionally, Mrs. Lydia Shehu Jafiya and Aminu Said Ahmed will represent the Federal Ministry of Finance and Ministry of Petroleum Resources, respectively.
The appointments announced by presidential spokesperson, Bayo Onanuga, on Wednesday morning, take effect immediately.
Onanuga said President Tinubu, exercising powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, noted that restructuring the board is essential for enhancing operational efficiency, investor confidence, boosting local content, driving economic growth, and advancing gas commercialization and diversification.
The new board has been tasked with conducting a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.
The move comes less than two years after oil sector reforms implemented by the Tinubu administration since 2023, which reportedly attracted $17bn in new investments under Kyari’s leadership.
NNPC Welcomes New GCEO, Ojulari, Says Kyari Left Indelible Mark is first published on The Whistler Newspaper
Source: The Whistler
