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

Nigeria’s president has appointed Bayo Ojulari – a former Shell executive – to lead the state-owned oil company, as part of sweeping reforms aimed at cleaning up the sector dogged by allegations of corruption, pollution and decades-long inefficiency.

Mr Ojulari was picked in a “crucial” overhaul of the Nigerian National Petroleum Company (NNPC), the presidency said on Wednesday.

It added that the restructure – which also involved the entire board being replaced – was necessary to drive economic growth in Africa’s biggest oil exporter.

President Bola Tinubu’s time in power has seen a series of economic shocks, with food and fuel prices rocketing over the past couple of years.

In its statement announcing the NNPC restructure, the presidency said Tinubu wishes to boost Nigeria’s oil output and refining capability.

Nigeria’s oil production slowed to less than a million barrels per day in 2023, news agency AFP reported.

Tinubu’s administration wants to hit two million barrels per day of oil by 2027 and three million barrels per day by 2030.

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

Mr Ojulari joined Shell Nigeria 1991 and during his 24 years there, he held roles within the country as well as Europe and the Middle East.

Mr Ojulari rose to become the Managing Director of Shell, a position he held for six years. He left the company in 2021 to join the investment advisory organisation BAT Advisory and Energy Company.

He then moved to Renaissance Africa Energy Company last year.

Along with trying to boost Nigeria’s oil production, Mr Olujari will no doubt also seek to improve the NNPC’s poor public image.

For many years, under previous governments, much of the company’s profits never reached the treasury. And it is only in the last five years that the NNPC has been publishing accounts.

The NNPC has also been under financial strain – last September it admitted to having debts of around $6bn (£4.5m).