Bayo Ojulari Assumes Role As New NNPCL Group Chief Executive Officer.
Bayo Ojulari has officially taken the helm as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), succeeding Mr Mele Kyari. The handover ceremony, held on Friday, marks a new chapter for Nigeria’s state-owned oil giant, which plays a pivotal role in the nation’s economy.
Ojulari, a seasoned professional with over three decades of experience in the oil and gas sector, steps into the role following his appointment by President Bola Ahmed Tinubu earlier this week. The transition was formalised during a ceremony at the NNPCL headquarters, where Kyari handed over the leadership baton to his successor. The event was attended by key stakeholders, including representatives from the Ministry of Petroleum Resources and the company’s board.
In his first address as GCEO, Ojulari expressed gratitude to his predecessor for his contributions and outlined his commitment to building on the foundation laid by Kyari. “I will count on your counsel to succeed,” Ojulari said, acknowledging Kyari’s tenure, which was marked by efforts to enhance transparency and profitability within the organisation. “This is a call to service, and I am determined to steer NNPCL towards greater efficiency and global competitiveness.”
Kyari, who served as GCEO since 2019, leaves behind a legacy of reforms, including the implementation of digital transformation initiatives that reportedly saved the company over $1 million. His leadership also saw the NNPCL transition into a profit-making entity, a milestone hailed as a turning point for the organisation long plagued by inefficiency and corruption allegations.
Ojulari brings a wealth of expertise to the role, having previously served as Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. Notably, he led a consortium in the landmark $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC), showcasing his prowess in navigating complex industry deals. A mechanical engineering graduate from Ahmadu Bello University, Zaria, Ojulari began his career as the first Nigerian process engineer at Elf Aquitaine before joining Shell Petroleum Development Company in 1991.
The new GCEO’s appointment has been met with widespread optimism. Nigeria’s Minister of Petroleum Resources, Senator Heineken Lokpobiri, praised the move, calling it a strategic decision aligned with the Petroleum Industry Act. “I urge all stakeholders to rally behind this new leadership as we work together to enhance production capacity and secure a sustainable future for the sector,” Lokpobiri said.
Industry experts have also welcomed Ojulari’s arrival, with many anticipating a focus on operational excellence and investor confidence. The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged him to prioritise transparency and accountability, key issues for an organisation that manages Nigeria’s vast oil and gas resources.
As Ojulari takes the reins, expectations are high for the NNPCL to address ongoing challenges such as oil theft, infrastructure decay, and the push for cleaner energy solutions. With his extensive background and a renewed mandate from the presidency, all eyes are on the new GCEO to deliver on the promise of a revitalised Nigerian petroleum sector.
The handover comes at a critical time as Nigeria aims to boost its oil production to two million barrels per day by 2027, a target that will test Ojulari’s leadership in the months ahead. For now, the nation watches with hope as a new era dawns at NNPCL.
