A sweeping reorganization is expected at the Nigerian National Petroleum Company Limited (NNPCL) and its subsidiaries as Engineer Bayo Ojulari formally assumed office as the new Group Chief Executive Officer (GCEO) on April 2.
The transition marks a new chapter for the national oil company, with sources revealing that the restructuring will begin from the corporate headquarters and extend across its upstream, downstream, gas, power, non-energy, and new energy sectors.
Strategic Overhaul Underway
According to reports, the reshuffle aims to align the company with national energy goals and ensure efficiency by placing “round pegs in round holes.” Subsidiaries expected to undergo significant changes include:
- NNPC Exploration & Production Limited (NEPL)
- NNPC Upstream Investment Management Services (NUIMS)
- NNPC Energy Services Limited (EnServ)
- NNPC Engineering and Technical Company (NETCO)
- NNPC New Energy Limited (NNEL)
- NNPC Gas Infrastructure Company (NGIC)
- NNPC Gas Marketing Limited (NGML)
- NNPC Trading Limited (NTL)
- NNPC Retail Limited (NRL)
- NNPC RefChem Limited (NRCL)
- Nigerian Pipelines and Storage Company (NPSC)
- NNPC Properties Limited (NPL)
- NNPC Foundation, HMO, and the Academy
Industry Experts Set Reform Agenda
Energy policy expert Prof. Wumi Iledare urged the new leadership to focus on reforms that align with the Petroleum Industry Act (PIA), including:
- Reviving the “Naira-for-Crude” deal with local refineries
- Selling NNPCL shares to the public with ownership limits
- Divesting JV stakes in assets previously held by International Oil Companies (IOCs)
- Rebranding NNPCL to operate as a commercial entity, not a government agency
- Driving capacity building, productivity, and operational efficiency
Iledare also praised former GCEO Mele Kyari for his service, expressing optimism in the new leadership’s ability to reposition NNPCL.
Governance and Economic Growth
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), stressed the need for NNPCL to break away from the rent-seeking culture that has slowed Nigeria’s oil-driven economy.
“Our peers like Saudi Aramco and PETRONAS have used oil wealth to drive growth. It’s time Nigeria did the same,” Yusuf said.
He emphasized the importance of:
- Enhancing corporate governance
- Attracting private and public partnerships
- Ending the inefficiency around Nigeria’s refineries
- Listing NNPCL on national and international stock exchanges to boost transparency
Yusuf warned, however, that political interference remains a major risk, calling for total independence for NNPCL’s leadership.
NNPCL Welcomes New Leadership
In an official statement, Chief Corporate Communications Officer Olufemi Soneye expressed confidence in the new leadership:
“We extend our gratitude to outgoing GCEO Mele Kyari for his impactful leadership and welcome Mr. Bayo Ojulari as we begin a new era.”
He assured stakeholders that NNPCL remains committed to delivering value and supporting Nigeria’s long-term energy objectives.
