Nigerian President Bola Ahmed Tinubu has appointed Bayo Ojulari, a former Shell executive, as the new head of the state-owned oil company, NNPC Ltd. The move comes as the government intensifies efforts to increase oil production and revive the country’s refining capacity, the presidency announced on Wednesday.
Ojulari replaces Mele Kyari, with the appointment taking immediate effect, according to a statement from presidential spokesman Bayo Onanuga. His selection aligns with Tinubu’s broader strategy of overhauling the state oil firm to enhance its contribution to national revenue.
Before his appointment, Ojulari served as chief operating officer at Renaissance Africa Energy Co., a Nigerian consortium that acquired Shell’s former onshore subsidiary in the country. He also previously led Shell Nigeria’s exploration division.
In addition to leadership changes at NNPC, Tinubu has restructured the company’s board, appointing an 11-member team tasked with implementing reforms and improving efficiency within the oil sector.
Nigeria, the largest oil producer in Africa, currently pumps 1.8 million barrels per day and depends on oil for nearly half of its government revenue. The administration has set ambitious targets, aiming to boost oil output to 2 million barrels per day and gas production to 8 billion standard cubic feet per day by 2027. By 2030, Nigeria hopes to further increase production to 3 million barrels per day of oil and 10 billion standard cubic feet per day of gas.
Tinubu has also directed the new NNPC leadership to ramp up domestic refining capacity. The goal is to refine 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030. However, the company’s four refineries, with a combined capacity of 445,000 barrels per day, remain non-operational due to ongoing maintenance challenges.