Experts said that the ongoing restructuring in the Nigerian National Petroleum Company Limited (NNPCL) has the potential to unlock the firm’s latent capacity.
The NNPCL recently announced a new senior management team, a move widely praised for its professionalism and strategic focus.
The appointments, which include Bashir Bayo Ojulari as Group Chief Executive Officer (GCEO) and Ahmadu Musa Kida as Chairman of the board, have been described as a shift towards competence over politics.
An energy lawyer, Gideon Agbedo, commended the selection, emphasising the depth of experience the appointees bring from their leadership roles in the international oil companies (IOCs).
“These leaders know where the banana peels are buried,” Agbedo remarked, highlighting their understanding of IOC dynamics and potential for fostering improved relationships between NNPCL and global energy players.
The eight-member team also includes Rowland Ewubare as Group Chief Operating Officer; Adedapo Segun as Group Chief Financial Officer, and Olalekan Ogunleye as Executive Vice President for Gas, Power & New Energy. Other key appointments are Udy Ntia (Upstream), Mumuni Dangazau (Downstream), Sophia Mbakwe (Business Services), and Adesua Dozie (Company Secretary & Chief Legal Officer). Observers see this development as a critical step in repositioning NNPCL to meet global energy demands and enhance Nigeria’s oil sector efficiency. “I am impressed with the appointments. They choose professionals.
The Group Chief Executive Officer and the Chairman of the Board having led IOCs in the case of the GCEO and the Chairman having also risen through the ranks to the management level in an IOC, I think it is targeted. It was more professional than political. “In my view, these new leaders know where the banana peels are buried so they know the thinking of the IOCs and they know how to relate with them. So I think there will be marked improvement in the relationship between the NNPCL and the IOCs”, stated Agbedo.
Also speaking on the development, Mr. Clement Isong, the Executive Secretary and Chief Executive Officer of the Major Energies Marketers Association of Nigeria (MEMAN), expressed support for the recent reorganisation of the NNPCL.
According to Isong, the quality of management and governance is crucial to the success of NNPCL, urging the new leadership to ensure they follow through the previous leadership’s plan to take NNPCL to the stock market, as it would promote top-quality management, international standard corporate governance, and transparency.
He praised the new leadership, stating that they possess extensive international experience in the upstream, midstream, and downstream sectors, as well as professionally run international oil companies (IOCs).
“Let me say that NNPC under the last leadership was preparing itself for going to the market and we liked that objective because when you go to the market, you need to show top quality management, to quality international standard corporate governance, very high level of transparency, and what that transparency shows is the quality of your ambition and your capacity to reach that ambition.
So we think that going to the market is a very useful tool in helping NNPC Limited to reach its full potentials which is very good for the country and very good for the industry.
“Now, the most important thing about all of these is the quality of the management and the quality of governance.
These are people who have gained many years of international, professional experience, whether in the upstream, the midstream or in the downstream sectors. And also in professionally run IOCs as well. They have gone down these paths before us. You find that in the board and you find that in the management and so you now have experienced top quality hands. “It is exciting to them and exciting to the country.
And it behooves on all of us to look to the future that supports our own national oil company to deliver that future to us. “Going to the market is that it makes you become your best self, as transparent as possible. You make your decisions on sound economic financial operational bases.
The market you are going to will force you to have top quality corporate governance, forces you to announce your numbers, announce your results. Whether it is Nigerian or international stock exchange, it forces a level of transparency that can only be good for the country rather than political.
It forces you to have the professional best practice rather than the political one”, he said. Isong’s comments suggest that the reorganisation of NNPCL could lead to improved performance and a more competitive industry, ultimately benefiting the country.
Other stakeholders, who reacted to the development, included Orji Ogbonnaya Orji, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI) that urged Ojulari to prioritise reforms, including timely publication of financial statements, full disclosure of production data, and revenue remittances.
Orji said these measures are seen as critical to rebuilding public trust in an organisation long plagued by allegations of corruption. Michael Ajaegbu, a public affairs analyst, tasked Ojulari with addressing these inefficiencies while supporting Tinubu’s goal of enhancing domestic refining capabilities.
Ajaegbu also observed that the NNPC faces substantial financial challenges, including debts nearing $6 billion as of late 2024, stressing that balancing these obligations while driving growth will be a significant hurdle for the new leadership. With fuel subsidy removal causing soaring prices, Ojulari must find ways to stabilise the market and reassure Nigerians amid rising economic pressures, the stakeholders said.
According to them, building on Mele Kyari’s legacy of transparency initiatives, Ojulari must ensure continuity while introducing innovative strategies to modernise NNPC operations.
They said Ojulari’s extensive experience in Nigeria’s oil sector, including his tenure as Managing Director of Shell Nigeria Exploration and Production Company, positions him well to tackle these challenges.
