Bayo Ojulari, a seasoned oil executive, has been appointed by Nigeria’s President Bola Tinubu to lead the Nigerian National Petroleum Company (NNPC) as part of a comprehensive reform initiative. Ojulari is assuming this important role following the recent exit of former NNPC head Mele Kyari. His appointment signals a strategic effort by the Tinubu administration to revitalize Nigeria’s oil production and enhance the company’s public perception.
Bayo Ojulari steps into his new role at the CW with a rich background. He first joined Shell Nigeria in 1991 and remained with the company for 24 years. In that time, he serviced a range of positions throughout Nigeria, Europe and the Middle East. He walked away from a dynamic six-year stint as Managing Director of Shell Nigeria. During that period, he honed his talents as a leader and furthered his educational goals within the industry. In 2021, Ojulari came on board at BAT Advisory. Last year, he took another step over to Renaissance Africa Energy Company.
The appointment of Ojulari as NNPC’s new leader is part of President Tinubu’s broader strategy to increase Nigeria’s oil output, which has significantly declined to less than one million barrels per day in 2023. The new government plan would increase production to two million barrels per day by 2027. They intend to increase to a maximum of three million barrels per day by 2030. With this incredibly ambitious target in mind, Ojulari’s focus and experience will be key in overcoming the numerous challenges that lie ahead for the industry.
Ojulari’s mission is to help increase oil production. He wants to improve the public perception of NNPC, which has struggled under the weight of accusations for operational wastefulness and transparency issues. The government has replaced the entire board of NNPC. I encourage their continued efforts to ensure that this restructuring truly fulfills their stated commitment to drive accountability and efficiency within Nigeria’s oil sector.
As Nigeria stands as Africa’s largest oil exporter, the implications of Ojulari’s leadership extend beyond just the company. His measures have the potential to revolutionise Africa’s second-largest economy. The oil industry is the bedrock of Nigeria’s economic prosperity. Through restoring production levels and tackling institutional challenges that have bedeviled NNPC for ages, Ojulari would have played a role in building sustainable economic dividends.