The newly appointed management of the Nigerian National Petroleum Company Limited (NNPCL) has dismissed the managing directors of its three refineries: the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company.
Additionally, several senior officials, including Bala Wunti, former head of the National Petroleum Investment Management Services (a subsidiary of NNPCL), were also let go. Those nearing retirement were also asked to leave.
Although NNPCL spokesperson Olufemi Soneye did not comment when reached, multiple reliable sources within the company confirmed the leadership changes. This follows President Bola Tinubu’s abrupt decision on April 2, 2025, to remove former NNPCL Group CEO Mele Kyari and other board members as part of a strategy to enhance Nigeria’s crude oil and gas production. Kyari had been leading the company since 2019.
Presidential sources indicated that the dismissals were driven by concerns over performance and the inability to meet production targets. The leadership overhaul is viewed as a necessary step to address ongoing issues, as previous management was seen as ineffective.
An anonymous official remarked that the President’s actions aimed at improving performance, noting that the past leadership was going in circles and needed replacement to bring fresh insights. The new team consists of industry professionals rather than politicians, marking a shift towards a more technocratic approach.
Another official emphasized that the changes were not based on age but on the need for fresh perspectives capable of achieving the President’s performance goals, including increasing crude production and optimizing underperforming assets. The goal is to reach a production target of 3 million barrels per day by 2030 and 10 billion cubic meters of gas production.
In a midnight announcement, Tinubu also introduced a new 11-member board, appointing Bayo Ojulari as Group CEO and Musa Ahmadu-Kida as non-executive chairman.
Ojulari, from Kwara State, was previously the Executive Vice President and COO of Renaissance Africa Energy Company, which recently acquired Shell’s equity in Nigeria for $2.4 billion.
A source at NNPCL confirmed that the managing directors of the three refineries were terminated, along with several senior managers, including Bala Wunti. Maryam Idrisu was appointed as the new Managing Director of NNPC Trading, the division responsible for crude oil transactions.
Soneye did not respond to inquiries regarding the situation, but reports indicate that the managing directors were removed due to the persistent underperformance of the refineries. Recent evaluations highlighted failures in the $897 million Warri refinery revamp and underperformance at the Port Harcourt refinery, which has been operating at less than 40% capacity.
Industry experts have raised concerns about NNPCL’s transparency, efficiency, and overall management of its refineries, especially following revelations that the Warri Refining and Petrochemical Company has been closed since January 25, 2025, due to safety issues, despite heavy maintenance expenditures. Additionally, the Port Harcourt refinery, which resumed operations in November 2024, continues to function below 40% capacity.
