Barely a month after a sweeping overhaul of its top leadership, the Nigerian National Petroleum Company Limited (NNPCL) has reportedly sacked the managing directors overseeing its three refineries: the Port Harcourt Refining Company, the Warri Refining and Petrochemical Company, and the Kaduna Refining and Petrochemical Company.
Multiple reliable sources within the national oil firm confirmed the latest shake-up, which also saw the departure of other senior officials, including Bala Wunti, a former head of the National Petroleum Investment Management Services (NAPIMS), an NNPCL subsidiary. Additionally, it was gathered that numerous officials nearing their retirement dates were also asked to leave the organization.
While the company’s spokesperson, Olufemi Soneye, remained unresponsive to inquiries regarding these developments, the internal sources indicated a clear continuation of the restructuring initiated by President Bola Tinubu. Recall that on April 2, 2025, President Tinubu abruptly dismissed the former NNPCL Group Chief Executive Officer, Mele Kyari, along with other board members. This initial move was reportedly driven by growing concerns over the company's performance and its failure to meet crucial crude oil and gas production targets.
Sources within the Presidency had previously described the initial shake-up as performance-driven, suggesting that the former leadership had become an impediment to progress. One anonymous official stated, "The President did this because of their performance, because we needed to do things differently. The former people were taking us in circles, and then some of them became part of the problem."
The official further emphasized the need for a "new direction" and praised the appointment of "core industry professionals, real industry experts who know the industry inside and out" as the new leadership.
Another presidential source elaborated on the performance metrics set for the new team, including ambitious targets for crude oil production (2 million barrels per day by 2027 and 3 million by 2030) and gas production (10 billion cubic meters by 2030). The source asserted that the previous management had failed to deliver on these fronts, pointing to Nigeria's stagnant OPEC quota since 1973 as evidence of the need for reform.
Following the initial dismissals, President Tinubu appointed an 11-member board for NNPCL, with Bayo Ojulari assuming the role of Group CEO and Musa Ahmadu-Kida as the non-executive chairman. Ojulari, a Kwara State native, joined NNPCL from Renaissance Africa Energy Company, where he served as Executive Vice President and Chief Operating Officer. His recent involvement in the significant acquisition of Shell's Nigerian assets underscores his industry experience.
Turning to the latest dismissals within the refinery management, a confidential source within NNPCL stated, "The three MDs have been asked to leave... They include the MDs of Port Harcourt Refining Company, Kaduna Refining and Petrochemical Company, and the Warri Refining and Petrochemical Company. Some other senior managers were asked to leave as well."
Another company official corroborated this, confirming Bala Wunti's departure and the appointment of Maryam Idrisu as the Managing Director of NNPC Trading, the subsidiary handling all crude oil transactions. The continued poor performance of the refineries is strongly suspected to be a key factor behind the removal of the managing directors.
This latest development follows a recent exclusive report by The PUNCH highlighting the operational challenges and significant financial expenditure associated with NNPCL's refineries. The report detailed the $897 million revamp of the Warri refinery, which has remained shut down since January 25, 2025, due to critical safety issues despite being declared operational just a month prior. Furthermore, the Port Harcourt Refining Company was reported to be operating below 40 percent of its production capacity.
These revelations have fueled criticism from industry operators and experts regarding the transparency, efficiency, and overall management of Nigeria's refineries under NNPCL's stewardship.
The continued struggles of these key assets, despite substantial investment, appear to have triggered this latest round of leadership changes within the national oil company as the new management seeks to implement President Tinubu's mandate for increased production and efficiency.