Barely weeks after assuming office, the new Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Ltd, Bayo Ojulari, relieved the managing directors of the country’s three major refineries — located in Kaduna, Port Harcourt, and Warri — of their duties.
According to TheCable, sources familiar with the development said the decision is part of a broader strategy to address what is described as “continued value erosion” within the nation’s refining operations.
Despite significant financial investments by the previous administration under Mele Kyari into the rehabilitation of these facilities, internal sources say the refineries are still not functioning at full capacity.
Ojulari, who took over leadership from Kyari about a month ago, is said to be initiating a complete review of the refineries’ actual condition and seeking efficient models for their management.
“The primary objective of the restructuring is to halt the ongoing loss of value in the short term and to develop a credible, long-term strategy that will restore and maximize value for the federation,” a source disclosed.
To drive this initiative, Ojulari has constituted a high-level task force headed by Executive Vice President, Downstream, Mumuni Dagazzau.
The team is expected to carry out a comprehensive evaluation of the refineries’ operational status and make informed recommendations.
This move comes on the heels of earlier reports by Naija News that NNPC had begun a wave of top-level dismissals.
Among those affected were Bala Wunti, former head of the National Petroleum Investment Management Services (NAPIMS), and Ibrahim Onoja, former managing director of the Kaduna Refinery.
Also on the exit list is Lawal Sade, the former MD of NNPC Trading, who was serving as the group’s chief compliance officer before the reshuffle.
In total, over 200 personnel have so far been impacted by the ongoing overhaul, with expectations that more changes could follow.
Meanwhile, there is a growing chorus of voices calling for an investigation into the leadership period of Mele Kyari as GCEO.
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