In a shocking move, President Bola Ahmed Tinubu has sacked senior Nigerian National Petroleum Company (NNPC) officials. In actual fact, the sack was for the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC). Conversely, Mr. Mele Kyari NNPC GCEO and the entire board were dissolved. Ultimately, this decision marks a significant shift in the leadership of Nigeria’s oil and gas sector.
Reasons Behind the Sack
According to sources, Tinubu invoked his powers under Section 59, Subsection 2 of the Petroleum Industry Act, 2021. However, his aim is to reposition the NNPC for greater success and accountability.
The Sack of Mele Kyari: A New Era for NNPC
Allegations of Corruption and Inefficiency
The sack of Mele Kyari as the GCEO of NNPC PLC was largely due to allegations of corruption. In addition, he has been allegedly accused of abuse of office and highhandedness, among others. However, the corporation needs “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC.” Nonetheless, President Tinubu had to resort to the Act that set up the corporation to take decisive action. Consequently, the President invoked his powers under Section 59, Subsection 2 of the Petroleum Industry Act, 2021. For this reason, he was able to reconstitute the NNPC board.
Criticisms from Oil-Producing Communities
Oil-producing communities criticised Kyari for misleading the President and Nigerians about the operation of the Port-Harcourt refinery. Furthermore, these communities expressed frustration with Kyari’s leadership, citing a lack of transparency and accountability.
Social Media Backlash
Some Nigerians took to social media to express their dissatisfaction with Kyari’s leadership. Majorly, they cited issues such as the mishandling of the “naira for crude” program. Moreover, many called for Kyari’s removal, citing his failure to address the country’s fuel scarcity crisis.
Mixed Reactions to Kyari’s Sack
Kyari’s sack was met with mixed reactions, with some people praising the move as “long overdue.” However, others expressed concerns about the timing and potential motivations behind the decision. Similarly, people were citing the need for stability in the oil and gas sector.
New Leadership and Expertise
The newly appointed NNPC chairman, Ahmadu Musa Kida, brings over 30 years of experience in the oil and gas industry. In addition, Kida’s expertise is expected to drive growth and development in the sector. Furthermover, he is believed to be capable in addressing the challenges faced by the NNPC under Kyari’s leadership.
A New Era for NNPC
The sack of Mele Kyari marks a new era for the NNPC, with a focus on transparency, accountability, and efficiency. Consequently, the new leadership is expected to address the challenges faced by the oil and gas sector in Nigeria.
New Board Appointments
Tinubu has approved a new 11-man board for the corporation with a task to up their game. However, Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman. Other board members include Adedapo Segun, Bello Rabiu, Yusuf Usman, Babs Omotowa, Austin Avuru, David Ige, and Henry Obih, representing various geopolitical zones.
Expectations from the New Board
The new board will conduct a strategic portfolio review, ensuring alignment with objectives for value maximisation. However, President Bola Ahmed Tinubu expects NNPC to increase oil production by firing from all cylinders with a turbo speed. Conversely, the President expect the new management increase oil production to two million barrels per day by 2027. In addition, he has also set a target of three million barrels per day for them by 2030.
Background of the New Appointees
Ahmadu Musa Kida hails from Borno State, holding a degree in Civil Engineering from Ahmadu Bello University. Meanwhile, Engineer Bashir Bayo Ojulari is from Kwara State, with a degree in Mechanical Engineering also from Ahmadu Bello University. In sum, Bayo moved from Elf, and joined Shell Petroleum Development Company of Nigeria Ltd. in 1991 as an associate production technologist, rising to become the Managing Director of Shell’s deep water assets. Apart from his accomplishments in Nigeria, his illustrious career extends to Europe and the Middle East, where he held various key roles.
Impact of the Changes
Analysts predict the new board will bring fresh perspectives, driving growth and development in the industry.
President Tinubu has made a bold move by sacking Mele Kyari, the GCEO of the Nigerian National Petroleum Company (NNPC). Consequently, he also sacked its entire board, as he seems ruthless in having a major result. Furthermore, this decision marks a significant shift in the leadership of Nigeria’s oil and gas sector.
Reasons Behind the Sack
Tinubu invoked his powers under Section 59, Subsection 2 of the Petroleum Industry Act, 2021, aiming to reposition the NNPC. For this reason, he is poised for greater success and accountability. However, allegations of corruption, abuse of office, inefficiency, and highhandedness against Kyari largely led to his removal.
Criticisms Against Kyari
Oil-producing communities criticised Kyari for misleading the President and Nigerians about the operation of the Port-Harcourt refinery. By the same token, they expressed frustration with Kyari’s leadership, citing a lack of transparency and accountability.
New Leadership and Expertise
Tinubu appoints Ahmadu Musa Kida as NNPC chairman, bringing 30 years of oil and gas experience. Kida’s expertise will drive growth, development, and address challenges faced by NNPC under Mele Kyari’s leadership.
Impact of the Changes
Analysts predict the new board will bring fresh perspectives, driving growth and development in the industry. The new leadership, led by Ahmadu Musa Kida, will promote transparency, accountability, and efficiency. Tinubu expects the NNPC to achieve significant milestones, including increasing oil production.
Conclusion
President Bola Ahmed Tinubu’s decision to sack Mele Kyari and dissolve the NNPC board marks a significant turning point for his administration. This move injects fresh air into the ineffective NNPC, stimulating Nigeria’s oil and gas sector ositively. Tinubu’s goal is to reposition the NNPC for greater success and accountability.
In conclusion, sacking Kyari as the Group Chief Executive Officer of the NNPC Limited was necessary. Analysts see it as a step towards addressing challenges faced by the oil and gas sector. The new leadership will drive growth, development, and promote transparency, accountability, and efficiency.
