Quick Overview: What’s Happening at NNPC?
- New Leadership: Ahmadu Musa Kida is the new chairman, and Bashir Bayo Ojulari takes over as Group CEO.
- Board Overhaul: All board members appointed in November 2023 have been shown the door.
- Strategic Goals: The aim is to increase oil production, ramp up gas production, and boost local refining output.
- Investment Drive: The government wants to bring in billions of dollars in new investments.
Why the Big Change? Tinubu’s Vision for NNPC
President Tinubu is not playing around! He wants to make sure NNPC is running like a well-oiled machine (pun intended!). The goal is to attract investors, increase the participation of local companies, and drive economic growth. According to a statement from the President’s office, these changes are about making NNPC more efficient and competitive. Premium Times reports that this move aligns with Tinubu’s broader economic reform agenda.
Meet the New Bosses
Ahmadu Musa Kida: The New Chairman
Kida, a civil engineer from Borno State, is no stranger to the oil and gas world. He’s an alumnus of Ahmadu Bello University, Zaria, and has worked with big names like Elf Petroleum Nigeria and Total Exploration and Production. Before this appointment, The Guardian notes that he also made waves as the president of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari: The New Group CEO
Ojulari, hailing from Kwara State, is a mechanical engineering guru from Ahmadu Bello University, Zaria. He was previously the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His firm was involved in a massive 2.4 billion dollar acquisition of Shell Petroleum Development Company of Nigeria (SPDC). According to Reuters, this acquisition was a significant move in the sector.
What are the Goals? Big Targets Ahead!
Tinubu’s administration has set some ambitious targets for NNPC:
- Increase oil production to two million barrels daily by 2027 and three million by 2030.
- Boost gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
- Elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.
These are some serious numbers! But the government believes these goals are achievable with the right leadership and strategies.
Investment, Investment, Investment!
Since taking office in 2023, President Tinubu has been on a mission to attract investment in the oil sector. In 2024, NNPC secured 17 billion dollars in new investments, with a target of 30 billion dollars by 2027 and 60 billion dollars by 2030. The government is pulling out all the stops to make Nigeria an attractive destination for oil and gas investors. Experts at PwC Nigeria suggest that a stable regulatory environment is key to achieving these investment goals.
Thank You, Outgoing Board!
President Tinubu expressed his gratitude to the outgoing board members for their service, especially for their work in rehabilitating the Port Harcourt and Warri refineries. These refineries have resumed production after being shut down for a long time. The President wished them well in their future endeavors.
The Bottom Line
This strategic shake-up signals the Tinubu administration’s commitment to making NNPC a competitive and efficient player in the global oil market. With new leadership, ambitious goals, and a focus on investment, Nigeria’s oil sector could be in for some exciting times!
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