NNPCL sacks top executives, targets 2 million bpd oil output by 2027

The Nigerian National Petroleum Company Limited (NNPCL) has employed a more aggressive method by dismissing the managing directors of its three main refineries—Port Harcourt, Warri, and Kaduna—in a sweeping leadership shake-up prompted by persistent underperformance and production shortfalls.

The leadership overhaul also includes the sackings of several top executives, notably Bala Wunti, former head of the National Petroleum Investment Management Services. Company insiders say the restructuring affects officials nearing retirement, with some reportedly asked to step down early.

The move follows President Bola Tinubu’s earlier dismissal of former Group CEO Mele Kyari and the entire NNPCL board on April 2, citing poor results and missed output targets.

Several sources stated that the changes aim to reinvigorate the state oil firm with new leadership aligned with the government’s ambitious energy goals. However, the administration has set a target of raising oil production to 2 million barrels per day by 2027 and 3 million by 2030, while increasing natural gas output to 10 billion cubic meters annually by the end of the decade.

The newly constituted 11-member board, after NNPCL sacks top executives, is led by Group CEO Bayo Ojulari, former Executive VP and COO of Renaissance Africa Energy, which recently spearheaded a $2.4 billion acquisition of Shell’s onshore assets in Nigeria. Musa Ahmadu-Kida has been appointed as the non-executive chairman.

Maryam Idrisu now heads NNPC Trading, the subsidiary responsible for managing Nigeria’s crude oil sales.

NNPC’s leadership purge follows longstanding concerns about inefficiency and mismanagement.

Recall that the Warri refinery, the subject of an $897 million rehabilitation project, was shut down in January due to a major safety incident, contradicting previous assertions by Kyari that it was operational.

Similarly, the Port Harcourt refinery, which resumed operations in November 2024, is reportedly running at less than 40% of its capacity.