Nigeria's President Bola Tinubu has made a significant move in the country's oil and gas sector, appointing Bayo Ojulari as the new CEO of the Nigerian National Petroleum Company Limited (NNPC). The announcement, made on April 2, 2025, comes as part of Tinubu's strategy to reset NNPC and increase Nigeria's oil production and refining capacity.

Ojulari, a seasoned energy executive, brings a wealth of experience to the role. He has a distinguished career in Nigeria's oil and gas sector, with extensive expertise in energy transactions and operations. Prior to his appointment, Ojulari served as the Executive Vice President and COO of Renaissance Africa Energy, where he played a key role in the $2.4 billion acquisition of Shell's equity in Nigeria.

The appointment of Ojulari is seen as a pivotal step in Tinubu's broader strategy to transform NNPC into a more efficient, revenue-generating entity. The move follows the removal of fuel subsidies and naira devaluations, and is expected to have a significant impact on Nigeria's oil industry. With Ojulari at the helm, the administration aims to strengthen Nigeria's domestic refining capacity and energy infrastructure, positioning the country as a global energy player.

In addition to Ojulari's appointment, Ahmadu Musa-Kida has been named as the non-executive chairman of NNPC, while industry veterans Austin Avuru and Babs Omotowa join the board as non-executive directors. Six board members, representing the country's geopolitical zones, have also been appointed to ensure a balanced and representative leadership.

The changes come amid various challenges affecting the sector, including issues surrounding the Naira-for-Crude policy and ongoing disputes with Dangote Industries over crude oil supply. However, with Ojulari's leadership and expertise, the administration is confident that NNPC can overcome these challenges and achieve its goals.

Ojulari's career spans roles in Europe and the Middle East, including managing offshore oil and gas projects as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) and General Manager of Deepwater. His leadership in technical integration, project engineering, and petroleum operations has made him a key figure in the industry.

The $2.4 billion acquisition of Shell's equity in Nigeria, facilitated by a consortium of indigenous energy firms, marked a significant step toward strengthening Nigeria's local capacity in the energy sector and reducing its reliance on foreign oil companies. Ojulari's role in this landmark deal demonstrates his ability to drive growth and development in the sector.

As NNPC's new CEO, Ojulari is expected to leverage his extensive expertise to drive the company's growth and transformation. With his leadership, Nigeria's oil industry is poised for a significant turnaround, and the country is likely to become a major player in the global energy market.

The appointment of Bayo Ojulari as NNPC's CEO is a significant development in Nigeria's oil and gas sector, and is expected to have far-reaching implications for the country's economy and energy industry. As the administration works to implement its vision for NNPC, all eyes will be on Ojulari to deliver on his promises and drive growth in the sector.