Ojulari sacks refinery MDs amid concerns over value erosion in NNPC

DDM News

Bayo Ojulari, the newly appointed Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Ltd, has taken bold steps to reform the company’s management structure.

Diaspora digital media (DDM) gathered that he has removed the managing directors of the three NNPC-owned refineries located in Kaduna, Port Harcourt, and Warri.

This action is part of a broader shake-up intended to arrest the persistent erosion of value in the country’s refining sector.

Ojulari took over leadership from Mele Kyari just four weeks ago, inheriting a system plagued by inefficiencies and unfulfilled promises.

Despite years of costly revamp projects, the nation’s refineries have remained largely unproductive.

Under Kyari’s leadership, billions of dollars were reportedly spent to rehabilitate the facilities.

However, insiders revealed that these refineries are still far from reaching optimal output.

Ojulari’s current strategy appears aimed at assessing the true conditions of these assets and repositioning them for better performance.

A source familiar with the matter explained that the objective of this restructuring is to stop the short-term value losses and initiate a credible long-term plan.

The ultimate goal, according to the source, is to restore value and deliver maximum benefit to the Nigerian federation.

Ojulari has set up a special assessment team to support this mission.

This high-level team is led by Mumuni Dagazzau, NNPC’s Executive Vice President, Downstream.

They have been tasked with conducting an immediate operational tour of all the refineries.

Their job is to determine the actual status of the facilities and provide recommendations for effective recovery.

The leadership overhaul did not stop with the refinery MDs.

TheCable earlier reported that more than 200 senior staff members have been relieved of their duties.

Among them was Bala Wunti, who served as the chief of the National Petroleum Investment Management Services (NAPIMS).

Ibrahim Onoja, the managing director of Kaduna Refinery, was also sacked.

Lawal Sade, the former MD of NNPC Trading and the company’s compliance chief, was affected as well.

These dismissals reflect Ojulari’s willingness to take hard decisions in order to reposition NNPC.

Many observers believe this is only the first wave of what could become a full-blown transformation.

Analysts say the actions taken so far are consistent with efforts to introduce accountability and improve operational efficiency.

There is also growing public demand for an audit of Mele Kyari’s tenure.

Critics argue that despite heavy investments during his time as GCEO, the expected improvements in refinery operations never materialized.

Calls for a probe into how the funds were utilized have intensified in recent weeks.

Stakeholders are pushing for transparency and answers regarding the actual state of the refineries and the outcomes of the rehabilitation contracts.

Ojulari’s swift decisions signal a new chapter in the management of Nigeria’s oil industry.

The focus appears to be on performance, efficiency, and measurable value delivery.

Many industry players hope this marks the beginning of real reforms that will revitalize the downstream oil sector.

The coming months will be critical in determining whether these bold steps will lead to lasting change.

NNPC’s future now depends heavily on the effectiveness of Ojulari’s leadership and the reforms he is willing to pursue.

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