BREAKING: Tinubu sacks Kyari as NNPC cancels Naira-for-Crude deal with Dangote
President Bola Ahmed Tinubu has dismissed Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), appointing Engr. Bashir Bayo Ojulari as his successor.
Alongside the appointment of Ojulari, Ahmadu Musa Kida has been named the new non-executive chairman of the company. Additionally, the president removed all board members who were appointed in November 2023.
This shakeup comes amid growing tensions between NNPCL and Dangote Refinery, a major privately owned refinery in Nigeria.
The two entities had previously agreed to a deal in which NNPCL would supply crude oil to Dangote Refinery in naira to stabilize the Nigerian naira and reduce fuel prices.
However, the contract ended a month ago and was not renewed, leading to an increase in fuel prices.
Consequently, fuel retailers began importing fuel as Dangote Refinery, now selling in dollars, ceased supplying to them.
Following the leadership changes, Adedapo Segun, who took over as Chief Financial Officer (CFO) from Umaru Isa Ajiya in November 2023, has been appointed to the new board.
The new board also includes six non-executive directors representing Nigeria’s geopolitical zones: Bello Rabiu from the North West, Yusuf Usman from the North East, and Babs Omotowa, a former Managing Director of the Nigerian Liquefied Natural Gas (NLNG), representing North Central.
Also appointed are Austin Avuru from the South-South, David Ige from the South West, and Henry Obih from the South East. Mrs. Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, will represent the ministry on the board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
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