NNPC Sacks Refinery MDs in Bold Move to Halt Value Erosion

In a sweeping move aimed at halting continued value erosion in Nigeria’s refining sector, the Group Chief Executive Officer of NNPC Ltd., Mr. Bayo Ojulari, has relieved the Managing Directors of the company’s three refineries, Kaduna, Port Harcourt, and Warri—of their duties, THISDAY has learnt.

According to a competent source, the decision, which takes immediate effect, marks a significant first step in what the GCEO described as a broader initiative to assess the true state of NNPC’s refineries and to explore the most efficient management models going forward.

The primary objective of the restructuring is to halt the ongoing loss of value in the short term and to develop a credible, long-term strategy that will restore and maximize value for the federation.

As part of the restructuring process, the GCEO has also inaugurated a high-level assessment team led by the Executive Vice President, Downstream, Alhaji Mumuni Dagazzau. The team is mandated to embark on an immediate operational assessment tour of all NNPC refineries to determine their current status and provide recommendations.

President Tinubu, invoking his powers under Section 59(2) of the Petroleum Industry Act 2021, had on April 2 appointed an 11-man board for the NNPCL with Ojulari as the Group Chief Executive Officer.

President Tinubu had also handed out an immediate action plan to the new board to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.