Nigeria's Tinubu replaces state oil company's leadership

Nigerian President Bola Ahmed Tinubu has appointed Bayo Ojulari, a former Shell executive, to head the state-owned oil firm NNPC Ltd as the country seeks to raise oil production and revitalise its refining capacity, the presidency said on Wednesday.

Ojulari replaces Mele Kyari, with the appointment effective immediately, presidential spokesman Bayo Onanuga said in a statement.

Ojulari was most recently chief operating officer at Nigeria consortium Renaissance Africa Energy Co., which now owns Shell's former onshore subsidiary in the country. Prior to that, he was head of Shell Nigeria's exploration unit.

Tinubu also replaced the board of NNPC, appointing a new 11-member team to drive reforms and boost efficiency in the oil sector.

Boosting output

‘‘The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million daily by 2030. Concurrently, the government wants gas production jacked to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030,’’ Onanuga said.

‘‘Furthermore, President Tinubu expects the new board to elevate NNPC's share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030,’’ he added.

Nigeria is one of the world’s biggest oil producers but it lacks refining capacity to meet local consumption demands forcing it to import refined products.

Last year, Nigerian billionaire Aliko Dangote launched his oil refinery in the city of Lagos, raising hopes of improved local supply stabilising fuel prices with little progress so far.