Presidential officials have highlighted performance failure as the reason behind the removal of Nigerian National Petroleum Company Limited (NNPCL) board members. The board members including the CEO Mele Kyari, were reportedly going in circles, becoming the problem rather than the solution.
One anonymous official who spoke on the matter disclosed that new people are needed to do things differently in the system. Another official noted that the president believed that new blood is essential to boost the company and improve production growth.
The official explained that NNPCL is a limited liability company that needs new brains that can deliver in a new direction. He noted that the board members didn’t meet the performance metrics of crude oil to be produced within a certain period.
According to him, by 2030, the company must be producing 3 million barrels per day and 10 billion in production of gas. The official pointed out that these metrics have not been met as there have been no changes in production for years.
However, to boost NNPCL output, President Bola Tinubu has appointed an 11-man board with Bayo Ojulari as the new CEO. According to a special adviser on information and technology, Bayo Onanuga, The president also appoints Musa Kida as non-executive chairman.
Additionally, Adedapo Segun is among the 11 board members and is appointed as the Chief Financial Officer replacing Umaru Isa Ajiya. Onanuga expressed that the new members are industry professionals and they are capable industry experts who are not politicians.
He noted that the president has handed out an action plan to the new board, to review NNPCL assets. He expects the board to elevate NNPC crude oil refining output to 200,000 barrels by 2027 and 500,000 by 2030.
Onanuga added that the administration is working towards increasing the company’s investment to 10 billion by 2027 and 60 billion by 2030.
Conclusively President Tinubu appreciated the former board members for rehabilitating old refineries for production after a long-term shutdown.
