Nigeria’s national oil company has unveiled a significant leadership restructuring, appointing a fresh management team to guide the corporation through the evolving energy landscape. The Nigerian National Petroleum Company Limited (NNPCL) announced the formation of an eight-member senior management team that will steer the company’s operations and strategic direction going forward.
According to a statement released Friday by company spokesperson Olufemi Soneye, the restructuring involves both new appointments and repositioning of existing executives to enhance operational efficiency across the organization’s diverse business segments.
Leading the revamped leadership structure is Mr. Bashir Ojulari, who assumes the role of Group Chief Executive Officer (GCEO). He will be supported by Rowland Ewubare as Group Chief Operating Officer, tasked with overseeing day-to-day business operations across the company’s extensive portfolio.
Financial management responsibilities fall to Adedapo Segun, appointed as Group Chief Financial Officer, while Olalekan Ogunleye steps into the position of Executive Vice President of Gas and Power & New Energy – a critical division as Nigeria seeks to maximize its natural gas resources and explore renewable energy opportunities.
The downstream sector, which handles refining, distribution, and retail operations, will now be led by Mumuni Dangazau. This appointment marks a notable change, as Dangazau replaces Mr. Isiyaku Abdullahi, who had only been appointed to the same position in November of last year.
Rounding out the leadership team are Sophia Mbakwe as Executive Vice President of Business Services and Adesua Dozie, who takes on the dual role of Company Secretary & Chief Legal Officer. The company has indicated that all appointments take immediate effect.
This leadership overhaul comes at a pivotal time for NNPCL, which has been navigating challenging terrain in recent years. The company transitioned from a state-owned corporation to a limited liability company following the passage of the Petroleum Industry Act in 2021, a move designed to increase commercial viability and operational transparency.
The restructuring reflects NNPCL’s ongoing efforts to adapt to changing market dynamics in the global energy sector. As Nigeria’s primary petroleum corporation, NNPCL faces the dual challenges of maximizing the country’s hydrocarbon resources while gradually preparing for an energy transition that places greater emphasis on sustainability and diversification.
Industry analysts suggest this leadership reshuffle may signal a renewed focus on operational efficiency and strategic repositioning. The new management team combines experienced industry veterans with fresh perspectives – potentially providing both stability and innovation as the company addresses its operational challenges.
The team will face immediate priorities including enhancing crude oil production, which has struggled to meet targets due to persistent issues with theft, vandalism, and aging infrastructure. Additionally, they must navigate the complex landscape of refinery rehabilitation, as Nigeria continues to rely heavily on imported refined petroleum products despite being Africa’s largest crude oil producer.
Another pressing challenge will be accelerating gas development projects, particularly as global markets increasingly favor cleaner energy alternatives. Nigeria possesses substantial natural gas reserves, positioning it to potentially become a major player in the global gas market if infrastructure challenges can be overcome.
The leadership changes also come amid ongoing discussions about energy subsidies and pricing reforms in Nigeria’s downstream sector, which have significant implications for the country’s economy and citizens. How the new team navigates these sensitive economic and political considerations will be closely watched.
NNPCL’s restructuring mirrors similar moves by other national oil companies worldwide as they adapt to an increasingly complex energy landscape characterized by price volatility, decarbonization pressures, and technological disruption.
For Nigeria, whose economy remains heavily dependent on oil revenues, the performance of this new management team will have far-reaching implications beyond just corporate success. Their ability to boost production, attract investment, and diversify operations could significantly impact government revenues, foreign exchange earnings, and overall economic stability.
The appointment of executives with expertise in areas like new energy and business services may indicate NNPCL’s intention to expand beyond its traditional focus on crude oil extraction and processing. This would align with global trends as major energy companies increasingly diversify their portfolios to include renewable energy and low-carbon technologies.
As the new team takes the helm, stakeholders across Nigeria’s energy sector will be watching closely to see how they address the company’s legacy challenges while positioning it for future growth in an evolving global energy market.
