President Tinubu has sacked the Group CEO of NNPCL

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President Tinubu has sacked Mele Kyari, the Group CEO of NNPCL, and appointed Engr. Bashir Bayo Ojulari as the new GCEO, alongside Ahmadu Musa Kida as the non-executive chairman.

According to a report by The Punch, the President also removed all board members appointed with Kyari in November 2023. This shakeup comes amid ongoing tensions between NNPCL and Dangote Refinery.

The two entities had previously agreed to sell Nigeria's crude oil to the refinery in naira, aiming to stabilize the naira and reduce fuel prices. However, the deal ended a month ago, leading to an increase in fuel prices and a shift towards importing fuel as Dangote began selling in dollars.

Speculation about Kyari’s removal grew after he reached retirement age, but the President had not acted on it until now. In addition to Ojulari and Kida’s appointments, President Tinubu also named new board members, including Adedapo Segun as CFO, and six non-executive directors representing various regions of Nigeria: Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East).

Mrs. Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, and Aminu Said Ahmed, representing the Ministry of Petroleum Resources, were also appointed to the board.

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