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OJULARI FIRES MDS OF THREE NNPC-OWNED REFINERIES TO HALT VALUE EROSION
Days after carrying out sweeping changes in the management team, Bayo Ojulari, the group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Ltd, has removed the managing directors of the three refineries in Kaduna, Port Harcourt and Warri.
This sweeping move, TheCable understands, is aimed at halting “continued value erosion” in Nigeria’s refining sector.
The previous management, led by Mele Kyari, spent billions of dollars on revamping the refineries but insiders say they are far from delivering optimal output.
Ojulari, who replaced Kyari four weeks ago, is working on a broader initiative to assess the true state of NNPC’s refineries and explore the most efficient management models going forward, according sources in the know of the decision.
“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,” a source said.
Ojulari has also inaugurated a high-level assessment team led by the executive vice president, downstream, Mumuni Dagazzau, to embark on an immediate operational assessment tour of all NNPC refineries to determine their current status and provide recommendations.
TheCable reported on Monday that the NNPC terminated the services of a number of senior staff members.
Bala Wunti, former chief of National Petroleum Investment Management Services (NAPIMS), and Ibrahim Onoja, managing director of the Kaduna Refinery, were asked to leave.
Lawal Sade, the chief compliance officer and former managing director of NNPC Trading, was also affected.
Over 200 employees have been impacted, marking the beginning of what may be a series of staff changes.
There are increasing calls for the probe of Kyari’s tenure as GCEO
