President Bola Tinubu on Wednesday sacked the board of the state-oil firm, NNPC, including its Group Chief Executive Officer (GCED), Mele Kyari and board chairperson Pius Akinyelure.
The president also approved Bayo Bashir Ojulari as the new GCEO of the NNPC.
Mr Ojulari is an energy expert who describes himself as “a business leader with a proven track record in the global energy sector.”
According to his LinkedIn profile, he worked full-time at global oil giant, Shell, for over 24 years, rising to become the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) in November 2015, a position he held until July 2021.
His LinkedIn profile shows that he first joined Shell in November 1991 as an Associate Production Technologist at Shell Petroleum Development Company (SPDC), after he left Elf Petroleum Nigeria as a Fields and Process Engineer. He worked at Elf as a fresh graduate from September 1989 to October 1991.
Mr Ojulari joined Elf after graduating from Ahmadu Bello University, Zaria, where he studied Mechanical Engineering between 1985 and 1989.
After joining Shell in 1991, he rose to become a member of the Integrated Studies Team at Shell headquarters in the Netherlands in June 1994, a position he held till October 1995.
Between April 1997 and November 1999, he was the Head Planning Economics and Budgeting at SPDC Nigeria, from where he rose to become the Asset Leader and Head Production Technologist at Shell in Oman from December 1999 to September 2003.
He became the Sub-Saharan Africa Regional Planner at Shell headquarters in October 2003 and held the position till December 2004.
From January 2005 to October 2008, he was the Manager, Corporate Planning and Strategy at SPDC Nigeria during which time he also briefly held the position of Asset Production Technologist from November 2006 to March 2007.
At Shell, he remained in Nigeria from then on, becoming the Manager, Asset Development (Onshore and Shallow Water) SPDC Nigeria from October 2008 to October 2010.
From January 2010 to October 2015, he was the Development Director at SPDC Nigeria, after which he rose to become the Managing Director of SNEPCo from November 2015 to July 2021 when he left the company.
He established the BAT Advisory and Energy Company Nigeria Ltd in September 2021 and served as its board chairman. One of the main tasks of the company was to provide consultancy services to firms in the oil and gas/energy sector.
He was appointed the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company in January 2024, a position he held until his new appointment as NNPC chief. He only announced his appointment at Renaissance Africa on LinkedIn about a week ago, saying, “It’s been a while since I started my role at Renaissance Africa Energy Company as a Executive Vice President and Chief Operating Office, but I wanted to share this update with everyone.”
He joined Renaissance at a time when the company was concluding its purchase of a Shell asset in Nigeria.
“Renaissance now controls SPDC’s 30% stake in the SPDC JV, an unincorporated joint venture with the government-owned Nigerian National Petroleum Corporation (55%), Total Exploration and Production Nigeria Ltd (10%) and Agip Energy and Natural Resources (Nigeria) Limited (5%),” Shell announced.
Mr Ojulari will now head the NNPC, Nigeria’s main oil and gas firm, which has been dogged with allegations of corruption and inefficiency for decades. He also joins the NNPC at a time when his former firm, Shell, announced its divestment from some of its Nigerian operations, especially onshore operations in the oil-rich Niger Delta.
The oil and gas expert will now be expected to bring his experience into running the NNPC.
“President Tinubu also handed out an immediate action plan to the new board: to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives,” presidential spokesperson Bayo Onanuga wrote in a Wednesday statement announcing the new appointments.
By Idris Akinbajo, Premium Times
Wednesday, April 2, 2025
Tuesday, April 1, 2025
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40-Year-Old Nigerian Boxer Dies After Collapsing Mid-Fight
Nigerian boxer Oluwasegun Olanrewaju, who collapsed during a fight in Ghana, has died. He was 40.
Olanrewaju was facing off against Jonathan Mbanugu of Ghana on Saturday, March 29, in a light-heavyweight match at the Bukom Boxing Arena when he fell over backward into the ropes and appeared to lose consciousness. The referee immediately called for the ringside doctor and paramedics to assist the boxer and revive him.
Olanrewaju was then taken to the Korle-Bu Teaching Hospital, according to the Ghana Boxing Authority, and despite efforts to resuscitate him, he was pronounced dead soon after.
"We are really devastated," said Nigeria Boxing Board of Control, Remi Aboderin, in an interview with BBC Sport Africa. "[This] is not something we envisaged. We will live up to our responsibility and make sure that we stand [by] the family."
Aboderin added that Olanrewaju was a "ring warrior" and a "fearless" fighter.
The GBA announced its intention to investigate Olanrewaju's death, as well as the safety measures in place during the fight.
Known as "Success" in the boxing community, Olanrewaju kicked off his career in 2019, later gaining national and West African championship titles. Before the bout on March 29, Olanrewaju had 13 wins — all but one by knockout, according to NilePost — as well as 8 losses.
By Rachel Raposas, People
Olanrewaju was facing off against Jonathan Mbanugu of Ghana on Saturday, March 29, in a light-heavyweight match at the Bukom Boxing Arena when he fell over backward into the ropes and appeared to lose consciousness. The referee immediately called for the ringside doctor and paramedics to assist the boxer and revive him.
Olanrewaju was then taken to the Korle-Bu Teaching Hospital, according to the Ghana Boxing Authority, and despite efforts to resuscitate him, he was pronounced dead soon after.
"We are really devastated," said Nigeria Boxing Board of Control, Remi Aboderin, in an interview with BBC Sport Africa. "[This] is not something we envisaged. We will live up to our responsibility and make sure that we stand [by] the family."
Aboderin added that Olanrewaju was a "ring warrior" and a "fearless" fighter.
The GBA announced its intention to investigate Olanrewaju's death, as well as the safety measures in place during the fight.
Known as "Success" in the boxing community, Olanrewaju kicked off his career in 2019, later gaining national and West African championship titles. Before the bout on March 29, Olanrewaju had 13 wins — all but one by knockout, according to NilePost — as well as 8 losses.
Nigerian Government, Dangote Could Begin Talks Over Naira-for-Crude Deal Renewal
The Nigerian government could reopen discussions with Dangote Petroleum Refinery on the naira-for-crude deal, as uncertainty lingers over its renewal. The initial six-month agreement, which allowed the refinery to purchase crude in naira, ended on March 31, 2025, and has yet to be extended.
Following the expiry of the deal, Dangote Refinery stopped selling refined petroleum products in naira, raising concerns about potential fuel price increases. According to reports, a senior government official, speaking anonymously, confirmed that authorities have not ruled out renewing the policy, given its impact on fuel prices and foreign exchange rates.
Meanwhile, a report by S&P Global revealed that the refinery has processed an estimated 400,000 barrels per day (bpd) in 2025, with around 35% of crude sourced from international markets. This translates to approximately 12.6 million barrels imported in three months, highlighting the refinery’s growing dependence on external suppliers.
The Nigerian National Petroleum Company (NNPC) had supplied 48 million barrels of crude in naira under the deal, but ongoing supply challenges have led to under-deliveries. While NNPC has allocated seven crude oil cargoes for April deliveries, payment terms remain unsettled.
The state oil firm also reduced its stake in the Dangote project from 20% to 7.2% last year, adding to uncertainty over its long-term supply commitments.
Human rights group HURIWA has urged President Bola Tinubu to ensure the continuation of the naira-for-crude arrangement. The group warned that terminating the deal could lead to fuel price hikes, worsening economic hardship for millions of Nigerians.
HURIWA’s National Coordinator, Emmanuel Onwubiko, emphasised that many businesses, particularly small and medium enterprises, depend on affordable fuel, and any disruption could trigger further job losses and push more Nigerians into poverty.
As the uncertainty continues, Dangote Refinery is expanding its crude sources. The refinery recently secured its first crude shipment from Brazil, with another expected soon from Equatorial Guinea. A company executive confirmed that Dangote has now added these countries to its list of global oil suppliers, alongside discussions with Senegal and Libya.
However, a Dangote executive admitted that the naira-for-crude arrangement was not commercially advantageous for the company due to foreign exchange risks. Pegging crude purchases and product sales to fluctuating exchange rates has created financial challenges for the refinery.
With the government and Dangote set for fresh talks, the fate of the naira-for-crude deal remains uncertain. While supporters argue it stabilises fuel prices and the economy, challenges related to supply consistency and exchange rate risks could complicate negotiations.
Following the expiry of the deal, Dangote Refinery stopped selling refined petroleum products in naira, raising concerns about potential fuel price increases. According to reports, a senior government official, speaking anonymously, confirmed that authorities have not ruled out renewing the policy, given its impact on fuel prices and foreign exchange rates.
Meanwhile, a report by S&P Global revealed that the refinery has processed an estimated 400,000 barrels per day (bpd) in 2025, with around 35% of crude sourced from international markets. This translates to approximately 12.6 million barrels imported in three months, highlighting the refinery’s growing dependence on external suppliers.
The Nigerian National Petroleum Company (NNPC) had supplied 48 million barrels of crude in naira under the deal, but ongoing supply challenges have led to under-deliveries. While NNPC has allocated seven crude oil cargoes for April deliveries, payment terms remain unsettled.
The state oil firm also reduced its stake in the Dangote project from 20% to 7.2% last year, adding to uncertainty over its long-term supply commitments.
Human rights group HURIWA has urged President Bola Tinubu to ensure the continuation of the naira-for-crude arrangement. The group warned that terminating the deal could lead to fuel price hikes, worsening economic hardship for millions of Nigerians.
HURIWA’s National Coordinator, Emmanuel Onwubiko, emphasised that many businesses, particularly small and medium enterprises, depend on affordable fuel, and any disruption could trigger further job losses and push more Nigerians into poverty.
As the uncertainty continues, Dangote Refinery is expanding its crude sources. The refinery recently secured its first crude shipment from Brazil, with another expected soon from Equatorial Guinea. A company executive confirmed that Dangote has now added these countries to its list of global oil suppliers, alongside discussions with Senegal and Libya.
However, a Dangote executive admitted that the naira-for-crude arrangement was not commercially advantageous for the company due to foreign exchange risks. Pegging crude purchases and product sales to fluctuating exchange rates has created financial challenges for the refinery.
With the government and Dangote set for fresh talks, the fate of the naira-for-crude deal remains uncertain. While supporters argue it stabilises fuel prices and the economy, challenges related to supply consistency and exchange rate risks could complicate negotiations.
By Abdullahi Jimoh, News Central
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