The President reconstituted the board of NNPC Ltd. on Wednesday, removing the Chairman,
Chief Pius Akinyelure,
as well as the Group Chief Executive Officer (GCEO),
Malam Mele Kyari
.
Tinubu dismissed all the board members chosen by Akinyelure and Kyari in November 2023.
The newly formed 11-member board has
Bayo Ojulari
as the Group Chief Executive Officer (GCEO),
Ahmadu Kida
as Non-Executive Chairman.
Several specialists commented on the event during an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.
Olabode Sowunmi
An expert in Oil and Gas characterized this initiative as a strategic move aimed at revitalizing the petroleum sector.
The CEO of Cabtree, Sowunmi, welcomed this development.
He mentioned that NNPC Ltd. was a limited liability corporation.
The federal government holds the largest share of ownership.
It is a deliberate move to infuse vitality and dynamism into the sector.
“He stated that this would entail fresh perspectives, renewed concentration, and increased outcomes.”
Sowunmi believes that even the planned Initial Public Offering (IPO), aimed at getting NNPC listed on the stock exchange, would not have stopped Kyari from being removed, since he is a government-appointed official.
“The government has the authority to dismiss any appointed official at any time,” he stated.
Yushau Aliyu
An economics specialist mentioned that these modifications were well-timed, particularly with the ongoing IPO process.
Nonetheless, the IPO should be meticulously decided based on the prevailing conditions in the oil market along with the broader public’s interest.
“He suggested that the investment opportunities should also take into account Nigeria’s economic growth goals for 2030.”
He stated that according to the Petroleum Industry Act (PIA 2021), the President has the authority to dismiss both the board of directors and the CEO of NNPC Ltd.
Another expert,
Dr Sand Mba-Kalu
He stated that for Nigeria’s oil and gas industry to draw lasting investments and foster development, it requires stability, clear expectations, and rigorous compliance with legal regulations.
In his view, this step signifies a daring effort encompassed in the broader strategy aimed at achieving our nation’s goals for producing and processing energy resources by 2027 and 2030 respectively.
Lawrence Nze
An economist stated that many of the policies implemented during Kyari’s tenure have failed to address the issues within the oil sector.
Nze said that the Naira for crude policy appeared not to be working since it had not resulted in any serious price reduction.
As he stated, the Dangote Refinery slowly reached this milestone with a minor decrease in the ex-depot price, typically influencing the pump price. However, unexpectedly, officials from the oil sector revoked it.
In my view, this appears to be an act of sabotage against the populace. The question remains: why aren’t we able to halt imports? This suggests that there might be some benefit for one or more individuals or groups involved in such dealings.”
It isn’t complicated to make the energy sector function properly. Nigerians desire more affordable petroleum products. Is this request excessive?
President Tinubu alone understands his reasons for dismissing Kyari, but regardless of the cause, Nigerian citizens deserve to benefit from more affordable petroleum items, particularly petrol.
“I will recommend to the President that we implement the Naira for crude oil policy effectively within the nation so as to facilitate local refineries operating at a reduced cost,” he stated.
