The Nigerian National Petroleum Company Limited has announced major leadership changes, according to the reporter.
On Wednesday, the company appointed Adedapo Segun as its new Chief Financial Officer (CFO), succeeding Mr. Umar Ajiya in the role.
Before his appointment, Segun served as the company’s Executive Vice President for the downstream sector.
Additionally, the state-owned oil company announced Mr. Isiyaku Abdullahi as the new Executive Vice President (EVP) for Downstream and Mr. Udobong Ntia as the Executive Vice President (EVP) for Upstream.
An economist suggested that President Tinubu should dismiss the entire NNPC management team.
In response to the recent developments, economist Kelvin Emmanuel urged President Bola Ahmed Tinubu to overhaul NNPC’s entire management.
“The Group CFO and EVP Upstream are gone. I believe the president should dismiss the entire executive team and non-executive board, granting Federal Executive Council approval to break up NNPC into market-driven entities,” he stated.
It is worth noting that in recent weeks, there have been growing calls for the removal of Mele Kyari, NNPC’s Group Chief Executive Officer, amid Nigeria’s ongoing fuel price crisis.
Between August and November 2024, NNPC announced at least three increases in petrol prices, raising the cost at its retail outlets from N617 to N1,060 per liter.
Until a recent agreement between Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria (IPMAN), NNPC had been the sole purchaser of Dangote’s petrol.
On Tuesday, IPMAN announced that its members would reduce petrol prices by at least N50 after Dangote Refinery agreed to sell directly to them at rates of N940 and N990 per liter.
