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Anxiety over Kyari’s tenure as NNPC GMD
There is growing anxiety over the expiration of the tenure of the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, and the possible appointment of a new helmsman to direct the affairs of the oil giant.
Some industry watchers believe that the NNPCL boss, who turns 60 on January 8, 2025, may exit the national oil firm, raising concerns about the future leadership of the firm.
This came as some other players in the space stated that the GCEO’s tenure is expected to terminate in 2027, in compliance with Section 59 (2) of the Petroleum Industry Act 2021 which states that, “The composition of the Board of the NNPC Limited shall be determined in accordance with the Companies and Allied Matters Act and its Articles of Association.”
In July 2022, the NNPC transitioned from a public corporation to a limited liability company, and Kyari moved from being a Group Managing Director to a Group Chief Executive Officer.
Kyari, appointed by former President Muhammadu Buhari in July 2019, is a veteran in the oil industry, having worked at the NNPC for the last 32 years.
His over five years on the job as NNPC’s boss is the longest that anyone has spent in the cushiest office in the Nigerian oil industry since the country’s return to democracy in 1999.
The NNPC has had 19 managing directors since its formation in 1977, with only two of them (Professor Funsho Kupolokun (Ondo, 2003-2007), Augustine O. Oniwon (Kogi, 2010-2012) from the South-West and North-Central.
Kyari is also one of the few appointments alongside the Chief Executive of the Nigerian Upstream Petroleum Commission, Gbenga Komolafe, inherited by President Bola Tinubu that has not yet been dismissed.
Recently, a United States-based Nigerian professor of journalism, Farooq Kperogi, called out Tinubu’s relentless Yoruba-centric take-over of the NNPCL.
Kperogi, in an article titled, ‘Tinubu’s Buharisation of the NNPC’, accused President Tinubu of appointing Yoruba people to key positions at the Nigerian National Petroleum Company Limited.
Reports stated that an anonymous source had claimed that a certain Bayo Ojulari was being proposed as GCEO of the NNPCL after the expiration of Mele Kyari’s term.
Also, the immediate past Governor of Kaduna State, Nasir El-Rufai, in a post on X, said two wrongs do not make a right, a statement that is believed to be referring to Buhari’s bias for northerners in his appointments.
The former Kaduna governor, however, advocated for sensible inclusion over what he described as arrogant exclusion.
The post read, “DECEMBER MESSAGE: Two wrongs do not make a right. Sensible inclusion always trumps arrogant exclusion!!.”
The article further sparked widespread reaction and condemnation, forcing the NNPCL spokesperson, Femi Soneye, to issue a response stating that employment, promotions, appointments, and movements of leaders in the company were not influenced by ethnicity, tribe, religion, or political affiliation.
Soneye said merit, business requirements, and expertise remain the considerations.
“First, employment, promotions, appointments, and movements of business leaders at the NNPC are not influenced by ethnicity, tribe, religion, or political affiliation. Therefore, decisions within the NNPC are guided strictly by merit, business requirements, and expertise.
“This approach ensures that only the most qualified and competent individuals occupy positions that are critical to the company’s success. Significantly, our company focuses on efficient and effective service delivery, which is anchored on the commitment of a qualified work team,” he stated.
The spokesperson also said the President has not in any way interfered in the operations or leadership movements within the NNPC.
In November 2023, President Tinubu approved the appointment of the new board and management team for the national oil company and retained Kyari as the GCEO.
Reacting to comments about the possible removal of Kyari as NNPCL boss, Soneye said, “The claim is entirely false and misleading, lacking credibility and showing clear signs of manipulation. The GCEO’s tenure has been exceptional, marked by numerous firsts and remarkable accomplishments for NNPC Ltd. Kindly disregard these baseless and dubious claims.”
However, a follow-up question to confirm the expiration date of the tenure of the GCEO received no reply from the NNPCL’s spokesperson till when this report was filed.
(By Kayode Sanni-Arewa
Peter Obi, the 2023 Labour Party (LP) presidential candidate, paid a visit to former military president, General Ibrahim Badamasi Babangida (IBB), at his residence in Minna, Niger State.
In a post shared on his X account on Thursday, Obi confirmed the visit, which followed his earlier meeting with Jigawa State Governor Umar Namadi.
The discussions with IBB reportedly centered on national issues, with Obi also taking the opportunity to wish the elder statesman a happy new year.
Describing Babangida as a “father figure” and “wise man,” Obi expressed his admiration for the former leader’s insights and guidance.
He wrote:
“From Jigawa State, I traveled to Minna, Niger State to pay a visit to a father figure, elder statesman, and leader, the former military president, General Ibrahim Badamasi Babangida, at his residence in Minna. The visit was an opportunity to wish him a happy New Year and to exchange thoughts on national issues.
“General Babangida’s wisdom and perspectives remain very important, and I always deeply appreciate the chance to visit him and listen to his invaluable advice and words of wisdom.
“A new Nigeria is POssible!”
News
After Obasanjo’s outburst NNPCL invites him to PH Refinery, Speaks on ‘Halting Crude Oil Supply to Dangote
By Kayode Sanni-Arewa
The Nigerian National Petroleum Company Limited (NNPCL) has invited former President Olusegun Obasanjo to visit the Port Harcourt Refinery and assess its operational status firsthand.
Naijablitznews reports this is coming barely hours after the former president’s on the reactivated refineries.
Obasanjo had granted interview on Channels Television, in which he cited advice from Shell Petroleum Development Company (SPDC) raising concerns about the refinery’s potential inefficiency.
SPDC, which had been approached for equity participation in the refinery, reportedly attributed these concerns to corruption impacting operations.
Obasanjo also accused NNPCL of misleading the public regarding the refinery’s performance.
In response, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, emphasized the company’s commitment to transparency and invited Obasanjo to see the progress made since the refinery’s rehabilitation.
Soneye highlighted that the rehabilitation efforts involved more than just maintenance, but a complete overhaul to meet international standards, with similar projects underway at the Warri, old Port Harcourt, and Kaduna refineries.
Soneye also noted that NNPCL’s transition from a government corporation to a private entity with limited liability has refocused the company on profitability, aiming to position it as a competitive global energy player. He reassured Nigerians of NNPCL’s dedication to sustaining operations that meet global standards and contribute to the nation’s energy security.
Addressing Obasanjo’s comments, Soneye acknowledged the former president’s role in national discussions and reaffirmed NNPCL’s commitment to a brighter future. Regarding rumors about NNPCL cutting crude oil supplies to the Dangote Refinery, Soneye dismissed the reports as false, indicating there was no need to respond to such claims.
By Kayode Sanni-Arewa
On Thursday, marking the inaugural trading day of 2025, global oil prices experienced a modest increase.
Brent crude futures experienced an increase, reaching $74.80 a barrel by 0547 GMT, marking a gain of 17 cents, or 0.06%
Meanwhile, U.S. West Texas Intermediate crude futures rose by 19 cents, or 0.26%, settling at $71.91 a barrel
On Tuesday, New Year’s Eve, Brent crude oil prices increased by 65 cents, while West Texas Intermediate (WTI) saw a rise of 73 cents on the same day
In 2024, global oil prices experienced significant fluctuations, driven by ongoing conflicts in the Middle East and a notable decline in oil demand from China
China’s Economic Growth Fuels Optimism.
Investors are closely monitoring the expansion of China’s economy.
According to a report by Reuters, oil investors are expressing optimism regarding potential growth in China’s economy, which may lead to increased oil demand from the Asian powerhouse
This sentiment follows President Xi Jinping’s commitment to fostering growth by 2025
In his New Year’s address, the President of China committed to enacting more proactive policies aimed at stimulating economic growth in 2025
China’s factory activity experienced sluggish growth in December 2024, according to a recent survey by Caixin and S&P Global
However, there are indications of a modest recovery in the services and construction sectors, pointing to the potential impact of policy stimulus measures.
Impact of US Economic Policies
As US President-elect Donald Trump prepares to take office on January 20, investors are expressing concerns about the potential effects of tariffs
Due to the New Year holiday, the Energy Information Administration has delayed the release of the weekly U.S. oil stocks data until Thursday, which investors are currently anticipating
Market analyst Tony Sycamore shared insights with Reuters, noting that the weekly chart for WTI is narrowing, suggesting that a significant price movement is on the horizon
The upcoming US ISM manufacturing release is poised to play a crucial role in determining the next direction for crude oil prices.
Instead of attempting to forecast the direction of the impending break, he suggested that it would be more prudent to observe it as it happens and then align with it.
Nigeria’s oil price assumption for the year
The administration of President Bola Tinubu has established the 2025 budget based on the expectation that global oil prices will hover around $75 per barrel.
Additionally, the government has committed to increasing oil production to exceed 2 million barrels per day
Elements influencing oil prices in 2025. We project China’s oil demand to peak in 2025. We anticipate an increase in oil prices should this occur
The Economic and Technological Research Institute (ETRI) of the China National Petroleum Corporation forecasts an increase in oil demand to around 770 million tonnes in the world’s second-largest economy by 2025. India’s Demand: If demand surges in India, the country with the highest population globally, we could witness a significant increase in oil prices. Analysts predict that India is poised to overtake China as the dominant oil market in Asia.
Trump’s commitment to the slogan “drill, baby, drill” has sparked significant discussion regarding energy policies and environmental implications. Upon taking office, President Trump has committed to an immediate increase in oil production within the United States. Experts suggest that this scenario may be unlikely, as the private sector predominantly influences the oil and gas industry in America. The impact of OPEC: Last year, the Organization of the Petroleum Exporting Countries (OPEC) faced challenges managing oil prices despite implementing production cuts.
We cannot yet predict the potential impact on the oil market in 2025. Analysts suggest that OPEC’s influence in the global oil market has diminished compared to its historical prominence.
Photos) Obi Visits IBB, Reveals Their Discussion
After Obasanjo’s outburst NNPCL invites him to PH Refinery, Speaks on ‘Halting Crude Oil Supply to Dangote
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