The Nigerian National Petroleum Company (NNPC) Ltd, has removed the Managing Directors of Kaduna, Port Harcourt and Warri refineries to halt continued value erosion in Nigeria’s refining sector.
According to the Group Chief Executive Officer (GCEO) of NNPC , Bayo Ojulari “the primary objective of the ongoing restructuring is to halt the loss of value in the short term and to develop a credible, long-term strategy that will restore and maximize value for the federation,”
Ojulari who disclosed this to Journalist during a chat said that he 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.
It will be recalled that 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.
However, 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.
TheCable reported on Monday that the NNPC under Bayo Ojulari terminated the services of a number of senior staff members including Bala Wunti, former chief of National Petroleum Investment Management Services (NAPIMS), and Ibrahim Onoja, managing director of the Kaduna Refinery, were asked to leave.
