The Nigerian National Petroleum Company Limited (NNPC) has dismissed claims that its Group Chief Executive Officer (GCEO), Mele Kyari, will exit the company in January 2025, calling the rumors “false.” NNPC’s spokesperson, Olufemi Soneye, stated in an exclusive interview with DAILY POST on Monday that the reports of Kyari’s imminent departure are untrue.
Soneye emphasized that while Kyari, who will turn 60 on January 8, 2025, has a defined tenure, any decision regarding his continued service rests with President Bola Ahmed Tinubu. “The president has the final say. As the Minister of Petroleum, anything he wants to do, he will do. For us, it is to continue with our work and do it right,” Soneye remarked.
There has been speculation within industry circles that Kyari may retire due to his upcoming milestone birthday, with some suggesting that Bayo Ojulari could take over his position. However, NNPC maintains that these reports are unfounded.
Soneye further addressed the issue of appointments within NNPC, highlighting that decisions are based on expertise, skills, and the ability to deliver, not on ethnic, religious, or other divisive factors. “This is a global energy company. Movement in the company is based on expertise, skills, and ability to deliver,” he explained. He stressed that the company has foreign nationals, including Dutch, American, and British executives, and that professionalism is the key consideration in all appointments.
Some industry insiders believe Kyari’s tenure as GCEO is expected to end in 2027, as outlined by Section 59 (2) of the Petroleum Industry Act (PIA) of 2021. The Act states that the composition of the NNPC board should adhere to the Companies and Allied Matters Act (CAMA) and its Articles of Association.
Kyari, who was reappointed by President Tinubu in November 2023, remains a key figure in Nigeria’s oil sector. Along with Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Commission, he is one of the appointees from former President Muhammadu Buhari’s administration who continues to serve under Tinubu’s leadership.
Recent appointments by NNPC include Adedapo Segun as Chief Financial Officer (CFO), Isiyaku Abdullahi as Executive Vice President (EVP), Downstream, and Udobong Ntia as EVP, Upstream. These moves reflect the company’s ongoing efforts to strengthen its leadership team.
NNPC transitioned from a public corporation to a limited liability company in July 2022, further reshaping the landscape of Nigeria’s oil and gas industry.
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