Nigeria: Bashir Ojulari, an oil expert at the helm of NNPC.

Nigeria is ushering in a new era in the management of its oil sector with the appointment of Bashir Ojulari as head of the Nigerian National Petroleum Corporation (NNPC). A 1989 graduate in mechanical engineering from Ahmadu Bello University, Zaria, Ojulari is an industry veteran with more than three decades of experience in the energy sector.

Beginning his career with Elf Petroleum Nigeria before joining Shell in 1991, Bashir Ojulari rose through the ranks of the Anglo-Dutch major. He has held senior positions in Nigeria, the Netherlands, Oman and Shell's head office, acquiring recognised expertise in production, strategic planning and asset management. In 2010, he was appointed Director of Development at Shell Nigeria, before becoming Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) in 2015.

His leadership has been crucial in the management of Nigeria's offshore assets and energy transition. After leaving Shell in 2021, he founded BAT Advisory and Energy Company Nigeria Ltd, an energy consultancy, and then joined Renaissance Africa Energy Company as Executive Vice President and Chief Operating Officer. It was here that he played a leading role in the acquisition of an asset from Shell Nigeria, confirming his influence in the restructuring of the Nigerian energy landscape.

His appointment as head of NNPC comes against a backdrop of renewed ambitions for the national oil company. The main objective is to restructure the organisation, maximise the value of the country's oil resources, improve transparency and attract new investment. Under the previous management, the NNPC announced investment commitments of $17 billion in 2024, with the ambition of reaching $30 billion by 2027 and $60 billion by 2030.

President Bola Tinubu expects the new leader to speed up reforms and improve the performance of national assets. Bashir Ojulari has a colossal task ahead of him, not least the thorny issue of state-owned refineries.

For decades, Nigeria has been importing most of its refined products due to the dilapidated state of its infrastructure, which has a combined refining capacity of 445,000 barrels per day. Revitalising these facilities is a central issue in Ojulari's mission. The aim is to reach 200,000 barrels of refined oil per day by 2027 and 500,000 by 2030, a challenge that his predecessor, Mele Kyari, failed to meet.

A 2023 report revealed that more than $25 billion has been invested in revitalising the country's four refineries over the past decade, with no tangible results. Last year, a partial privatisation of these infrastructures was envisaged to attract private investors and ensure more efficient management. The matter is still under discussion.

This lack of refining capacity has increased Nigeria's dependence on imports of refined petroleum products, weighing heavily on public finances and exacerbating foreign exchange shortages. For Bashir Ojulari, revitalising this industry is therefore an unavoidable priority.

At the same time, gas diversification is a major challenge for NNPC. The company's ambition is to make Nigeria a gas hub in West Africa, which requires massive investment and an innovative strategic approach. Bashir Ojulari, known for his pragmatism and ability to lead complex transformations, appears to be the right man for the job.

His experience in offshore and onshore asset management, combined with a deep understanding of the Nigerian energy sector, makes him a wise choice to lead NNPC. He will, however, have to meet some major structural challenges and prove his ability to breathe new life into the company. Only time will tell whether he will succeed in putting NNPC back on track and giving it the stature it aspires to on the world energy stage.