NNPC Sacks Kyari Loyalists, Others Ahead of NGX Listing

Earlier in the month, President Bola Tinubu removed Mr Kyari from office, replacing him with Mr Bayo Ojulari, a former chief executive of Shell.

He also dissolved the NNPC board and appointed a new 11-man board led by Mr Ahmadu Kida as non-executive chairman.

Now, more top officials, believed to be loyal to the erstwhile chief executive, have been axed from the state-owned oil firm as part of a reorganisation carried out ahead of a planned Initial Public Offering (IPO) by year end.

Some of the individuals shown the door are the Chief Upstream Investment Officer, NNPC Upstream Investment Services (NUIMS), Mr Bala Wunti.

NUIMS is the investment management arm of the NNPC and oversees the Nigerian Petroleum Exchange (NipeX), an electronic platform for contracting in the upstream sector.

It manages the Nigerian government’s investments in the upstream sector of the oil and gas industry, plus its equity holdings in Joint Venture (JV), Production Sharing Contract (PSC), and Service Contract (SC) companies.

Also leaving are the Managing Director of the Kaduna Refinery, Mr Ibrahim Onoja as well the Chief Compliance Officer and former Managing Director of NNPC Trading, Mrs Sade Lawal.

According to reports, several other lower and middle class staff were also affected by the restructuring drive.

The total headcount reduction was put at around 200.

The exit of some of the executives has seen others step up, including Mrs Maryam Idrisu, who will now take over as Managing Director of NNPC Trading, the unit responsible for all crude oil transactions, while Mr Obioma Abangwu is now Chief Liaison Officer for board matters.

This is the latest round of layoffs in the state oil firm after it sacked a number of staff back in September 2023, which it said was due to reorganisation.

The company, in a statement then, said the reorganisation was in line with its commitment to scale up its capabilities “through targeted talent management and equal opportunity for all Nigerians”, noting that only staff members with less than 15 months to retirement will be affected.

This development comes as the NNPC continues to finalise its IPO plans to drive sufficiency without reliance on state funding, years after it was announced.

It is currently engaging with prospective stakeholders including investment banks and investors to comply with capital market regulations.

The company is chasing a dual listing on the Nigerian Exchange (NGX) as well as the London Stock Exchange (LSE) by the end of 2025.