The Nigerian National Petroleum Company Limited (NNPC) has announced major leadership changes amidst an ongoing fuel crisis. Adedapo Segun was appointed as the new Chief Financial Officer (CFO), succeeding Mr. Umar Ajiya.
Prior to this role, Segun served as the Executive Vice President (EVP) of the downstream sector. Additionally, Isiyaku Abdullahi was named the EVP of Downstream, while Udobong Ntia took on the role of EVP of Upstream.
These appointments come at a time when NNPC has faced criticism for its handling of the fuel price crisis in Nigeria. From August to November 2024, the company implemented three petrol price hikes, raising the cost from N617 to N1,060 per litre at its retail outlets.
This situation has led to calls for the dismissal of Mele Kyari, the Group Chief Executive Officer of NNPC, with some experts suggesting a complete overhaul of the company's management.
In response to the crisis, the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced plans to reduce petrol prices by at least N50, following an agreement with the Dangote Refinery to purchase fuel directly at rates between N940 and N990 per litre. This development marks a shift in the market dynamics, as NNPC had previously been the sole buyer of Dangote Petrol.
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