Reshuffling of NNPC’s board:  Reflection of a sensitive and patriotic president at work, by Kola Amzat 

On Wednesday, April 2, 2025, Nigerians woke up to a thunderbolt of news-the sword of Damocles had finally fell on NNPC Board, a development that swept away Mele Kyari, the dominant NNPCL former Group Managing Director (GMD), the former Chairman, Pius Akinyelure, as well as other 6 or 7 members of the Board, in one fell swoop.

President Bola Tinubu, imbued with self-independent state of mind, courage, conviction, less-sentimental and un-emotional decided to execute the coup in the wee hours of Tuesday.

He jettisoned unnecessary emotional attachments and several hurdles obviously on his path to take such difficult and historic decision, which has potential to turn the tide in oil & gas sector.

Keen political followers are oblivious of significant financial contributions of erstwhile NNPCL’s GMD, Mele Kyari, to the president’s ascendance to the topmost office in the land.

In the same vein, it’s in the public domain, the very cordial relationship that exists between the president and Pius Akinyelure, the ousted Chairman. For the avoidance of doubt, their relationship dated back to their career days in Mobil Oil producing a couple of decades ago.

But, the job must be done! The overall interest of the nation is supreme and paramount! The important issue remains that the well-being of Nigerians and prosperity are at stake, and the president had to wield the big armor!             

The fact of the matter is that, NNPCL had been found wanting! In recent times, the first class key Agency of the federal government has been toiling with the WELL-BEING of Nigeria people. And, something had to give way!  And, something indeed gave way!

A couple of weeks back, precisely, during the month of March 2025, NNPCL suddenly drew the curtains on the naira-for-crude business deal between her and Dangote Petroleum Refinery.   

The implications of this was that, the Dangote Refinery started buying crude for Dollar as against Naira, as enshrined in the former business deal arrangement.

Without any iota of doubt, the overall implication of the sudden policy reversal of NNPCL for the Nigerian people and the economy as a whole is dire and monumental.

In this unnecessary display of power, what’s the grouse of the Board of NNPCL?

They were displeased and frustrated with Dangote consistent crashing of the price of PMS throughout the December, last year and as well as during the month of March in the New Year.

This development reached climax very early in March when the price of PMS went as low as ₦875 and ₦890 in many parts of the country in Lagos, a development that forced NNPCL to also adjust their price in the same direction in other to be relevant, and more importantly, to avoid the backlash from populace, as well as the wrath of government.

We recall that the crashing of the PMS significantly had its multiply effect in the economy, as inflation took a downward slope, and also, provided temporary succor for generality of households as prices of food materials went down across board.

NNPCL sorely detested this, as the development subjected them to scorn and public opprobrium.

And, then, they resolved to take their pounds of flesh by entering into new business deal of crude oil for dollar with Dangote Refinery.

Meanwhile, Dangote Refinery had no choice other than to respond by adjusting its sales currency to the crude procurement policy, a development that suddenly necessitated the current PMS increase that has been oscillating between ₦965 and ₦1000 all across the country. 

As at the time the president sacked the GMD, the Chairman and the Board of Directors of NNPCL, several meetings aimed at reverting to old order of naira for crude oil purchase arrangement remained deadlocked, giving room to speculation across the country that key powerful figures within the oil sector that are deeply involve in petroleum importation are the architect of federal government reluctance to change the model.

The justification for this was that, that multiple times that Dangote Refinery crashed PMS prices badly affected the fortunes of this powerful group as they incurred humongous losses, because they were importing fuel in foreign currency-Dollars.

There were even idle talks in some quarters that, why would the president continue to make available license for importation of PMS to members of the oil mafia, when the capacity of Dangote Refinery to produce and supply the domestic market is never in doubt?

To some privileged Nigerians who I won’t mention in this Piece for want of place, they’re of the mischievous views that, the presidency are accomplice in NNPCL stubbornness to buckle under immense pressure to revert to naira-for-crude oil sale. 

They reportedly alleged that, it’s the presidency that was emboldening the NNPCL to maintain the hard stance of Dollar-for-crude oil sale.

But, the crux of this Piece remains; the Commander-in-Chief of the Armed Forces sacking of the erstwhile GMD, Chairman, and the entire Board of the Federal Agency has totally debunked all the above speculations and allegations against the presidency.

Are the people making frivolous allegations that presidency is complicity in the unacceptable resolve of NNPCL to change from naira for crude to dollars for crude, still hold the same opinion?

Have they not seen the light, with the president decision to sweep away out of office the entire Board, its GMD, as well as the Chairman?     

It’s an AUSPICIOUS TIME for the generality of Nigerians to study the model of governance of this president.

Bola Tinubu is one president that would give ministers, special advisers and other appointees at the federal level, LATITUDE.

With him, there is no hurry whatsoever in making decision. He takes his time. He gives you long rope to operate and perhaps, to make amendments.  This is why, when he strikes, there is always no going back. 

The president is circumspect, extremely patience, very watchful, rational, big-hearted and always like to have deep conviction that a decision has to be taken, just as he’s strongly convinced that former Board of NNPCL and their Chairman, as well as GMD were not acting in the interest of the nation.  And, that they MUST vacate the plum assignment for the new team to take charge.       

Let’s hope that new management team of NNPCL and Dangote Refinery would collaborate to work together in the interest of Nigerians, by reverting to naira-for-crude arrangement, a development that would surely benefit the populace and the economy in general.   

Salutes to Mr. President for not always disappoint!

Kola AMZAT (FCA, FCIB)

Lagos based Financial & Management Consultants,

09077509348.