The Nigerian National Petroleum Company Limited (NNPC) has appointed Adedapo Segun as its new Chief Financial Officer, taking over from Umar Ajiya. Previously the Executive Vice President (EVP) of the downstream sector, Segun will now oversee NNPC’s finances. Additionally, Isiyaku Abdullahi was named the new EVP, Downstream, while Udobong Ntia was appointed EVP, Upstream.
The reshuffle comes amid a nationwide fuel price crisis, with recent hikes driving costs up to N1,060 per liter at NNPC outlets. Economist Kelvin Emmanuel reacted to the appointments, urging President Bola Tinubu to consider a complete overhaul of NNPC’s executive leadership. This follows mounting public pressure over fuel prices and the exclusive role NNPC held as the buyer from the Dangote Refinery until a recent deal with the Independent Petroleum Marketers Association of Nigeria (IPMAN).
IPMAN recently announced that it will reduce petrol prices by at least N50 after reaching an agreement to buy directly from Dangote at lower rates.
