In a compelling call to action, renowned financial engineer, investment banking executive, and development economist Dr. Nnaemeka Onyeka Obiaraeri has urged President Bola Tinubu to overhaul the management of all petroleum-related agencies in Nigeria. Dr. Obiaraeri, who is also the Managing Director/CEO of Taurus Capital & Advisory Limited, a Pan-African investment banking firm, made his plea in a viral video circulating on social media.
Dr. Obiaraeri stressed that the current leadership of agencies including the Nigerian National Petroleum Corporation Limited (NNPCL) is incapable of addressing the sector’s challenges. He wondered why President Tinubu didn’t replace these leaders upon assuming office, suggesting that this oversight has exacerbated the country’s crude oil production issues and broader economic troubles.
Highlighting the NNPCL’s inefficiency, Dr. Obiaraeri pointed out the agency’s failure to repair the nation’s refineries despite spending 16 trillion Naira (approximately $34 billion) over the past eight years. He argued that maintaining the existing management, appointed by the previous administration under Muhammadu Buhari, would hinder any significant progress.
“You can’t win the Champions League with the same team of players who have failed to pick the trophy in five years,” Dr. Obiaraeri stated. He recommended that President Tinubu replace these officials with individuals he trusts and who have proven track records in the oil and gas sector. Emphasizing Tinubu’s background with Mobil, he noted that the President has the knowledge and connections to assemble a competent team.
Dr. Obiaraeri articulated, “When you are a manager and you inherit a team that spent 16 trillion Naira ($34 billion) in eight years without fixing the refineries, and presided over the looting of our crude oil annually to the tune of $22 billion for five years, you need to clear out the stable. From the NNPCL to the DPRA, remove everyone appointed by Buhari and bring in your people. Tinubu worked in Mobil; he knows the industry and the right people to call upon.”
He also lauded some of the President’s appointments, such as Yemi Cardoso, Bosun Tijani, and Olubunmi Tunji-Ojo, describing them as “shining stars” within Tinubu’s administration. However, he criticized the majority of the President’s cabinet, claiming that 80 per cent are not contributing effectively to the nation’s physical development.
Furthermore, Dr. Obiaraeri suggested that by now, all refineries in the country should be operational. He recommended that local investors be allowed to purchase a 60 percent stake in the NNPCL, and that the corporation be listed on the stock exchange to enhance transparency and efficiency.
Dr. Obiaraeri’s bold recommendations underscore the urgent need for strategic changes in Nigeria’s petroleum sector to drive economic stability and growth. It also comes amidst the face-off between the NNPCL and Aliko Dangote.
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