The new Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has officially taken over the reins of the company from his predecessor, Mr. Mele Kyari.

In a brief handover ceremony held at the NNPC Towers on Friday, the GCEO commended Kyari for his contributions to the growth of NNPCL and his sterling service to the nation.

Ojulari disclosed that the objective of his management was to consolidate on the successes of his predecessor and take the company to the next level.

He said though the targets set for his management were quite enormous, he would be relying on the co-operation of the management and staff of the company, as well as the counsel of his predecessor to achieve set targets.

“I will be counting on your support. I will need it. I will be coming around to seek your counsel,” Ojulari told Kyari.

Earlier in his remarks, Kyari congratulated Ojulari and thanked the management and staff of the company for their support while in office.

He pledged to do everything within his power to support the new management to succeed, stressing that he was only a call away.

President Bola Ahmed Tinubu has appointed Mr. Ayo Sotinrin as the new Managing Director of the Bank of Agriculture, effective immediately.

Mr. Sotinrin brings a diverse and extensive background in the private and public sectors to his new role.

Before his appointment, he held the position of Group Chief Executive Officer at SAO Group. His leadership at SAO Agro, an agribusiness company, was marked by groundbreaking agricultural initiatives, including developing a 20,000-hectare oil palm plantation and large-scale poultry, aquaculture, maize, and cassava operations in Ondo State.

He also led SAO Capital, raising over $750 million in infrastructure and development finance, including the landmark $200 million Akure Water Supply Project.

In the public sector, he served as Special Adviser (Environment & Urban Development) to the Minister of State FCT from 2011 to 2015.

He has consulted extensively for global development partners such as the World Bank, AfDB, DFID, and USAID and played key advisory roles on federal and state-level projects. His international background includes roles at the Royal Bank of Scotland International, Deutsche Bank, and the UK Environment Agency.

Mr. Sotinrin holds an Executive MBA from Said Business School, Oxford University; an Advanced Diploma in Environmental Conservation; and a Master’s in Engineering Business Management from Warwick University.

Mr Sotinrin’s appointment aligns with the Tinubu administration’s strategy to revitalise Nigeria’s agricultural sector.

“Mr Sotinrin’s proven ability to mobilise capital, innovate in agribusiness, and collaborate across sectors will be instrumental in repositioning the Bank of Agriculture as a catalyst for food security, sovereignty and rural prosperity”, President Tinubu emphasised.

The Nigerian naira recorded its highest depreciation against the dollar this week at the official foreign exchange market amid United States of America President, Donald Trump’s tariff announcement.

The Central Bank of Nigeria’s exchange data showed that it dropped to N1,552.53 per dollar on Thursday from N1,531.25 traded on Wednesday.

This means that the naira slumped by N21.28 against the dollar on Thursday compared to N1,531.25 exchanged the previous day.

This is the highest depreciation against the dollar on a single day since March 22, when the currency dropped by N18.96 weekly at the official market.

Similarly, at the black market, the naira weakened by N5 on Thursday to N1,560 per dollar from N1,555 traded on Wednesday.

The development comes despite CBN’s announcement that the country’s Net Foreign Exchange Reserve (NFER) as of the end of 2024 stood at $23.11 billion, the highest level in over three years.

The drop in the naira at both official and parallel foreign exchange markets follows Trump’s administration’s tariff announcement on Wednesday, which sparked outrage across the world.

Economic experts said Trump’s 10 percent baseline tariffs would affect US-Nigeria trade worth $10 billion.

The chief executive officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf on Thursday in a statement said Trump’s tariff would affect Nigeria’s economy because it has brought an end to the African Growth and Opportunity Act.