In a major shake-up of the Nigerian National Petroleum Company Limited (NNPCL), President Bola Tinubu has dismissed Group Chief Executive Officer (GCEO) Mele Kyari and board chairman Pius Akinyelure. Bashir Ojulari has been appointed as the new GCEO, effective immediately.
This was announced in the early hours of Wednesday by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, in a statement titled “President Tinubu Reconstitutes NNPC Limited Board, Appoints New Chairman, Group CEO.”
“All other board members appointed alongside Akinyelure and Kyari in November 2023 have also been removed,” Onanuga stated.
The newly appointed 11-member board includes Ahmadu Musa Kida as the non-executive chairman and Adedapo Segun, who will continue as Chief Financial Officer. Six non-executive directors have also been appointed, representing Nigeria’s geopolitical zones:
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North West: Bello Rabiu
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North East: Yusuf Usman
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North Central: Babs Omotowa
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South South: Austin Avuru
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South West: David Ige
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South East: Henry Obih
Additionally, Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry, while Aminu Ahmed will represent the Ministry of Petroleum Resources.
President Tinubu invoked Section 59(2) of the Petroleum Industry Act (2021) to justify the board’s restructuring, citing the need for greater operational efficiency, enhanced investor confidence, and increased local content in the oil and gas sector.
The President has tasked the new board with conducting a strategic portfolio review of NNPCL’s assets to ensure they align with Nigeria’s economic objectives.
This move is part of Tinubu’s broader oil sector reforms, which have attracted $17 billion in investments as of 2024. The government aims to increase this to $30 billion by 2027 and $60 billion by 2030.
Tinubu’s administration has also set ambitious production targets: Oil: 2 million barrels per day by 2027, 3 million by 2030, Gas: 8 billion cubic feet per day by 2027, 10 billion by 2030, Refining: 200,000 barrels per day by 2027, 500,000 by 2030
Ahmadu Musa Kida, the new NNPCL Chairman, is a seasoned oil industry executive and an alumnus of Ahmadu Bello University. He previously held senior roles at Total Exploration and Production and was an Independent Non-Executive Director at Pan Ocean-Newcross Group.
Bashir Ojulari, the new GCEO, hails from Kwara State and has over three decades of experience in the oil and gas sector. He was previously Executive Vice President at Renaissance Africa Energy Company, which led the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria. Ojulari has worked with Elf Aquitaine, Shell, and other global energy firms.
President Tinubu expressed gratitude to the outgoing board members for their efforts, particularly in reviving the Port Harcourt and Warri refineries after years of inactivity.
With fresh leadership in place, the administration is expected to push forward its oil sector transformation, aiming to make NNPC a globally competitive energy company.
