President Bola Tinubu has made sweeping changes to the leadership of the Nigerian National Petroleum Company (NNPC) Limited, dismissing Group Chief Executive Officer (GCEO) Mallam Mele Kyari and Board Chairman Chief Pius Akinyelure.
Along with them, all board members appointed in November 2023 have been removed.
The announcement was made early Wednesday through a statement by presidential spokesman Bayo Onanuga.
New Leadership and Board Members
The newly appointed 11-member board includes:
Bashir Bayo Ojulari – Group Chief Executive Officer
Ahmadu Musa Kida – Non-Executive Chairman
Adedapo Segun – Chief Financial Officer
Additionally, six non-executive directors have been appointed to represent Nigeria’s geopolitical zones:
North West – Bello Rabiu
North East – Yusuf Usman
North Central – Babs Omotowa (former MD of Nigeria LNG)
South-South – Austin Avuru
South-West – David Ige
South-East – Henry Obih
Other board representatives include:
Mrs Lydia Shehu Jafiya – Representing the Federal Ministry of Finance
Aminu Said Ahmed – Representing the Ministry of Petroleum Resources
The presidency stated that the restructuring aims to:
Improve operational efficiency
Restore investor confidence
Boost local content
Drive economic growth
Advance gas commercialisation and diversification
President Tinubu invoked his powers under the Petroleum Industry Act, 2021, to make these changes, which take effect immediately.
The Tinubu administration has set ambitious goals for the energy sector, including:
Raising oil production to 2 million barrels per day by 2027 and 3 million by 2030
Increasing gas production to 8 billion cubic feet daily by 2027 and 10 billion by 2030
Expanding NNPC’s share of refined crude output to 200,000 barrels daily by 2027 and 500,000 by 2030
Since 2023, the administration has implemented oil sector reforms to attract investment, with NNPC securing $17 billion in new investments last year. The government aims to increase this to $30 billion by 2027 and $60 billion by 2030.
Profiles of Key Appointees
Ahmadu Musa Kida (Board Chairman) – A civil engineer from Borno State, Kida has extensive experience in the oil industry, having worked with Elf Petroleum and Total Exploration & Production. He was Deputy Managing Director of Deep Water Services at Total Nigeria and has served as an independent non-executive director at Pan Ocean-Newcross Group. Outside of oil, he is a former basketball player and president of the Nigerian Basketball Federation.
Bashir Bayo Ojulari (GCEO) – From Kwara State, Ojulari was previously Executive Vice President at Renaissance Africa Energy Company, which led a $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria. He has a background in mechanical engineering and has worked at Elf Aquitaine, Shell, and SNEPCO in various high-level positions.
President Tinubu thanked the outgoing board for their service, especially for their role in rehabilitating the Port Harcourt and Warri refineries, allowing them to resume petroleum production after long periods of inactivity. He wished them well in their future endeavors.
