President Bola Ahmed Tinubu has dissolved the board of the Nigerian National Petroleum Company Limited (NNPCL), removing Group Chief Executive Officer (GCEO) Mele Kyari and Chairman Pius Akinyelure, along with all other board members appointed in November 2023.
The President announced an 11-member reconstituted board, appointing Engineer Bashir Bayo Ojulari as the new Group CEO and Ahmadu Musa Kida as the Non-Executive Chairman. The changes take immediate effect, as disclosed in a statement by Special Adviser to the President on Information & Strategy, Bayo Onanuga.
Citing the need for โenhanced operational efficiency, restored investor confidence, and a more commercially viable NNPCโ, Tinubu invoked his powers under section 59(2) of the Petroleum Industry Act (PIA) 2021 to carry out the sweeping reconstitution
The new board includes Adedapo Segun, who retains his position as Chief Financial Officer (CFO), alongside six non-executive directors representing Nigeriaโs geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed, representing the Ministry of Petroleum Resources, will serve on the board.
He tasked the new board with conducting a strategic review of NNPC-operated and Joint Venture assets to maximize value, increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, raising gas production to 8 billion cubic feet daily by 2027 and 10 billion by 2030, and expanding NNPCโs refining output to 200,000 bpd by 2027 and 500,000 bpd by 2030. The administration also aims to attract $30 billion in oil investments by 2027 and $60 billion by 2030, building on the $17 billion secured in 2024.
Ahmadu Musa Kida, the new Chairman, is a Borno-born engineer and former Deputy MD of Total Nigeria. He is also a former basketballer and ex-president of the Nigeria Basketball Federation (NBBF). Bashir Bayo Ojulari, the new GCEO, is a Kwara State indigene who was previously Executive VP of Renaissance Africa Energy, leading a $2.4 billion acquisition of Shellโs Nigerian assets. He is a veteran of Elf and Shell, with experience across Europe and the Middle East.
Tinubu thanked the outgoing board for their service, particularly their role in reviving the Port Harcourt and Warri refineries, which resumed production after years of inactivity. Analysts see the move as part of Tinubuโs broader oil sector reforms, following last yearโs removal of fuel subsidies and push for private refinery investments. With the new team in place, expectations are high for improved transparency, efficiency, and profitability in Nigeriaโs state oil firm.
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