In a significant shake-up, President Bola Tinubu has restructured the management of the Nigerian National Petroleum Company (NNPC) Limited, resulting in the removal of Group Chief Executive Officer (GCEO), Mallam Mele Kolo Kyari, and Board Chairman, Chief Pius Akinyelure. The decision, announced early Wednesday, also saw the departure of other board members appointed alongside Kyari and Akinyelure in November 2023.
The announcement was made by Presidential Spokesman, Bayo Onanuga, who confirmed that the new 11-member board would be led by Engineer Bashir Bayo Ojulari as the new GCEO, with Ahmadu Musa Kida appointed as the non-executive chairman.
Tinubu also made key appointments to the board, including the reappointment of Adedapo Segun as the Chief Financial Officer, who replaced Umaru Isa Ajiya last November. Additionally, six non-executive directors have been appointed to represent Nigeria’s geopolitical zones. They include Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa (North Central), the former managing director of the Nigerian Liquefied Natural Gas (NLNG). Austin Avuru (South-South), David Ige (South-West), and Henry Obih (South-East) were also appointed to represent their respective regions.
Further appointments include Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed, who will represent the Ministry of Petroleum Resources.
The restructuring, effective from April 2, was carried out under President Tinubu’s powers as granted by Section 59(2) of the Petroleum Industry Act, 2021. The President emphasized that the move was designed to enhance operational efficiency, boost investor confidence, support local content, and accelerate gas commercialization and economic growth.
In line with his vision for the sector, President Tinubu outlined an immediate action plan for the new board, urging them to conduct a strategic review of NNPC’s assets, including its joint venture operations, to align with value maximization goals. The administration has already achieved notable progress, with the NNPC securing $17 billion in new investments last year. The government now aims to increase this to $30 billion by 2027 and $60 billion by 2030.
Additionally, the President set ambitious targets for oil and gas production: raising oil production to two million barrels per day by 2027, and three million by 2030, while increasing gas production to 8 billion cubic feet per day by 2027, and 10 billion by 2030. The goal for NNPC’s crude oil refining output is also set to increase, reaching 200,000 barrels per day by 2027 and 500,000 by 2030.
Ahmadu Musa Kida, the newly appointed Chairman, has a distinguished career in the oil industry. A civil engineering graduate from Ahmadu Bello University, Zaria, Kida’s career spans multiple roles, including Deputy Managing Director of Deep Water Services at Total Nigeria and Independent Non-Executive Director at Pan Ocean-Newcross Group. In addition to his oil career, Kida has also been a prominent figure in Nigerian basketball.
Engineer Bashir Bayo Ojulari, the new GCEO, brings a wealth of experience to the role. An alumnus of Ahmadu Bello University, Ojulari previously served as the Executive Vice President and COO of Renaissance Africa Energy Company. He has held various leadership roles in the oil industry, including managing director of Shell Nigeria Exploration and Production Company (SNEPCO). Ojulari has also been a prominent member of the Society of Petroleum Engineers and a fellow of the Nigerian Society of Engineers.
President Tinubu expressed his gratitude to the outgoing board members for their dedicated service, particularly in the rehabilitation of the Port Harcourt and Warri refineries, which resumed production of petroleum products after extended shutdowns. He wished them success in their future endeavors.
