In a significant move to reshape Nigeria’s oil and gas sector, President Bola Ahmed Tinubu has restructured the board of the Nigerian National Petroleum Company (NNPC) Limited, relieving the Group Chief Executive Officer (GCEO), Mallam Mele Kolo Kyari, and the Board Chairman, Chief Pius Akinyelure, of their duties.
Kyari, who served as the first GCEO of NNPC Limited since July 2019, and Akinyelure, appointed as the Non-Executive Board Chairman in November 2023, have been replaced as part of the administration's push for operational reforms.
A statement from the State House, signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, announced the appointments of Engr. Bashir Bayo Ojulari as the new GCEO and Ahmadu Musa Kida as the Non-Executive Chairman. The restructuring also saw the removal of the entire board appointed in November 2023.
The newly constituted 11-member board will feature Adedapo Segun as the Chief Financial Officer and six non-executive directors representing Nigeria’s geopolitical zones. The appointees include:
- Bello Rabiu (North West)
- Yusuf Usman (North East)
- Babs Omotowa (North Central)
- Austin Avuru (South-South)
- David Ige (South West)
- Henry Obih (South East)
Additionally, Mrs. Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, will represent the ministry, and Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
President Tinubu stressed that the board restructuring is designed to enhance operational efficiency, restore investor confidence, and promote local content and gas commercialization. The new leadership is also tasked with conducting a strategic review of NNPC’s portfolio and joint venture assets to maximize value.
The administration has set ambitious targets for the sector, including increasing oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. Gas production is projected to reach 8 billion cubic feet per day by 2027 and 10 billion cubic feet per day by 2030. The government also aims to boost NNPC’s crude oil refining capacity to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.
Ahmadu Musa Kida, the new chairman, brings vast experience from his time at Elf Petroleum and Total Exploration and Production. He also served as the Deputy Managing Director of Deep Water Services at Total Nigeria and was an Independent Non-Executive Director at Pan Ocean-Newcross Group.
Engr. Bashir Bayo Ojulari, the new GCEO, is an oil industry veteran with a background at Shell and Renaissance Africa Energy Company, where he led the consortium that acquired Shell Petroleum Development Company of Nigeria for $2.4 billion.
In concluding the announcement, President Tinubu thanked the outgoing board members for their contributions, particularly in the rehabilitation of the Port Harcourt and Warri refineries, and wished them success in their future endeavors.
