President Bola Tinubu has restructured the Nigerian National Petroleum Company (NNPC) Limited, removing Group Chief Executive Officer (GCEO) Mallam Mele Kolo Kyari and Board Chairman Chief Pius Akinyelure. This major shake-up, announced early Wednesday by presidential spokesman Bayo Onanuga, also led to the dismissal of all board members appointed alongside Kyari and Akinyelure in November 2023.
In their place, Tinubu appointed an 11-member board, with Engineer Bashir Bayo Ojulari as the new GCEO and Ahmadu Musa Kida as the non-executive chairman. The president also confirmed the appointment of Adedapo Segun as Chief Financial Officer, a role he assumed in November 2023.
The board includes six non-executive directors representing Nigeria’s 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 will represent the Federal Ministry of Finance, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
President Tinubu invoked Section 59(2) of the Petroleum Industry Act, 2021, to justify the restructuring, citing the need to enhance efficiency, attract investment, and advance Nigeria’s oil and gas industry. He tasked the new board with a strategic review of NNPC’s operations, aiming to increase oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, boost gas output to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030, expand refining capacity to 200,000 bpd by 2027 and 500,000 bpd by 2030, and maximize investment, building on the $17 billion secured in 2023, with a goal of $30 billion by 2027 and $60 billion by 2030.
Ahmadu Musa Kida, the new board chairman, is a civil engineer and oil industry veteran who has held key roles at Elf Petroleum and Total Exploration. He also led Nigeria’s Basketball Federation. Bashir Bayo Ojulari, the new Group CEO, is an oil sector expert with experience at Shell and Renaissance Africa Energy. He spearheaded the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria.
Tinubu acknowledged the contributions of the outgoing board, particularly in rehabilitating the Warri and Port Harcourt refineries, and wished them success in their future endeavors.
