In a major restructuring move, President Bola Tinubu has dissolved the board of the Nigerian National Petroleum Company (NNPC) Limited, removing Group Chief Executive Officer Mallam Mele Kyari and Chairman Chief Pius Akinyelure.
A statement issued early Wednesday by Bayo Onanuga, Special Adviser to the President on Information & Strategy, confirmed that all board members appointed in November 2023 have also been dismissed.
The newly constituted 11-member board includes Engineer Bashir Bayo Ojulari as Group CEO and Ahmadu Musa Kida as non-executive chairman. Adedapo Segun, who replaced Umaru Isa Ajiya as chief financial officer last year, retains his position on the board.
Representing Nigeria’s six geopolitical zones as non-executive directors are Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa (North Central). Others include Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). Additionally, Mrs. Lydia Shehu Jafiya from the Federal Ministry of Finance and Aminu Said Ahmed from the Ministry of Petroleum Resources will represent their respective ministries.
The appointments take immediate effect, with President Tinubu citing Section 59(2) of the Petroleum Industry Act (2021) as the legal basis for the restructuring. The move aims to enhance operational efficiency, boost investor confidence, and drive economic growth through gas commercialization and diversification.
The new board has been tasked with conducting a strategic review of NNPC’s assets to maximize value. The Tinubu administration has set ambitious targets, including increasing oil production to 2 million barrels per day by 2027 and 3 million by 2030, as well as raising gas output to 8 billion cubic feet daily by 2027 and 10 billion by 2030.
Ahmadu Musa Kida, the new board chairman, is a former Total executive and ex-President of the Nigerian Basketball Federation with extensive experience in the oil sector. The new Group CEO, Bashir Bayo Ojulari, is an industry veteran who recently led a $2.4 billion acquisition of Shell’s Nigerian assets.
President Tinubu thanked the outgoing board for their service, particularly their role in rehabilitating the Port Harcourt and Warri refineries. The NNPC reshuffle marks Tinubu’s latest effort to reform Nigeria’s oil sector, following $17 billion in investments reported in 2024, with plans to reach $60 billion by 2030.
