President Bola Ahmed Tinubu has reconstituted the board of the Nigerian National Petroleum Company (NNPC) Limited, removing Chief Pius Akinyelure as chairman and Mallam Mele Kyari as Group Chief Executive Officer.
The sweeping changes, effective today, extend to all board members appointed alongside Akinyelure and Kyari in November 2023. The President has installed an 11-member board with seasoned industry professionals to spearhead NNPC’s strategic transformation.
Engineer Bashir Bayo Ojulari has been appointed as the new Group CEO, while Ahmadu Musa Kida assumes the role of non-executive chairman. Adedapo Segun, previously appointed as Chief Financial Officer in November 2023, retains his position in the restructured board.
Other newly appointed non-executive directors represent Nigeria’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa (North Central). Additionally, Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East) join the board to ensure national representation. Lydia Shehu Jafiya, representing the Ministry of Finance, and Aminu Said Ahmed, representing the Ministry of Petroleum Resources, complete the board’s lineup.
Invoking his authority under Section 59, Subsection 2 of the Petroleum Industry Act, 2021, President Tinubu underscored that the board overhaul is aimed at enhancing operational efficiency, restoring investor confidence, boosting local content, and accelerating gas commercialization and diversification.
President Tinubu has tasked the new board with conducting a strategic portfolio review of NNPC-operated and Joint Venture assets to maximize value. His administration has set ambitious targets, including attracting $30 billion in oil sector investments by 2027 and $60 billion by 2030. The government also aims to ramp up oil production to two million barrels per day by 2027 and three million by 2030, alongside gas production targets of eight billion cubic feet per day by 2027 and 10 billion cubic feet by 2030.
Furthermore, Tinubu expects the new board to increase NNPC’s share of crude oil refining output to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030, aligning with his administration’s broader vision for energy self-sufficiency.
Ahmadu Musa Kida, the new board chairman, is a distinguished oil industry veteran from Borno State. A graduate of Ahmadu Bello University, Zaria, with a degree in Civil Engineering, Kida has held key positions at Elf Petroleum Nigeria and Total Exploration and Production. In 2015, he became Total Nigeria’s Deputy Managing Director of Deep Water Services. He has also served as an Independent Non-Executive Director at Pan Ocean-Newcross Group and as President of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari, the new Group CEO, hails from Kwara State and brings over three decades of experience in the oil and gas sector. Until his appointment, he was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company, which recently led the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC). A mechanical engineering graduate of Ahmadu Bello University, Zaria, Ojulari has worked extensively in Nigeria, Europe, and the Middle East in roles spanning petroleum engineering, asset management, and strategic planning. He previously served as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO) and has been an influential figure in the Society of Petroleum Engineers (SPE).
President Tinubu expressed appreciation for the outgoing board members, acknowledging their contributions, particularly in rehabilitating the Port Harcourt and Warri refineries, which resumed production after years of inactivity. He wished them success in their future endeavors.
With this bold leadership overhaul, the Tinubu administration signals its commitment to transforming Nigeria’s oil and gas industry into a globally competitive powerhouse, fostering growth, investment, and economic prosperity.
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