Tinubu Reshapes NNPCL Leadership With New Appointments
President Bola Ahmed Tinubu has approved a major overhaul of the Nigerian National Petroleum Company Limited (NNPCL) board, removing its chairman, Chief Pius Akinyelure, and Group CEO, Mallam Mele Kyari, along with other board members appointed in November 2023.
In a statement by his media aide, Bayo Onanuga, Tinubu announced the appointment of a new 11-member board, with Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the non-executive chairman. Adedapo Segun, who replaced Umaru Isa Ajiya as Chief Financial Officer last year, has also joined the new board.
The newly constituted 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)
- Henry Obih (South East)
Additionally, Mrs. Lydia Shehu Jafiya will represent the 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, emphasizing that the board’s restructuring is aimed at boosting operational efficiency, attracting investment, strengthening local content, and advancing gas commercialisation. He directed the board to immediately conduct a strategic review of NNPCL’s assets to maximize value.
Since 2023, the Tinubu administration has focused on oil sector reforms, leading to $17 billion in new investments. The government now aims to increase investment to $30 billion by 2027 and $60 billion by 2030 while targeting an oil production rise to two million barrels per day by 2027 and three million by 2030. Gas production is expected to reach 8 billion cubic feet per day by 2027 and 10 billion cubic feet by 2030.
The new board chairman, Ahmadu Musa Kida, is a civil engineer and oil industry expert with over three decades of experience. He previously worked with Elf Petroleum Nigeria and Total Exploration and Production before becoming an independent director at Pan Ocean-Newcross Group.
Meanwhile, the new Group CEO, Bashir Bayo Ojulari, has an extensive background in oil and gas production. Until his appointment, he served as Executive Vice President and COO of Renaissance Africa Energy, leading a $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).
President Tinubu thanked the outgoing board members for their contributions, especially in reviving the Port Harcourt and Warri refineries, and wished them success in their future endeavours.
