President Bola Ahmed Tinubu has has announced a major restructuring of the Nigerian National Petroleum Company (NNPC) Limited, which includes the removal of the former chairman, Chief Pius Akinyelure, and the group chief executive officer (CEO), Mallam Mele Kolo Kyari.
Along with these changes, the President has appointed a new 11-member board. The newly reconstituted 11-member board includes Engineer Bashir Bayo Ojulari, who has been appointed as the new Group CEO, and Ahmadu Musa Kida, who will serve as the non-executive chairman.
This confirms Empowered Newswire previous reports. Read HERE
In addition to Ojulari and Kida, several new faces have joined the board, including Adedapo Segun, who replaced Umaru Isa Ajiya as the Chief Financial Officer last November.
Six other board members, who represent Nigeria’s six geopolitical zones, have been appointed to ensure a balanced representation of the country’s diverse regions.
These members are: 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).
Furthermore, key government ministries will also have representation on the new board. Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed from the Ministry of Petroleum Resources will provide the government’s oversight on NNPC’s operations.
The appointments, effective as of April 2, 2025, are part of a broader strategy by the Tinubu administration to reform the oil sector.
President Tinubu, utilizing powers granted under Section 59, subsection 2 of the Petroleum Industry Act (2021), noted that this transformation aims to accelerate Nigeria’s economic goals, particularly in the areas of gas commercialization, oil production, and refining capacity.
He also outlined an immediate action plan for the new board to conduct a strategic portfolio review of NNPC’s assets and joint ventures to maximize value.
In his remarks, the President outlined ambitious targets for the oil sector, including increasing oil production to 2 million barrels per day by 2027, with a further rise to 3 million barrels per day by 2030.
Additionally, the government aims to raise gas production to 8 billion cubic feet per day by 2027 and 10 billion cubic feet by 2030. In terms of refining, NNPC is expected to significantly boost its crude oil refining output to 200,000 barrels per day by 2027, with a further goal of 500,000 barrels per day by 2030.
The new board members bring a wealth of experience to NNPC. Ahmadu Musa Kida, the new chairman, has an extensive background in the oil industry, having worked with major companies such as Elf Petroleum Nigeria and Total Exploration and Production.
He has also served as the Deputy Managing Director of Deep Water Services at Total Nigeria. Kida’s diverse experience is complemented by his background as a former basketballer and president of the Nigerian Basketball Federation.
Engineer Ojulari, the new CEO, is also a seasoned professional in the energy sector. Prior to his appointment, Ojulari was the Executive Vice President and COO of Renaissance Africa Energy Company.
He is credited with leading a successful consortium in the acquisition of Shell Petroleum Development Company’s $2.4 billion equity in Nigeria. His expertise spans several continents, having worked in Nigeria, Europe, and the Middle East in various engineering and management roles.
President Tinubu took the opportunity to thank the outgoing board members for their service, especially their efforts in rehabilitating the Port Harcourt and Warri refineries, which had been shut down for a prolonged period. The resumption of production at these refineries has been a key achievement in revitalizing Nigeria’s oil sector.
