In a major shake-up of Nigeria’s oil sector leadership, President Bola Ahmed Tinubu has completely reconstituted the Nigerian National Petroleum Company (NNPC) Limited board, removing Chairman Chief Pius Akinyelure and Group Chief Executive Officer Malam Mele Kyari.
According to a statement released by Presidential Special Adviser on Information and Strategy, Bayo Onanuga, the president appointed Ahmadu Musa Kida as the new non-executive chairman and Bashir Bayo Ojulari as Group CEO, effective immediately.
New Board Structure
The newly constituted 11-member board includes representatives from all six geopolitical zones:
– Bello Rabiu (North West)
– Yusuf Usman (North East)
– Babs Omotowa (North Central), former managing director of Nigerian Liquified Natural Gas
– Austin Avuru (South-South)
– David Ige (South West)
– Henry Obih (South East)
Adedapo Segun, who was appointed as chief financial officer last November, retains his position on the new board. Government representation includes Mrs. Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, and Aminu Said Ahmed from the Ministry of Petroleum Resources.
Strategic Imperatives
Invoking powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, President Tinubu stated that this restructuring aims to enhance operational efficiency, restore investor confidence, boost local content, drive economic growth, and advance gas commercialisation.
The new board has been tasked with conducting an immediate strategic portfolio review of NNPC-operated and joint venture assets to ensure alignment with value maximisation objectives.
Ambitious Targets
The Tinubu administration has set aggressive goals for the oil sector:
– Increase oil production to two million barrels daily by 2027 and three million by 2030
– Boost gas production to eight billion cubic feet daily by 2027 and 10 billion by 2030
– Raise NNPC’s crude oil refining output to 200,000 barrels by 2027 and 500,000 by 2030
– Grow investments from the current $17 billion to $30 billion by 2027 and $60 billion by 2030
Leadership Profiles
The new board chairman, Ahmadu Musa Kida from Borno State, holds a civil engineering degree from Ahmadu Bello University and a postgraduate diploma in petroleum engineering from Institut Francaise du Petrol. His career spans roles at Elf Petroleum Nigeria and Total Exploration and Production, where he rose to Deputy Managing Director of Deep Water Services. Kida is also known for his involvement in sports as president of the Nigerian Basketball Federation.
Bashir Bayo Ojulari, the incoming Group CEO from Kwara State, previously served as Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company, which recently led a $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria. A mechanical engineering graduate from Ahmadu Bello University, Ojulari began his career at Elf Aquitaine before joining Shell in 1991, eventually becoming managing director of Shell Nigeria Exploration and Production Company in 2015.
President Tinubu expressed gratitude to the outgoing board members for their service, particularly highlighting their efforts in rehabilitating the Port Harcourt and Warri refineries.
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