ABUJA, Nigeria – In a major shake-up aimed at improving the operational efficiency of the Nigerian National Petroleum Company, NNPC, Limited, President Bola Tinubu has approved the reconstitution of its board.
This restructuring involves the removal of the previous chairman, Pius Akinyelure, and Group Chief Executive Officer (CEO), Mallam Mele Kolo Kyari, alongside all other board members appointed in November 2023.
The new 11-member board will now be led by Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the Non-Executive Chairman.
The other members of the board represent various geopolitical zones, with appointments that reflect a balance of expertise across the country.
The new board members include Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), a former Managing Director of Nigerian Liquefied Natural Gas (NLNG), Austin Avuru (South-South), David Ige (South-West), and Henry Obih (South-East).
Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
All appointments take effect on Wednesday, April 2, 2025.
In accordance with the powers granted under Section 59, Subsection 2 of the Petroleum Industry Act (PIA), President Tinubu emphasized that this restructuring was essential for boosting NNPC’s operational capabilities, restoring investor confidence, and advancing Nigeria’s economic growth.
Tinubu also instructed the new board to conduct a strategic review of NNPC-operated assets and joint venture assets to ensure value maximization.
As part of the broader plan to transform the oil sector, President Tinubu aims to increase Nigeria’s oil production to 2 million barrels per day by 2027, with the goal of reaching 3 million barrels per day by 2030.
Similarly, the government is targeting gas production to rise to 8 billion cubic feet daily by 2027 and 10 billion cubic feet daily by 2030.
Furthermore, the president has set ambitious targets for refining, with the aim of increasing NNPC’s share of crude oil refining output to 200,000 barrels per day by 2027, and 500,000 barrels per day by 2030.
Regarding the new appointees:
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Ahmadu Musa Kida, the new Non-Executive Chairman, hails from Borno State and brings extensive experience from his time at Total Nigeria and as Deputy Managing Director of Deep Water Services. Kida is also the President of the Nigerian Basketball Federation.
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Engineer Bashir Bayo Ojulari, the new Group CEO, previously served as Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company and was instrumental in a landmark $2.4 billion acquisition of Shell Petroleum Development Company’s equity holding.
President Tinubu expressed his gratitude to the outgoing board members, particularly for their role in rehabilitating the Port Harcourt and Warri refineries, which have now resumed production after years of shutdown.
