President Bola Ahmed Tinubu has announced a significant restructuring of the Nigerian National Petroleum Company (NNPC) Limited board, dismissing the chairman, Chief Pius Akinyelure, and the Group Chief Executive Officer, Mallam Mele Kolo Kyari. Along with Akinyelure and Kyari, all other board members appointed in November 2023 have been removed. This reshuffle comes as part of Tinubu’s plan to optimize the operations of the NNPC, with the goal of boosting efficiency and investor confidence, advancing local content, and supporting economic growth.
The newly constituted 11-member board features Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the non-executive chairman. Additionally, Adedapo Segun, who succeeded Umaru Isa Ajiya as the chief financial officer in November 2023, has also been appointed to the board.
Representing the country’s six geopolitical zones, the new board includes non-executive directors: Bello Rabiu from the North West, Yusuf Usman from the North East, and Babs Omotowa, a former managing director of the Nigerian Liquefied Natural Gas (NLNG), representing the North Central. From the South-South, President Tinubu has appointed Austin Avuru, while David Ige represents the South West, and Henry Obih represents the South East.
Mrs. Lydia Shehu Jafiya, Permanent Secretary at 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 of these appointments take effect today, April 2.
Tinubu’s decision to restructure the NNPC board is grounded in his commitment to the Petroleum Industry Act, 2021, invoking the powers granted under Section 59, subsection 2. The President emphasized that this restructuring is vital to increasing operational efficiency, fostering investor confidence, boosting local content, and driving the diversification of Nigeria’s gas industry.
The President has also tasked the new board with an immediate action plan: to conduct a strategic portfolio review of NNPC-operated and joint venture assets, ensuring alignment with objectives for value maximization. Since assuming office in 2023, the Tinubu administration has embarked on a series of oil sector reforms aimed at attracting more investment. In 2024, NNPC secured $17 billion in new investments, and the government now targets $30 billion by 2027, with plans to grow this figure to $60 billion by 2030.
The administration has set ambitious production targets, aiming for two million barrels of oil per day by 2027 and three million per day by 2030. Gas production is also expected to rise, with a target of 8 billion cubic feet daily by 2027 and 10 billion by 2030. Furthermore, President Tinubu has set a goal to increase NNPC’s crude oil refining output to 200,000 barrels per day by 2027, reaching 500,000 by 2030.
Ahmadu Musa Kida, the new board chairman, hails from Borno State. He is an alumnus of Ahmadu Bello University, Zaria, where he obtained a degree in civil engineering in 1984. He also holds a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris. Musa’s career in the oil industry began at Elf Petroleum Nigeria, and in 1985, he joined Total Exploration and Production as a trainee engineer. By 2015, he had risen to the position of Deputy Managing Director for Deep Water Services at Total Nigeria. Last year, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group. Beyond his professional achievements, Musa is a former basketball player and has served as president of the Nigerian Basketball Federation (NBBF).
Engineer Bashir Bayo Ojulari, the new Group CEO, is from Kwara State. Prior to this appointment, Ojulari served as the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His company was responsible for leading a consortium of indigenous firms in the $2.4 billion acquisition of Shell Petroleum Development Company’s Nigerian assets. Like Kida, Ojulari graduated from Ahmadu Bello University with a degree in Mechanical Engineering. He began his oil industry career at Elf Aquitaine and later joined Shell Petroleum Development Company (SPDC) in 1991. Over the years, he has held various positions in Europe and the Middle East, including strategic planner, field developer, and asset manager. In 2015, he became the managing director of Shell Nigeria Exploration and Production Company (SNEPCO). Ojulari has also served as chairman and a member of the board of trustees for the Society of Petroleum Engineers (SPE) Nigerian Council and is a fellow of the Nigerian Society of Engineers.
In a statement, President Tinubu expressed gratitude to the outgoing board members for their dedication to NNPC Limited, particularly their work in revitalizing the Port Harcourt and Warri refineries, which have resumed production after long periods of shutdown. He wished them all the best in their future endeavors.