In a major shake-up of the Nigerian National Petroleum Company Limited (NNPCL) board, President Bola Tinubu has dismissed Group Chief Executive Officer (GCEO) Mallam Mele Kolo Kyari and Board Chairman Chief Pius Akinyelure. All other board members appointed alongside Kyari and Akinyelure in November 2023 have also been relieved of their duties. This development was announced early Wednesday through a statement by presidential spokesman Bayo Onanuga.
The newly reconstituted 11-member board now features Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the non-executive chairman. Additionally, Adedapo Segun, who took over from Umaru Isa Ajiya as CFO last November, has been appointed to the new board.
The board includes six non-executive directors representing the country’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa (North Central), the former MD of Nigerian Liquefied Natural Gas (NLNG). The southern regions are represented by Austin Avuru (South-South), David Ige (South-West), and Henry Obih (South-East). Mrs. Lydia Shehu Jafiya from the Federal Ministry of Finance and Aminu Said Ahmed from the Ministry of Petroleum Resources will also serve on the board.
According to the statement, the appointments take effect immediately (April 2). Citing powers under Section 59, subsection 2 of the Petroleum Industry Act, 2021, President Tinubu emphasized that the board’s restructuring aims to boost operational efficiency, restore investor confidence, enhance local content, drive economic growth, and promote gas commercialization.
President Tinubu tasked the new board with a strategic portfolio review of NNPCL-operated and joint venture assets to align with value maximization goals. The administration, having already secured $17 billion in oil sector investments since 2023, aims to increase this to $30 billion by 2027 and $60 billion by 2030. The goal is also to raise oil production to two million barrels daily by 2027 and three million by 2030 while increasing gas production to 8 billion cubic feet daily by 2027 and 10 billion by 2030.
Furthermore, the board is expected to boost NNPCL’s crude oil refining capacity to 200,000 barrels per day by 2027 and 500,000 by 2030.
Ahmadu Musa Kida, the new board chairman from Borno State, holds a civil engineering degree from Ahmadu Bello University, Zaria, and a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP), Paris. He started his career at Elf Petroleum Nigeria and later joined Total Exploration and Production, eventually becoming Deputy Managing Director of Deep Water Services in 2015. Apart from his oil industry experience, Kida is a former basketball player and served as president of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari, the new GCEO, hails from Kwara State. Previously, he served as Executive Vice President and COO of Renaissance Africa Energy Company. He played a key role in the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC) shares. An alumnus of Ahmadu Bello University, Zaria, Ojulari’s career in the oil sector spans roles at Elf Aquitaine, Shell Petroleum, and Shell Nigeria Exploration and Production Company (SNEPCO).
President Tinubu expressed gratitude to the outgoing board members for their service, particularly their contributions to the rehabilitation of the Port Harcourt and Warri refineries, which resumed petroleum production after extended shutdowns. He wished them success in their future pursuits.
