President Bola Ahmed Tinubu has approved a major restructuring of the Nigerian National Petroleum Company (NNPC) Limited, dismissing the Group Chief Executive Officer (GCEO), Mallam Mele Kyari, and Board Chairman, Chief Pius Akinyelure. This move comes as part of sweeping changes aimed at enhancing the efficiency and effectiveness of Nigeria’s state-owned oil corporation.
New Leadership and Board Appointments
The newly constituted 11-member board will be led by Engineer Bashir Bayo Ojulari as the Group CEO, while Ahmadu Musa Kida has been appointed as the Non-Executive Chairman.
Additionally, Adedapo Segun, who replaced Umaru Isa Ajiya as the Chief Financial Officer last November, has been reappointed to the new board.
Representing the country’s geopolitical zones, six non-executive directors have also been appointed:
Bello Rabiu (North West)
Yusuf Usman (North East)
Babs Omotowa (North Central, former Managing Director of NLNG)
Austin Avuru (South-South)
David Ige (South West)
Henry Obih (South East)
Furthermore, Mrs. Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, will represent the ministry on the board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
All appointments take effect immediately, starting April 2, 2025.
Justification for the Restructuring
President Tinubu invoked Section 59, Subsection 2 of the Petroleum Industry Act (2021) to carry out the reconstitution, emphasizing that the changes are necessary to:
Improve operational efficiency
Restore investor confidence
Enhance local content participation
Stimulate economic growth
Advance gas commercialisation and diversification
Strategic Objectives and Investment Targets
The President has directed the new board to immediately conduct a strategic portfolio review of NNPC’s assets, including Joint Venture operations, to align with value maximisation objectives.
Since 2023, the Tinubu administration has been implementing critical oil sector reforms to attract investment. Last year, NNPC secured $17 billion in new investments, with the administration aiming to increase this to $30 billion by 2027 and $60 billion by 2030.
In addition, the government has set ambitious production targets:
Oil production: 2 million barrels per day by 2027, 3 million by 2030
Gas production: 8 billion cubic feet per day by 2027, 10 billion by 2030
NNPC’s crude refining output: 200,000 barrels per day by 2027, 500,000 by 2030
Profiles of Key Appointees
Ahmadu Musa Kida (Board Chairman)
A Borno State native, Kida holds a civil engineering degree from Ahmadu Bello University, Zaria, and a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris. His career spans decades in the oil and gas sector, beginning at Elf Petroleum Nigeria before rising through the ranks at Total Exploration and Production. He was the Deputy Managing Director of Deep Water Services at Total Nigeria and, in 2023, became an Independent Non-Executive Director at Pan Ocean-Newcross Group. Outside his corporate career, he is a former professional basketball player and past president of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari (Group CEO)
Ojulari, from Kwara State, was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company before his appointment. His company recently led a landmark $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC). An alumnus of Ahmadu Bello University, Zaria, he holds a degree in Mechanical Engineering. He started his oil and gas career as a process engineer at Elf Aquitaine before moving to Shell Petroleum Development Company in 1991. He has held key positions in Europe and the Middle East, and in 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). Ojulari is also a fellow of the Nigerian Society of Engineers and a past chairman of the Society of Petroleum Engineers (SPE) Nigeria.
Appreciation to Outgoing Board Members
President Tinubu expressed gratitude to the outgoing board members for their service, particularly their efforts in rehabilitating the Port Harcourt and Warri refineries, which have resumed petroleum product production after prolonged shutdowns. He wished them well in their future endeavors.
This restructuring marks a significant shift in Nigeria’s oil and gas industry, setting the stage for a more robust and competitive NNPC Limited.
