In a major shake-up of the Nigerian National Petroleum Company (NNPC) Limited, President Bola Ahmed Tinubu has removed the Group Chief Executive Officer (GCEO), Mallam Mele Kyari, and the board chairman, Chief Pius Akinyelure. The decision was announced in a statement released early Wednesday by presidential spokesperson Bayo Onanuga on X (formerly Twitter).
According to the statement, President Tinubu also dismissed all board members appointed alongside Akinyelure and Kyari in November 2023, reconstituting a new 11-member board. The newly appointed board features Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the non-executive chairman.
Among the new appointees, Adedapo Segun, who replaced Umaru Isa Ajiya as Chief Financial Officer (CFO) last November, has been retained on the board. Six non-executive directors representing the country’s geopolitical zones include:
Bello Rabiu – North West
Yusuf Usman – North East
Babs Omotowa – North Central (former MD, Nigeria Liquefied Natural Gas)
Austin Avuru – South-South
David Ige – South West
Henry Obih – South East
Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
The restructuring, effective April 2, 2025, was carried out under Section 59, Subsection 2 of the Petroleum Industry Act (PIA) 2021. President Tinubu emphasized that the overhaul aims to:
Enhance operational efficiency
Restore investor confidence
Boost local content participation
Drive economic growth
Advance gas commercialization and diversification efforts
As part of its immediate mandate, the new board is tasked with conducting a strategic portfolio review of NNPC-operated and Joint Venture (JV) assets to ensure alignment with the company’s value maximization objectives.
This latest development marks a significant step in the administration’s ongoing reforms in the oil and gas sector, signaling a commitment to improving governance and efficiency within Nigeria’s petroleum industry.
