President Bola Tinubu has overhauled the leadership of the Nigerian National Petroleum Company (NNPC) Limited, dismissing Group Chief Executive Officer (GCEO) Mallam Mele Kolo Kyari and Board Chairman Chief Pius Akinyelure. The president also removed all board members appointed alongside them in November 2023.
This development was announced early Wednesday in a statement by presidential spokesman Bayo Onanuga. The newly constituted 11-member board will be led by Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the non-executive chairman. Additionally, Adedapo Segun, who replaced Umaru Isa Ajiya as chief financial officer last year, has been confirmed as a board member.
The board also includes six non-executive directors representing different geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa (North Central). Others are Austin Avuru (South-South), David Ige (South-West), and Henry Obih (South-East). Mrs. Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, will represent the ministry, while Aminu Said Ahmed will stand in for the Ministry of Petroleum Resources.
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According to the statement, these appointments take effect immediately, starting April 2. President Tinubu, citing Section 59(2) of the Petroleum Industry Act, 2021, emphasized that the restructuring aims to improve efficiency, restore investor confidence, promote local content, drive economic growth, and advance gas commercialisation.
He also directed the new board to review NNPC’s assets and joint ventures to ensure they align with the company’s value-driven objectives. Since 2023, the administration has been implementing reforms in the oil sector, with NNPC securing $17 billion in new investments. The goal is to increase this to $30 billion by 2027 and $60 billion by 2030.
Additionally, the government aims to raise oil production to two million barrels per day by 2027 and three million by 2030, while gas production is projected to reach 8 billion cubic feet daily by 2027 and 10 billion by 2030. Furthermore, President Tinubu expects NNPC’s share of crude oil refining to hit 200,000 barrels per day by 2027 and 500,000 barrels by 2030.
