Tinubu Reshuffles NNPC Limited Board, Appoints New Chairman and CEO
In a major shake-up, President Bola Ahmed Tinubu has reconstituted the board of the Nigerian National Petroleum Company (NNPC) Limited, removing Chairman Chief Pius Akinyelure and Group Chief Executive Officer (GCEO) Mallam Mele Kolo Kyari. The sweeping changes also include the removal of all board members appointed in November 2023.
Announcing the restructuring, the Presidency confirmed the appointment of Engr. Bashir Bayo Ojulari as the new Group CEO, while Ahmadu Musa Kida was named as the non-executive chairman of the board.
The newly constituted 11-man board includes Adedapo Segun, who had replaced Umaru Isa Ajiya as Chief Financial Officer last year, and six non-executive directors representing Nigeria’s geopolitical zones. They are:
- Bello Rabiu (North West)
- Yusuf Usman (North East)
- Babs Omotowa (North Central) – former Managing Director, Nigerian Liquefied Natural Gas (NLNG)
- Austin Avuru (South-South)
- David Ige (South West)
- Henry Obih (South East)
Additionally, Mrs. Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, will represent the ministry, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
The appointments take effect immediately from April 2, 2025.
President Tinubu invoked his powers under Section 59, Subsection 2 of the Petroleum Industry Act, 2021, to carry out the board’s restructuring, citing the need to enhance operational efficiency, restore investor confidence, and drive economic growth through gas commercialization and diversification.
The President also tasked the new board with conducting a strategic portfolio review of NNPC-operated and joint venture assets to align with value maximization objectives. His administration, since taking office in 2023, has been implementing oil sector reforms to attract investment, securing $17 billion in investments last year and targeting an increase to $30 billion by 2027 and $60 billion by 2030.
Other strategic targets for the new board include increasing oil production to two million barrels per day by 2027 and three million by 2030, while also ramping up gas production to eight billion cubic feet daily by 2027 and 10 billion cubic feet by 2030. Additionally, the government aims to increase NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and 500,000 by 2030.
Kida, from Borno State, is a graduate of Civil Engineering from Ahmadu Bello University, Zaria. He furthered his education with a postgraduate diploma in Petroleum Engineering from the Institut Français du Pétrole (IFP) in Paris. With a career spanning decades in the oil industry, Kida started at Elf Petroleum Nigeria before joining Total Exploration and Production, where he rose to Deputy Managing Director of Deep Water Services in 2015. He also serves as an Independent Non-Executive Director at Pan Ocean-Newcross Group. Outside the oil sector, he is a former basketball player and President of the Nigerian Basketball Federation (NBBF).
Ojulari, from Kwara State, previously served as Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. He led a consortium that acquired Shell Petroleum Development Company of Nigeria (SPDC) in a landmark $2.4 billion deal. He holds a Mechanical Engineering degree from Ahmadu Bello University, Zaria, and began his career at Elf Aquitaine before moving to Shell in 1991. His career spans roles across Nigeria, Europe, and the Middle East, including positions in petroleum processing, production engineering, and strategic planning. In 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).
Ojulari is a former chairman of the Board of Trustees of the Society of Petroleum Engineers (SPE Nigerian Council) and a Fellow of the Nigerian Society of Engineers.
President Tinubu expressed appreciation to the outgoing board members for their service, particularly their role in reviving the Port Harcourt and Warri refineries after prolonged shutdowns. He wished them success in their future endeavors.
With this bold move, the Tinubu administration signals its commitment to transforming Nigeria’s oil and gas sector, fostering investment, and ensuring sustainable energy development for the country’s future.
