By Mary Onyia
President Bola Tinubu has officially removed Mallam Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), and Chief Pius Akinyelure, the former board chairman. This change was announced by the Presidential Spokesman, Bayo Onanuga, in a statement issued early this morning.
The newly appointed 11-member board includes Engineer Bashir Bayo Ojulari as the new Group CEO, with Ahmadu Musa Kida taking the role of the non-executive chairman. Additionally, Adedapo Segun, who replaced Umaru Isa Ajiya as the Chief Financial Officer in November 2023, has been appointed to the board.
The new board also features six non-executive directors, each representing Nigeria’s diverse geopolitical zones. The appointments are as follows: Bello Rabiu from the North West, Yusuf Usman from the North East, and Babs Omotowa, a former Managing Director of the Nigerian Liquefied Natural Gas (NLNG), representing North Central. From the South-South, Austin Avuru has been appointed, while David Ige from the South-West and Henry Obih from the South-East complete the regional representation. Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will also serve on the board, alongside Aminu Said Ahmed, who represents the Ministry of Petroleum Resources.
These appointments are effective as of today, April 2, 2025.
In his statement, President Tinubu emphasized that the restructuring is critical for enhancing the operational efficiency of NNPC, restoring investor confidence, and advancing Nigeria’s economic growth. The President outlined an immediate action plan for the new board, which includes conducting a strategic portfolio review of NNPC-operated and joint venture assets to align with value maximization objectives.
Since assuming office, the Tinubu administration has worked on oil sector reforms aimed at attracting new investments. NNPC reported securing $17 billion in new investments in the sector last year, with a target of raising this figure to $30 billion by 2027 and $60 billion by 2030. Furthermore, the administration aims to increase oil production to 2 million barrels per day by 2027 and 3 million barrels by 2030, alongside raising gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
The new board will also focus on increasing NNPC’s share of crude oil refining output, targeting 200,000 barrels by 2027 and 500,000 barrels by 2030.
Ahmadu Musa Kida, the new non-executive chairman, hails from Borno State. He brings vast experience from his career in the oil industry, having worked with Elf Petroleum Nigeria, Total Exploration and Production, and Pan Ocean-Newcross Group. Kida is also a former basketball player and served as the president of the Nigerian Basketball Federation (NBBF).
Engineer Bashir Bayo Ojulari, the new Group CEO, is from Kwara State. Prior to his appointment, he was the Executive Vice President and Chief Operating Officer at Renaissance Africa Energy Company. Ojulari’s career spans roles at Shell Petroleum Development Company, where he served as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). He is also a fellow of the Nigerian Society of Engineers and has held leadership roles in the Society of Petroleum Engineers (SPE) Nigerian Council.
In his statement, President Tinubu also expressed gratitude to the outgoing board members for their dedicated service, particularly for their work in rehabilitating the Port Harcourt and Warri refineries, which have resumed production after years of shutdown.
These changes follow the earlier removal of other board members appointed with Akinyelure and Kyari in November 2023.
With additional reports from the Vanguard