President Bola Ahmed Tinubu has approved a comprehensive reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, marking a significant shake-up within the oil sector.
The new appointments are seen as part of ongoing efforts to boost operational efficiency, attract further investment, and advance Nigeria's energy sector objectives.Among the changes, President Tinubu has removed the previous chairman, Chief Pius Akinyelure, and the Group Chief Executive Officer (CEO), Mallam Mele Kolo Kyari, along with all other members appointed with them in November 2023. In their place, a new 11-member board has been constituted, with Engineer Bashir Bayo Ojulari appointed as the Group CEO and Ahmadu Musa Kida named as the non-executive chairman.
New Board Members and Key Appointments
In addition to Ojulari and Kida, other appointments to the restructured board include Adedapo Segun, the current Chief Financial Officer, who was appointed last November, and six non-executive directors representing Nigeria's geopolitical zones. These members are:
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Bello Rabiu (North West)
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Yusuf Usman (North East)
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Babs Omotowa (North Central) – a former Managing Director of the Nigerian Liquefied Natural Gas (NLNG)
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Austin Avuru (South South)
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David Ige (South West)
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Henry Obih (South East)
Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the Ministry of Finance, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources. All appointments are effective as of today, April 2.
President Tinubu, invoking his powers under Section 59, Subsection 2 of the Petroleum Industry Act (PIA) of 2021, stressed that the restructuring was necessary to enhance NNPC’s operational efficiency, restore investor confidence, increase local content, and drive economic growth. The President emphasized that the new board would be tasked with strategic objectives such as advancing gas commercialization and diversification, alongside ensuring that the NNPC operates in line with the goals of the federal government.
“Under the new leadership, the NNPC will conduct a comprehensive strategic portfolio review of all its operated and joint venture assets to ensure maximum value creation,” President Tinubu said.
The reconstitution of the NNPC board is part of President Tinubu’s broader oil sector reforms aimed at increasing investment and boosting Nigeria’s energy capabilities. Since taking office, the Tinubu administration has attracted $17 billion in new investments into the oil sector, and it aims to raise that figure to $30 billion by 2027 and $60 billion by 2030.
The administration’s targets also include increasing crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. Additionally, gas production is expected to reach 8 billion cubic feet per day by 2027, with a target of 10 billion cubic feet per day by 2030.
Ahmadu Musa Kida, the newly appointed non-executive chairman, hails from Borno State and brings with him decades of experience in the oil industry. A graduate of civil engineering from Ahmadu Bello University, Zaria, Kida’s career spans several decades in key roles at companies like Elf Petroleum Nigeria, Total Exploration, and Production. He also served as the Deputy Managing Director of Deep Water Services at Total Nigeria. In addition to his oil industry credentials, Kida is a former basketball player and the current president of the Nigerian Basketball Federation.
Engineer Bashir Ojulari, the new Group CEO of NNPC Limited, is a distinguished professional from Kwara State. Prior to his appointment, Ojulari was the Executive Vice President and Chief Operating Officer at Renaissance Africa Energy Company. He has a long and successful career in the oil sector, having worked at Elf Aquitaine and Shell Petroleum Development Company, where he held senior positions, including Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).
Ojulari’s impressive track record includes leadership in the acquisition of Shell’s equity holding in the Shell Petroleum Development Company of Nigeria (SPDC) for $2.4 billion, a landmark deal in Nigeria’s energy sector.
In his statement, President Tinubu expressed gratitude to the outgoing board members for their service, especially for their efforts in rehabilitating key refineries such as the Port Harcourt and Warri facilities. These refineries had been shut down for years but were brought back into operation under the previous leadership, ensuring the resumption of petroleum product production.
“I thank the outgoing board for their dedicated efforts, especially in ensuring the successful rehabilitation of our refineries,” President Tinubu said, wishing them well in their future endeavors.
The reconstitution of the NNPC Limited board marks a pivotal moment in Nigeria’s oil and gas sector as President Tinubu pushes forward with bold reforms aimed at boosting production, attracting investments, and improving the efficiency of the NNPC. With the new leadership now in place, all eyes will be on how these changes will translate into tangible outcomes for Nigeria’s energy industry and the broader economy.
This is a developing story. Stay tuned for further updates.
