JUST IN: Tinubu Shakes Up NNPC Replace Kyari, Akinyelure, Set Vision for Increase Production and Investment in Oil Sector.
By Usman A Harande
Abuja, Nigeria – April 2, 2025 – In a significant move aimed at revitalizing Nigeria’s oil and gas sector, President Bola Ahmed Tinubu has announced a complete overhaul of the Nigerian National Petroleum Company (NNPC) Limited board. The sweeping reconstitution sees the removal of Chairman Chief Pius Akinyelure and Group Chief Executive Officer Mallam Mele Kolo Kyari, along with all other board members appointed in November 2023.
New Leadership Takes the Helm:
Engineer Bashir Bayo Ojulari has been appointed as the new Group CEO, while Ahmadu Musa Kida assumes the role of Non-Executive Chairman. Adedapo Segun retains his position as Chief Financial Officer, following his appointment last November.
The newly formed 11-member board also includes six Non-Executive Directors representing Nigeria’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). Mrs. Lydia Shehu Jafiya (Federal Ministry of Finance) and Aminu Said Ahmed (Ministry of Petroleum Resources) will also serve on the board.
Ambitious Targets and Strategic Vision:
President Tinubu, leveraging the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasized that the restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialization and diversification.
The new board has been tasked with an immediate action plan, including a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.
Key Targets Outlined by the Tinubu Administration:
- Investment Growth: Increase sector investments from $17 billion (2023) to $30 billion by 2027 and $60 billion by 2030.
- Oil Production: Raise oil production to two million barrels daily by 2027 and three million barrels daily by 2030.
- Gas Production: Increase gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet daily by 2030.
- Refining Output: Elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and 500,000 barrels by 2030.
New Leadership Profiles:
- Ahmadu Musa Kida: A seasoned oil industry veteran with a degree in civil engineering from Ahmadu Bello University and a postgraduate diploma in petroleum engineering from Institut Francaise du Petrol (IFP). He previously served as Deputy Managing Director of Deep Water Services at Total Nigeria and is the former president of the Nigerian Basketball Federation (NBBF).
- Engineer Bashir Bayo Ojulari: Formerly Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company, he led the consortium that acquired Shell Petroleum Development Company of Nigeria (SPDC). A mechanical engineering graduate from Ahmadu Bello University, he has extensive experience with Elf Aquitaine and Shell Petroleum Development Company of Nigeria Ltd.
President’s Gratitude and Future Outlook:
President Tinubu expressed gratitude to the outgoing board members for their dedicated service, particularly their efforts in rehabilitating the Port Harcourt and Warri refineries. He wished them well in their future endeavors.
The new board is expected to drive the administration’s ambitious reforms and propel Nigeria’s oil and gas sector to new heights.
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