President Bola Ahmed Tinubu has made major changes to the Nigerian National Petroleum Company (NNPC) Limited board. He removed the chairman, Chief Pius Akinyelure, and the group chief executive officer (GCEO), Mallam Mele Kyari. Other board members appointed in November 2023 have also been replaced.
New board members
The reconstituted 11-member board includes Engineer Bashir Bayo Ojulari as the new GCEO and Ahmadu Musa Kida as the non-executive chairman.
Adedapo Segun, who became chief financial officer last year, remains on the board. Six non-executive directors represent different regions: Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa (North Central). The South-South is represented by Austin Avuru, the South West by David Ige, and the South East by Henry Obih.
Mrs Lydia Shehu Jafiya represents the Federal Ministry of Finance, while Aminu Said Ahmed represents the Ministry of Petroleum Resources.
Why the changes were made
President Tinubu made these changes under Section 59 (2) of the Petroleum Industry Act, 2021. He wants the new board to improve efficiency, attract investors, promote local content, boost economic growth, and drive gas expansion.
He also directed them to review NNPC’s assets and ensure they align with the government’s plan to maximise value.
Government’s energy goals
Since 2023, Tinubu’s administration has been reforming the oil sector to bring in more investment. Last year, NNPC recorded $17 billion in new investments, with plans to increase this to $30 billion by 2027 and $60 billion by 2030.
The government is also targeting higher production levels:
- Oil output: Two million barrels per day by 2027, three million by 2030
- Gas production: Eight billion cubic feet per day by 2027, ten billion by 2030
- Refining output: 200,000 barrels per day by 2027, 500,000 by 2030
Profiles of new leaders
Ahmadu Musa Kida, the new board chairman, is from Borno State. He has a civil engineering degree from Ahmadu Bello University and a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol in Paris. He has worked with Elf Petroleum Nigeria and Total Exploration and Production and was Deputy Managing Director of Deep Water Services at Total Nigeria.
Ojulari, the new GCEO, is from Kwara State. Before his appointment, he was Executive Vice President at Renaissance Africa Energy Company. He led the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria. He studied mechanical engineering at Ahmadu Bello University and has held leadership roles at Shell Nigeria and internationally.
Acknowledging past contributions
President Tinubu thanked the outgoing board members for their service, particularly their efforts in restarting production at the Warri and Port Harcourt refineries. He wished them success in their future careers.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
April 2, 2025
