President Bola Tinubu has approved a sweeping overhaul of the Nigerian National Petroleum Company (NNPC) Limited board, removing Chairman Chief Pius Akinyelure and Group Chief Executive Officer (GCEO) Mallam Mele Kyari.

The decision, announced early Wednesday in a statement by Special Adviser to the President on Information & Strategy, Bayo Onanuga, also saw the removal of all other board members appointed alongside Akinyelure and Kyari in November 2023.

New Board Composition

The newly constituted 11-member board will be led by Engineer Bashir Ojulari as the Group Chief Executive Officer (GCEO) and Ahmadu Kida as the Non-Executive Chairman.

President Tinubu also retained Adedapo Segun as Chief Financial Officer (CFO), a position he assumed in November 2023.

The board features six non-executive directors representing Nigeria’s geopolitical zones:

  • North West: Bello Rabiu
  • North East: Yusuf Usman
  • North Central: Babs Omotowa (former MD, Nigeria LNG)
  • South-South: Austin Avuru
  • South-West: David Ige
  • South-East: Henry Obih

Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry, while Aminu Ahmed will serve as the representative of the Ministry of Petroleum Resources.

All appointments take effect from April 2, 2025.

Tinubu’s Vision for NNPC

President Tinubu exercised his authority under Section 59, Subsection 2 of the Petroleum Industry Act (2021) to effect the changes, emphasizing that the restructuring is essential for:

  • Enhancing operational efficiency
  • Restoring investor confidence
  • Boosting local content
  • Driving economic growth
  • Advancing gas commercialization and diversification

The new board has been directed to conduct a strategic portfolio review of NNPC’s operated and joint venture assets to maximize value and ensure alignment with the administration’s energy sector goals.

Investment and Production Targets

Since assuming office in 2023, the Tinubu administration has implemented key reforms in the oil sector to attract investment. Last year, NNPC secured $17 billion in new investments. The government aims to increase this figure to $30 billion by 2027 and $60 billion by 2030.

The administration has also set ambitious production targets:

  • Oil production:
    • 2 million barrels per day by 2027
    • 3 million barrels per day by 2030
  • Gas production:
    • 8 billion cubic feet per day by 2027
    • 10 billion cubic feet per day by 2030
  • Refining capacity:
    • 200,000 barrels per day by 2027
    • 500,000 barrels per day by 2030

Profiles of New NNPC Leadership

Ahmadu Kida – Non-Executive Chairman

A native of Borno State, Kida holds a civil engineering degree from Ahmadu Bello University, Zaria (1984) and a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris.

His oil industry career spans over three decades, starting at Elf Petroleum Nigeria before joining Total Exploration and Production in 1985. He rose to become Deputy Managing Director of Total Nigeria’s Deep Water Services in 2015. In 2024, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group.

Beyond the oil industry, Kida is a former basketball player and President of the Nigerian Basketball Federation (NBBF).

Bashir Ojulari – Group Chief Executive Officer (GCEO)

A native of Kwara State, Ojulari is also an alumnus of Ahmadu Bello University, Zaria, where he earned a degree in Mechanical Engineering.

Before his appointment, he was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. He led a consortium of indigenous energy firms in the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).

Ojulari’s career began as a process engineer at Elf Aquitaine, making him the first Nigerian in that role. He later joined Shell Petroleum Development Company of Nigeria Ltd in 1991 and worked across Europe and the Middle East in various technical and leadership capacities.

In 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). He has also served as Chairman and Board of Trustees member of the Society of Petroleum Engineers (SPE Nigerian Council) and is a fellow of the Nigerian Society of Engineers.

Acknowledgment of Former Board Members

President Tinubu expressed gratitude to the outgoing board members for their service, particularly their role in rehabilitating the Port Harcourt and Warri refineries, which resumed production after prolonged shutdowns.

He wished them success in their future endeavors as Nigeria moves forward with its energy sector transformation.