In a significant overhaul of the Nigerian National Petroleum Company (NNPC) Limited, President Bola Tinubu has removed Pius Akinyelure, the chairman, and Mele Kyari, the Group Chief Executive Officer. This restructuring marks a new phase in the leadership of the state-owned oil giant. Effective April 2, 2025, Bashir Ojulari has been appointed as the new CEO of NNPC, with Ahmadu Musa Kida taking over as the non-executive chairman.
Changes to NNPC’s Board Composition
This move comes after the removal of all other board members appointed alongside Akinyelure and Kyari in November 2023. The reconstituted board consists of 11 members, including Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the chairman. Additionally, Adedapo Segun, who replaced Umaru Ajiya as the chief financial officer in November 2023, has been appointed to the new board.
The new board is geographically diverse, with non-executive directors representing Nigeria’s six geopolitical zones. Bello Rabiu represents the North West, Yusuf Usman represents the North East, and Babs Omotowa, a former managing director of the Nigerian Liquefied Natural Gas (NLNG), represents North Central. From the South, Austin Avuru represents the South-South, David Ige represents the South West, and Henry Obih represents the South East.
Ministries Represented on the Board
The new board also includes key representatives from the Federal Ministry of Finance and the Ministry of Petroleum Resources. Mrs. Lydia Shehu Jafiya, the permanent secretary of the Federal Ministry of Finance, will represent the ministry on the board, while Aminu Ahmed will represent the Ministry of Petroleum Resources. All appointments are effective immediately.
Restructuring Aimed at Enhancing Efficiency and Growth
President Tinubu explained that the restructuring is vital for improving NNPC’s operational efficiency, restoring investor confidence, boosting local content, advancing economic growth, and driving gas commercialization. Under the provisions of Section 59, subsection 2 of the Petroleum Industry Act (PIA) 2021, the president emphasized that the new board would play a key role in repositioning the company for the future. He further outlined an immediate action plan for the new board, which includes conducting a strategic portfolio review of NNPC-operated and Joint Venture Assets. This review aims to ensure alignment with value maximization objectives.
Ambitious Targets for the Oil and Gas Sector
The Tinubu administration has been focused on oil sector reforms since taking office in 2023. In 2024, NNPC reported a substantial $17 billion in new investments within the sector. Moving forward, the administration has set ambitious goals to increase investment to $30 billion by 2027 and $60 billion by 2030. President Tinubu also outlined production targets for the country’s oil and gas sectors: increasing oil production to two million barrels per day by 2027 and three million barrels per day by 2030. Additionally, the government aims to ramp up gas production to 8 billion cubic feet per day by 2027 and 10 billion cubic feet per day by 2030.
Increased Focus on Refining Capacity
The Tinubu administration also has plans to boost Nigeria’s oil refining capacity. The president expects the new board to increase NNPC’s share of crude oil refining output to 200,000 barrels per day by 2027, with a further target of 500,000 barrels per day by 2030.
New Chairman’s Background
Ahmadu Musa Kida, the new non-executive chairman, brings a wealth of experience to the board. Kida, who hails from Borno State, graduated with a degree in civil engineering from Ahmadu Bello University in Zaria in 1984. He also holds a postgraduate diploma in petroleum engineering from the Institut Francais du Petrol in Paris. Kida began his oil career with Elf Petroleum Nigeria and later joined Total Exploration and Production, where he worked in various capacities, including as Deputy Managing Director of Deep Water Services. He currently serves as an Independent Non-Executive Director at Pan Ocean-Newcross Group. Outside of his professional work in the oil sector, Kida has a notable history in sports, having served as the President of the Nigerian Basketball Federation.
New CEO’s Impressive Career
The new Group CEO, Bashir Ojulari, hails from Kwara State and brings extensive experience in the energy sector. Before his appointment, Ojulari was the Executive Vice President and Chief Operating Officer at Renaissance Africa Energy Company. Under his leadership, the company led a consortium of indigenous energy firms in the landmark acquisition of the entire equity stake in Shell Petroleum Development Company of Nigeria, valued at $2.4 billion. Ojulari’s career spans decades, during which he worked at Shell Petroleum Development Company, where he served in roles across Nigeria, Europe, and the Middle East. Notably, he became the managing director of Shell Nigeria Exploration and Production Company in 2015. Ojulari is also a former chairman and member of the board of trustees of the Society of Petroleum Engineers (SPE Nigerian Council) and a fellow of the Nigerian Society of Engineers.
Appreciation for the Outgoing Board Members
In his statement, President Tinubu expressed gratitude to the outgoing board members for their dedicated service, especially for their efforts in rehabilitating the Port Harcourt and Warri refineries, which had been inoperative for years before being restored to full production capacity.
Conclusion
President Tinubu’s reconstitution of the NNPC Limited board is part of a broader strategy to revitalize Nigeria’s oil and gas sector. With an experienced and diverse new board in place, the Tinubu administration aims to drive growth, enhance efficiency, and increase Nigeria’s role in global energy markets. The new board faces the challenge of meeting ambitious production and refining targets while continuing efforts to diversify the energy sector, especially in gas commercialization.
