President Bola Tinubu has announced sweeping changes at the Nigerian National Petroleum Company (NNPC) Limited board, removing the Chairman, Chief Pius Akinyelure and the Group Chief Executive Officer, Mallam Mele Kyari.
This was announced in a statement on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
The statement said the changes were aimed at enhancing operational efficiency, restored investor confidence, and a more commercially viable NNPC.
It added that the president invoked his powers under section 59(2) of the Petroleum Industry Act (PIA) 2021 to carry out the sweeping reconstitution.
The statement announced Bayo Ojulari as Kyari’s replacement as group CEO, while Ahmadu Musa Kida has been appointed as NNPC’s new non-executive chairman, replacing Pius Akinyelure
Also, Adedapo Segun has been confirmed as the company’s chief financial officer (CFO).
In line with the Petroleum Industry Act (PIA), the president also appointed six non-executive directors from each geopolitical zone.
They include Bello Rabiu representing the north-west, Yusuf Usman from the northeast, and Babs Omotowa, a former managing director of the Nigerian Liquefied Natural Gas (NLNG), for the north-central.
Others, according to the statement, are Austin Avuru for the south-south, David Ige for the south-west, and Henry Obih for the south-east.
Meanwhile, Lydia Shehu Jafiya, the permanent secretary of the federal ministry of finance, and Aminu Said Ahmed of the ministry of petroleum resources will represent their respective ministries on the new board.
The statement said, “This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices. “We are taking bold steps to transform the company into a more commercially driven and transparent entity.
Onanuga added that the changes are of immediate effect, and the new board has been handed a strategic action plan, which includes a “review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives”.
Tinubu, who has prioritised investment-driven reforms in the oil sector, highlighted that since 2023, his administration has attracted $17 billion in new investments and is now targeting $30 billion by 2027and $60 billion by 2030.
The government also aims to raise crude oil production to two million barrels daily by 2027 and three million by 2030, alongside a gas production goal of 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
“Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030,” the statement added
Kida, the new NNPC chairman, brings over three decades of experience in the oil and gas sector. A graduate of Ahmadu Bello University, Zaria, with a degree in civil engineering, he later obtained a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (Iin Paris.
He began his career at Elf Petroleum Nigeria before moving to Total Exploration and Production, where he rose to become deputy managing director of Deep Water Services in 2015.
He most recently served as an independent non-executive director at Pan Ocean-Newcross Group.
Ojulari, the new GCEO, is an indigene of Kwara state and also studied at Ahmadu Bello University, earning a degree in mechanical engineering.
He started his career at Elf Aquitaine before joining Shell Petroleum Development Company in 1991 as an associate production technologist.
His expertise spans petroleum process engineering, strategic planning, and field development, having worked across Europe and the Middle East.
In 2015, he was appointed managing director of Shell Nigeria Exploration and Production Company (SNEPCO).
Until his latest appointment, he was executive vice-president and chief operating officer at Renaissance Africa Energy Company, leading a consortium that recently acquired Shell Petroleum Development Company of Nigeria (SPDC) for $2.4 billion.
“President Tinubu thanked the old board members for their dedicated service to NNPC Limited, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries, which enabled them to resume petroleum product production after prolonged shutdowns. He wished them well in their future endeavours,” the statement said.
