President Bola Tinubu has approved the reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, marking the removal of Chairman Chief Pius Akinyelure and Group Chief Executive Officer Mallam Mele Kyari.
In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, early Wednesday, Tinubu also dismissed all other board members appointed alongside Akinyelure and Kyari in November 2023.
The newly appointed 11-member board is led by Engineer Bashir Ojulari, who assumes the role of Group CEO, while Ahmadu Kida takes over as Non-Executive Chairman.
Adedapo Segun, who succeeded Umaru Ajiya as the chief financial officer last November, has been retained on the board by President Tinubu. The new board also includes six non-executive directors representing Nigeria’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa, a former managing director of the Nigerian Liquefied Natural Gas (NLNG), representing North Central. Other non-executive directors are Austin Avuru (South-South), David Ige (South-West), and Henry Obih (South East). Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the Ministry, while Aminu Ahmed will represent the Ministry of Petroleum Resources.
All appointments take effect from April 2, 2025.
Exercising powers under Section 59, Subsection 2 of the Petroleum Industry Act, 2021, President Tinubu emphasized that the restructuring of the NNPC board is pivotal to improving operational efficiency, restoring investor confidence, enhancing local content, spurring economic growth, and advancing the commercialisation and diversification of the gas sector.
As part of its mandate, the new board has been tasked with immediately conducting a strategic portfolio review of NNPC-operated and joint venture assets, ensuring they align with objectives for value maximisation.
The Tinubu administration, since 2023, has implemented key reforms in the oil sector to attract greater investment. In 2024, NNPC reported $17 billion in new investments, with projections aiming to increase this to $30 billion by 2027 and $60 billion by 2030.
In line with these reforms, the administration seeks to raise oil production to two million barrels per day by 2027 and three million barrels daily by 2030. The government also plans to ramp up gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030. Additionally, President Tinubu expects the NNPC’s crude oil refining output to reach 200,000 barrels per day by 2027, with a target of 500,000 barrels by 2030.
The new Non-Executive Chairman, Ahmadu Kida, hails from Borno State. An alumnus of Ahmadu Bello University, Zaria, Kida holds a degree in Civil Engineering (1984) and a postgraduate diploma in Petroleum Engineering from the Institut Francais du Petrol (IFP) in Paris. Kida’s career spans multiple roles, beginning at Elf Petroleum Nigeria and later at Total Exploration and Production, where he rose to the position of Deputy Managing Director of Deep Water Services in 2015. In 2024, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group. Outside of his career in the oil industry, Kida is a former basketball player and the former president of the Nigerian Basketball Federation (NBBF).
Engineer Bashir Ojulari, the new Group CEO of NNPC Limited, is from Kwara State. Before his appointment, Ojulari served as Executive Vice President and Chief Operating Officer at Renaissance Africa Energy Company. He was instrumental in leading a consortium of indigenous firms in the landmark $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC). Ojulari is also an alumnus of Ahmadu Bello University, Zaria, with a degree in Mechanical Engineering. He began his distinguished career as Nigeria’s first process engineer at Elf Aquitaine, later joining Shell Petroleum Development Company of Nigeria Ltd in 1991. His global experience spans Europe, the Middle East, and Nigeria, where he held leadership positions, including Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). He is also a former chairman and trustee of the Society of Petroleum Engineers (SPE) Nigerian Council and a fellow of the Nigerian Society of Engineers.
In his statement, President Tinubu thanked the outgoing board members for their dedicated service, particularly for their successful efforts in rehabilitating the Port Harcourt and Warri refineries, which have resumed production after prolonged shutdowns. He wished them all the best in their future endeavors.
