President Bola Tinubu has approved a significant reshuffling of the Nigerian National Petroleum Company (NNPC) Limited’s board, replacing key leadership positions to enhance the company’s operations and drive future growth. As part of the reconstitution, the President removed Chairman Chief Pius Akinyelure and Group CEO Mallam Mele Kolo Kyari, alongside other board members appointed in November 2023.
The new 11-member board is now led by Engineer Bashir Bayo Ojulari as Group CEO, while Ahmadu Musa Kida has been appointed as the non-executive chairman. This restructuring aims to improve the operational efficiency of NNPC, foster investor confidence, and support Nigeria’s broader economic goals.
Strategic Appointments to Strengthen NNPC’s Leadership
President Tinubu has also appointed several new board members who represent various regions of Nigeria. These include non-executive directors such as Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa, a former MD of Nigerian Liquefied Natural Gas (NLNG) for the North Central region. Austin Avuru, David Ige, and Henry Obih are appointed to represent the South-South, South-West, and South-East regions, respectively.
The Ministry of Finance and Ministry of Petroleum Resources will also have representatives on the board: Mrs Lydia Shehu Jafiya and Aminu Said Ahmed, respectively.
All appointments were made effective Wednesday, April 2, 2025.
Tinubu Emphasizes Efficiency and Growth
Under the powers granted by Section 59(2) of the Petroleum Industry Act (PIA) of 2021, President Tinubu stressed the need for these new leadership appointments to focus on several key priorities. These include enhancing operational efficiency, restoring investor confidence, and advancing Nigeria’s gas commercialisation and diversification plans. An immediate action plan has been set for the board, which involves conducting a strategic review of NNPC’s assets to maximize value.
Since assuming office in 2023, President Tinubu has sought to revitalize the oil sector, securing $17 billion in investments and aiming for $30 billion by 2027, with long-term goals of $60 billion by 2030. Furthermore, the administration seeks to increase oil production to two million barrels per day by 2027 and three million barrels by 2030, alongside expanding gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
Leadership Profiles: Ojulari and Kida
The new Group CEO, Engineer Bashir Bayo Ojulari, hails from Kwara State and brings a wealth of experience to the role. Before his appointment, Ojulari was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. He has a distinguished career in the oil industry, having worked with Elf Aquitaine, Shell Petroleum, and Renaissance, where he was instrumental in leading a consortium that acquired a $2.4 billion stake in Shell Petroleum Development Company of Nigeria.
Ahmadu Musa Kida, the new non-executive chairman, comes from a notable background in both the oil industry and basketball. He is a former Deputy Managing Director at Total Nigeria and has been a significant figure in Nigerian basketball as the president of the Nigerian Basketball Federation. Kida holds degrees in civil engineering and petroleum engineering and brings a wealth of experience to NNPC’s board.
Acknowledging the Outgoing Board’s Efforts
President Tinubu expressed his gratitude to the outgoing board members for their contributions, particularly in rehabilitating Nigeria’s key refineries, such as the Port Harcourt and Warri refineries, which resumed production after long periods of shutdown.
With this new leadership, NNPC is poised to take on a more dynamic role in Nigeria’s energy sector and contribute significantly to the nation’s economic development.