By PRESIDENT Bola Ahmed Tinubu has carried out a significant restructuring of the Nigerian National Petroleum Company (NNPC) Limited board, appointing new leadership and removing its previous chairman and Group Chief Executive Officer (GCEO).
The overhaul saw Chief Pius Akinyelure and Mallam Mele Kolo Kyari relieved of their positions as chairman and GCEO, respectively. Additionally, all other board members appointed alongside them in November 2023 were dismissed.
President Bola Tinubu
In their place, President Tinubu has appointed an 11-member board, with Engineer Bashir Bayo Ojulari taking over as the Group CEO and Ahmadu Musa Kida assuming the role of non-executive chairman.
Adedapo Segun, who was appointed Chief Financial Officer (CFO) last November in place of Umaru Isa Ajiya, has been retained on the new board.
New Board Composition
The newly appointed board members represent Nigeria’s geopolitical zones:
North West – Bello Rabiu
North East – Yusuf Usman
North Central – Babs Omotowa, former Managing Director of the Nigerian Liquefied Natural Gas (NLNG)
South-South – Austin Avuru
South West – David Ige
South East – Henry Obih
In addition, Mrs Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry, while Aminu Said Ahmed will act as the representative for the Ministry of Petroleum Resources.
All appointments take effect from 2nd April 2025.
Government’s Expectations and Strategic Goals
President Tinubu made the appointments under the authority of Section 59, Subsection 2 of the Petroleum Industry Act, 2021. He stated that the reconstitution aims to improve operational efficiency, restore investor confidence, boost local content, drive economic growth, and advance gas commercialisation and diversification.
He also tasked the new board with immediately conducting a strategic review of NNPC-operated and joint venture assets to ensure alignment with value maximisation objectives.
The administration has been implementing oil sector reforms to attract investment since 2023. Last year, NNPC secured $17 billion in new sector investments. The government now aims to increase this to $30 billion by 2027 and $60 billion by 2030.
Additionally, the administration targets oil production of two million barrels per day by 2027 and three million by 2030. Gas production is expected to rise to eight billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
NNPC’s share of crude oil refining is also set to increase, with a target of 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.
Profiles of Key Appointees
Ahmadu Musa Kida (Chairman)
Hailing from Borno State, Kida is a civil engineering graduate from Ahmadu Bello University, Zaria. He obtained a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris. His career in the oil sector began at Elf Petroleum Nigeria before moving to Total Exploration and Production. In 2015, he became Total Nigeria’s Deputy Managing Director of Deep Water Services. Last year, he served as an Independent Non-Executive Director at Pan Ocean-Newcross Group.
Outside the oil industry, Kida is a former basketball player and has served as president of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari (Group CEO)
Ojulari, from Kwara State, was previously Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His company recently led a consortium in acquiring Shell Petroleum Development Company of Nigeria (SPDC) in a landmark $2.4 billion deal.
Like Kida, Ojulari is also an alumnus of Ahmadu Bello University, graduating with a degree in Mechanical Engineering. He began his career at Elf Aquitaine as Nigeria’s first process engineer before joining Shell Petroleum Development Company of Nigeria in 1991. His experience spans Europe and the Middle East, holding roles in petroleum processing, production engineering, strategic planning, and asset management. In 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).
Ojulari has also served as chairman and trustee board member of the Society of Petroleum Engineers (SPE Nigerian Council) and is a fellow of the Nigerian Society of Engineers.
Acknowledgement of Previous Board Members
President Tinubu expressed gratitude to the outgoing board members for their service, particularly their role in the rehabilitation of the Port Harcourt and Warri refineries, which facilitated their return to petroleum production after prolonged shutdowns.
“I appreciate their dedicated efforts in reforming NNPC Limited and wish them success in their future endeavours,” he stated.
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