President Bola Ahmed Tinubu has undertaken a sweeping restructuring of the Nigerian National Petroleum Company (NNPC) Limited, replacing the chairman, Chief Pius Akinyelure, and the Group Chief Executive Officer (GCEO), Mallam Mele Kyari.
According to a press statement issued by the president’s special adviser on information and strategy, Bayo Onanuga on Wednesday, the president also dismissed all board members appointed in November 2023 as part of a broader effort to enhance efficiency and attract investment in Nigeria’s oil sector.
The new 11-member board will be led by Ahmadu Musa Kida as non-executive chairman and Bashir Bayo Ojulari as Group CEO. President Tinubu also retained Adedapo Segun, who replaced Umaru Isa Ajiya as chief financial officer in November, as a board member.
Additionally, six non-executive directors have been appointed to represent Nigeria’s geopolitical zones: The six include Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central, former NLNG MD), Austin Avuru (South-South), David Ige (South West) and Henry Obih (South East).
Two government representatives, Mrs. Lydia Shehu Jafiya from the Federal Ministry of Finance and Aminu Said Ahmed from the Ministry of Petroleum Resources, will also serve on the board.
All appointments take immediate effect from April 2, 2025.
President Tinubu invoked his powers under Section 59, subsection 2 of the Petroleum Industry Act (PIA), 2021, stating that the board’s restructuring aims to boost operational efficiency, restore investor confidence, increase local content participation, drive economic growth and advance gas commercialisation and diversification
To this end, he has tasked the new board with conducting a strategic portfolio review of NNPC-operated and joint venture assets to ensure alignment with value maximisation goals.
Since assuming office in 2023, President Tinubu’s administration has focused on oil sector reforms to attract investment. In 2024, the NNPC secured 17 billion dollars in new investments, with a target of 30 billion dollars by 2027 and 60 billion dollars by 2030.
“The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million daily by 2030. Concurrently, the government wants gas production jacked to 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 read.
Ahmadu Musa Kida, from Borno State, is a civil engineer and alumnus of Ahmadu Bello University, Zaria. He has extensive experience in the oil and gas industry, beginning his career at Elf Petroleum Nigeria before joining Total Exploration and Production in 1985. He rose to Deputy Managing Director of Deep Water Services at Total Nigeria in 2015 and, in 2024, became an Independent Non-Executive Director at Pan Ocean-Newcross Group.
Beyond his oil sector career, Kida is a former basketballer and previously served as the president of the Nigerian Basketball Federation (NBBF).
Also, Bashir Bayo Ojulari, from Kwara State, was previously the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His firm led a 2.4 billion dollar acquisition of Shell Petroleum Development Company of Nigeria (SPDC).
A mechanical engineering graduate from Ahmadu Bello University, Zaria, Ojulari began his career as Elf Aquitaine’s first Nigerian process engineer before joining Shell Petroleum Development Company (SPDC) in 1991. He has worked extensively across Europe and the Middle East in 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 been involved in industry leadership roles, serving as chairman of the Society of Petroleum Engineers (SPE Nigerian Council) and a fellow of the Nigerian Society of Engineers.
President Tinubu thanked the outgoing board members for their service, particularly their role in rehabilitating the Port Harcourt and Warri refineries, which resumed petroleum product production after prolonged shutdowns. He wished them success in their future endeavors.
With this strategic overhaul, the Tinubu administration signals its commitment to revitalising the NNPC, ensuring Nigeria’s oil sector remains competitive, efficient, and attractive to investors.
