President Bola Tinubu has dismissed the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and the board chairman, Pius Akinyelure, in a major shake-up of the oil sector.
Effective April 2, Bashir Bayo Ojulari takes over as the new Group CEO, while Ahmadu Musa Kida has been appointed as the new non-executive chairman.
A statement from Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, confirmed that all board members appointed with Kyari in 2023 have also been removed.
New NNPCL Board Announced
The reconstituted 11-member board includes:
🔹 Bashir Bayo Ojulari – Group Chief Executive Officer
🔹 Ahmadu Musa Kida – Non-Executive Chairman
🔹 Adedapo Segun – Chief Financial Officer
🔹 Bello Rabiu (NW), Yusuf Usman (NE), Babs Omotowa (NC), Austin Avuru (SS), David Ige (SW), Henry Obih (SE) – Non-Executive Directors
🔹 Lydia Shehu Jafiya (Finance Ministry Representative)
🔹 Aminu Ahmed (Petroleum Ministry Representative)
Why It Matters
🔸 Tinubu invoked Section 59 (2) of the Petroleum Industry Act, 2021, citing the need to improve operational efficiency, investor confidence, and economic growth.
🔸 The new board is tasked with conducting a strategic review of NNPCL’s assets to maximize value.
What’s Next?
🚀 Oil production target: 2 million barrels/day by 2027, 3 million by 2030
🔥 Gas production boost: 8 billion cubic feet/day by 2027, 10 billion by 2030
⛽ Crude oil refining increase: 200,000 barrels/day by 2027, 500,000 by 2030
💰 Investment push: $30 billion by 2027, $60 billion by 2030
Tinubu Thanks Outgoing Board
The President acknowledged the contributions of the previous board, especially in the rehabilitation of the Port Harcourt and Warri refineries.
