In a major shakeup of Nigeria’s oil sector, President Bola Tinubu has removed Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) and dissolved the entire board. In his place, Bashir Bayo Ojulari has been appointed as the new GCEO, while Ahmadu Musa Kida takes over as the non-executive chairman.
The decision, announced by presidential spokesman Bayo Onanuga, comes as part of a broader restructuring effort aimed at enhancing operational efficiency, investor confidence, and local content participation in Nigeria’s oil and gas industry.
New 11-Member NNPCL Board Announced
The reconstituted board features key industry professionals representing Nigeria’s geopolitical zones.
Key Appointments:
- GCEO: Bashir Bayo Ojulari
- Non-Executive Chairman: Ahmadu Musa Kida
- Chief Financial Officer (CFO): Adedapo Segun
Non-Executive Directors by Geopolitical Zone:
| Zone | Appointee | Position |
|---|---|---|
| North West | Bello Rabiu | Non-Executive Director |
| North East | Yusuf Usman | Non-Executive Director |
| North Central | Babs Omotowa (Ex-NLNG MD) | Non-Executive Director |
| South-South | Austin Avuru | Non-Executive Director |
| South West | David Ige | Non-Executive Director |
| South East | Henry Obih | Non-Executive Director |
Additionally, Mrs. Lydia Shehu Jafiya (Permanent Secretary, Federal Ministry of Finance) and Aminu Said Ahmed (Ministry of Petroleum Resources) will represent their respective ministries on the board.
Tinubu’s Vision for NNPCL’s Future
President Tinubu’s directive for the new board includes:
- Conducting a strategic review of NNPC-operated and Joint Venture assets to optimize value.
- Strengthening oil and gas sector investments, with a target of $30 billion by 2027 and $60 billion by 2030.
- Raising Nigeria’s oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
- Expanding gas production to 8 billion cubic feet per day by 2027 and 10 billion cubic feet per day by 2030.
- Increasing NNPC’s refining capacity, with a goal of 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.
The restructuring, carried out under Section 59(2) of the Petroleum Industry Act (PIA), 2021, signals Tinubu’s commitment to revitalizing Nigeria’s petroleum sector, positioning NNPCL for greater efficiency and global competitiveness.
With this major overhaul, all eyes are on Bayo Ojulari and his team to drive NNPC’s transformation and meet the government’s ambitious targets.
