President Bola Ahmed Tinubu has approved a major restructuring of the Nigerian National Petroleum Company (NNPC) Limited’s board, ushering in new leadership aimed at driving reforms in the oil and gas sector. The sweeping changes, announced today, include the removal of the former Chairman, Chief Pius Akinyelure, and Group Chief Executive Officer (CEO), Mallam Mele Kolo Kyari. The new appointments are expected to bolster the efficiency of NNPC and align its operations with the government’s vision for economic growth and sector transformation.
Under the new leadership structure, Engineer Bashir Bayo Ojulari has been appointed as the Group CEO of NNPC, while Ahmadu Musa Kida has been named the non-executive chairman of the board. Both men bring extensive experience from the oil industry, and their appointments are expected to steer NNPC toward greater success and operational efficiency.
Engineer Ojulari, who hails from Kwara State, was previously the Executive Vice President and Chief Operating Officer at Renaissance Africa Energy Company. His expertise includes a significant role in the landmark $2.4 billion acquisition of Shell Petroleum Development Company (SPDC) by a consortium of indigenous energy firms. Ojulari’s deep industry experience spans years at Shell Petroleum, where he worked in various capacities both in Nigeria and abroad. He has also served as the managing director of Shell Nigeria Exploration and Production Company (SNEPCO) and has been a prominent figure in the Society of Petroleum Engineers.
Ahmadu Musa Kida, who is from Borno State, takes over as non-executive chairman. Kida’s background includes a strong career in the oil industry, having held leadership positions at Total Exploration and Production, where he became the Deputy Managing Director of Deep Water Services. Additionally, Kida has served as the president of the Nigerian Basketball Federation (NBBF), further showcasing his diverse leadership skills. Kida’s deep knowledge of the oil industry, combined with his leadership experience, is expected to contribute significantly to NNPC’s operations.
In line with ensuring diverse geographical representation, six of the new non-executive directors are drawn from Nigeria’s six geopolitical zones. Bello Rabiu represents the North West, Yusuf Usman is from the North East, and Babs Omotowa, former Managing Director of Nigerian Liquefied Natural Gas (NLNG), represents the North Central. From the South-South, Austin Avuru is appointed as a non-executive director, while David Ige represents the South West, and Henry Obih represents the South East.
Additionally, two key permanent secretaries, Mrs. Lydia Shehu Jafiya, the Permanent Secretary at the Federal Ministry of Finance, and Aminu Said Ahmed, the Permanent Secretary at the Ministry of Petroleum Resources, will also serve on the new board.
President Tinubu’s decision to restructure the NNPC board is part of a broader effort to reform the country’s oil and gas sector, enhance efficiency, and attract more investment. Since the beginning of his administration, President Tinubu has made it a priority to modernize the petroleum sector. The reconstitution of the NNPC board is expected to further those goals by ensuring the company’s operations are aligned with national priorities and global industry standards.
In his announcement, President Tinubu emphasized that the restructuring is critical for improving the operational efficiency of NNPC and restoring investor confidence in the sector. The new board has been given a clear mandate to prioritize several key objectives, including boosting local content, advancing gas commercialization, and diversifying the sector’s activities to support economic growth.
One of the immediate tasks given to the new NNPC board is to conduct a strategic portfolio review of NNPC’s operated and Joint Venture (JV) assets. This review aims to ensure that all of the company’s activities are focused on maximizing value for Nigeria. President Tinubu also set ambitious targets for the oil and gas sector, including increasing oil production to two million barrels per day by 2027 and three million barrels per day by 2030. In addition, the government aims to ramp up gas production to eight billion cubic feet daily by 2027, and 10 billion cubic feet daily by 2030.
President Tinubu’s administration is also aiming to improve Nigeria’s refining capacity. He expects the new NNPC leadership to raise the company’s share of crude oil refining output to 200,000 barrels per day by 2027, and to increase that figure to 500,000 barrels per day by 2030. These ambitious goals reflect the administration’s broader strategy to reduce Nigeria’s dependence on imported refined petroleum products and to increase local production capacity.
Since the Tinubu administration took office, several oil sector reforms have been implemented to attract investment and enhance the financial sustainability of the industry. Last year alone, NNPC reported $17 billion in new investments. The government’s goal is to increase this figure to $30 billion by 2027 and $60 billion by 2030. These investments are seen as vital to ensuring the long-term stability of Nigeria’s oil and gas industry, which has been a major driver of the nation’s economy.
In addition to focusing on oil, President Tinubu has made it clear that the new NNPC board will be tasked with advancing Nigeria’s gas sector. Given the increasing global demand for cleaner energy sources, gas commercialization is viewed as a major opportunity for Nigeria. Expanding gas production and improving infrastructure will not only boost Nigeria’s economic growth but also strengthen its position as a key player in the global energy market.
While the new appointments signal a fresh start for NNPC, President Tinubu took time to acknowledge the contributions of the former board members, especially for their efforts in rehabilitating the Port Harcourt and Warri refineries. These refineries, which had been shut down for an extended period, were recently brought back into operation, marking a significant achievement under the leadership of the outgoing board members.
President Tinubu thanked the former chairman, Chief Pius Akinyelure, and former Group CEO, Mallam Mele Kolo Kyari, for their service to NNPC. He praised their work in refurbishing the refineries and wished them well in their future endeavors.
