President Bola Tinubu has executed a significant restructuring of the Nigerian National Petroleum Company Limited (NNPCL) board, resulting in the removal of both the chairman, Pius Akinyelure, and the Group Chief Executive Officer, Mele Kyari. In a move aimed at revitalizing the nation’s oil and gas sector, Tinubu has appointed Bashir Ojulari as the new CEO, effective April 2, 2025.
The sweeping changes, announced in a statement by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, also included the dismissal of all other board members appointed alongside Akinyelure and Kyari in November 2023. The newly constituted 11-member board will be led by Ahmadu Musa Kida as non-executive chairman, with Ojulari at the helm as Group CEO.
“President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023. The new 11-man board has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman,” Onanuga stated.
The new board features a diverse representation, with Adedapo Segun, who previously replaced Umaru Ajiya as Chief Financial Officer, retaining his position. Six non-executive directors have been appointed to represent the country’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East).
Furthermore, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Ahmed, representing the Ministry of Petroleum Resources, will also serve on the board.
President Tinubu, invoking his powers under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasized the necessity of this restructuring to enhance operational efficiency, restore investor confidence, boost local content, drive economic growth, and advance gas commercialization and diversification.
The new board has been tasked with an immediate action plan, including “to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.”
The Tinubu administration, since 2023, has been actively pursuing oil sector reforms, with NNPC reporting $17 billion in new investments in 2024. The government’s ambitious targets include increasing investments to $30 billion by 2027 and $60 billion by 2030, raising oil production to two million barrels daily by 2027 and three million daily by 2030, and boosting gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030. Additionally, the administration aims to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and 500,000 by 2030.
The new board chairman, Ahmadu Kida, brings a wealth of experience to the role. An alumnus of Ahmadu Bello University, Zaria, and the Institut Francaise du Petrol in Paris, Kida has a distinguished career in the oil industry, including roles at Elf Petroleum Nigeria and Total Exploration and Production. He also served as Total Nigeria’s Deputy Managing Director of Deep Water Services and is the current President of the Nigerian Basketball Federation board.
The newly appointed CEO, Bashir Ojulari, hails from Kwara State and was previously the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His Renaissance company recently spearheaded the acquisition of Shell Petroleum Development Company of Nigeria’s equity holding. Ojulari, also an alumnus of Ahmadu Bello University, has a long and varied career in the oil sector, including roles at Elf Aquitaine and Shell Petroleum Development Company of Nigeria Ltd, and has worked in Nigeria, Europe, and the Middle East.
President Tinubu expressed gratitude to the outgoing board members for their service, particularly their contributions to the rehabilitation of the Port Harcourt and Warri refineries. This significant restructuring signals the administration’s commitment to transforming the NNPCL and driving growth in Nigeria’s vital oil and gas sector.
