President Tinubu Reshuffles NNPC Board, Appoints New Leadership
BOLD MEDIA – April 2, 2025
President Bola Ahmed Tinubu has approved a major restructuring of the Nigerian National Petroleum Company (NNPC) Limited board, removing Chief Pius Akinyelure as chairman and Mallam Mele Kolo Kyari as Group Chief Executive Officer (GCEO).
Additionally, all other board members appointed alongside Akinyelure and Kyari in November 2023 have been dismissed.
New Leadership Structure
The newly appointed 11-member board will be led by:
- Engineer Bashir Bayo Ojulari – Group CEO
- Ahmadu Musa Kida – Non-Executive Chairman
Adedapo Segun, who replaced Umaru Isa Ajiya as Chief Financial Officer (CFO) last November, has been retained in the new board.
Six non-executive directors have been appointed to represent Nigeria’s geopolitical zones:
- Bello Rabiu (North West)
- Yusuf Usman (North East)
- Babs Omotowa (North Central) – Former Managing Director, Nigeria Liquefied Natural Gas (NLNG)
- Austin Avuru (South-South)
- David Ige (South West)
- Henry Obih (South East)
Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
All appointments take effect immediately.
Strategic Objectives of the Restructuring
President Tinubu invoked his powers under Section 59, Subsection 2 of the Petroleum Industry Act (2021), emphasizing that the board’s reorganization aims to:
- Enhance operational efficiency
- Restore investor confidence
- Boost local content and economic growth
- Advance gas commercialization and diversification
As part of its immediate mandate, the new board has been directed to conduct a strategic portfolio review of NNPC-operated and Joint Venture (JV) assets to maximize value.
Since 2023, the Tinubu administration has implemented reforms aimed at attracting foreign and domestic investments in the oil and gas sector. Last year, NNPC secured $17 billion in new investments. The government plans to increase this to $30 billion by 2027 and $60 billion by 2030.
Key targets include:
- Raising oil production to 2 million barrels per day by 2027, and 3 million by 2030
- Expanding gas production to 8 billion cubic feet per day by 2027, and 10 billion by 2030
- Increasing NNPC’s refining output to 200,000 barrels per day by 2027, and 500,000 by 2030
Profiles of Key Appointees
Ahmadu Musa Kida – Non-Executive Chairman
Kida, from Borno State, is an alumnus of Ahmadu Bello University (ABU), Zaria, where he earned a degree in Civil Engineering (1984). He later obtained a postgraduate diploma in Petroleum Engineering from the Institut Francaise du Petrol (IFP), Paris.
He started his oil industry career at Elf Petroleum Nigeria and later joined Total Exploration and Production as a trainee engineer in 1985.
In 2015, he became Total Nigeria’s Deputy Managing Director of Deep Water Services. More recently, he served as an Independent Non-Executive Director at Pan Ocean-Newcross Group.
Beyond the oil sector, Kida is a former professional basketball player and previously served as President of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari – Group CEO
Ojulari, from Kwara State, was previously Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His firm led the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC) in a landmark deal.
He holds a degree in Mechanical Engineering from Ahmadu Bello University, Zaria. Ojulari began his career as Nigeria’s first process engineer at Elf Aquitaine before joining Shell Petroleum Development Company in 1991.
His career spans Nigeria, Europe, and the Middle East, where he has held roles in petroleum process engineering, production management, strategic planning, and field development.
In 2015, he became Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). He has served as Chairman and Board Trustee of the Society of Petroleum Engineers (SPE Nigerian Council) and is a fellow of the Nigerian Society of Engineers.
Conclusion
This sweeping restructuring of the NNPC board signals a major shift in Nigeria’s oil and gas sector. With ambitious investment and production targets, all eyes will be on the new leadership to drive reforms and position Nigeria’s energy sector for long-term growth.
