In a decisive move aimed at reshaping Nigeria’s oil and gas sector, President Bola Ahmed Tinubu has reconstituted the board of the Nigerian National Petroleum Company Limited (NNPCL), dismissing Group Chief Executive Officer Mele Kyari and Board Chairman Chief Pius Akinyelure. This sweeping overhaul extends to all board members appointed alongside Kyari and Akinyelure in November 2023.
Presidential spokesman Bayo Onanuga, in a statement on Tuesday, confirmed that President Tinubu has approved a new 11-member board, with seasoned energy expert Engineer Bashir Bayo Ojulari taking over as the Group Chief Executive Officer (GCEO). Ahmadu Musa Kida has been appointed as the new non-executive chairman.
In addition, Adedapo Segun, who replaced Umaru Isa Ajiya as Chief Financial Officer last November, retains his role as a board member in the fresh appointments.
Regional Representation on the Board
Ensuring balanced representation across Nigeria’s geopolitical zones, the newly constituted board features six non-executive directors:
North West: Bello Rabiu
North East: Yusuf Usman
North Central: Babs Omotowa, former Managing Director of Nigeria Liquefied Natural Gas (NLNG)
South-South: Austin Avuru
South West: David Ige
South East: Henry Obih
Furthermore, Mrs. Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, will serve as the ministry’s representative, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
The presidential directive, which takes immediate effect from April 2, is anchored on Section 59, Subsection 2 of the Petroleum Industry Act (PIA) 2021. President Tinubu underscored the urgency of this restructuring to bolster operational efficiency, restore investor confidence, expand local content participation, and fast-track gas commercialisation and diversification.
As part of his broader vision for the sector, President Tinubu has charged the new board with executing an immediate strategic portfolio review of NNPCL-operated and Joint Venture (JV) assets. The goal is to align with value-maximisation objectives while accelerating oil and gas sector reforms to attract more foreign and domestic investment.
Under Tinubu’s administration, NNPC has reported securing $17 billion in new investments since 2023. The government now aims to elevate this figure to $30 billion by 2027 and $60 billion by 2030. Additionally, the administration has outlined aggressive production targets:
Crude oil production: Increase to 2 million barrels per day by 2027 and 3 million barrels daily by 2030.
Gas production: Scale up to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
Refining capacity: Enhance NNPC’s share of domestic crude refining to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.
With these bold reforms, President Tinubu seeks to position Nigeria as a dominant force in the global energy landscape while ensuring energy security, economic growth, and job creation for Nigerians.
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