In a significant shake-up of the Nigerian National Petroleum Company Limited (NNPCL), President Bola Tinubu has dismissed Group Chief Executive Officer Mele Kyari and board chairman Chief Pius Akinyelure. This sweeping reorganization, announced on Wednesday by presidential spokesman Bayo Onanuga, also saw the removal of all board members appointed in November 2023.
As part of the restructuring, President Tinubu has appointed Engineer Bashir Bayo Ojulari as the new Group Chief Executive Officer and Ahmadu Musa Kida as the new non-executive chairman of the board. Notably, Adedapo Segun, who was named Chief Financial Officer in November 2023, will retain his position in the newly formed board.
The revised board now includes non-executive directors from across Nigeria's geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa (North Central). Representing the southern regions are Austin Avuru (South-South), David Ige (South-West), and Henry Obih (South-East). Additionally, Mrs. Lydia Shehu Jafiya from the Federal Ministry of Finance and Aminu Said Ahmed from the Ministry of Petroleum Resources will serve as board representatives.
This restructuring takes immediate effect, executed under Section 59, subsection 2 of the Petroleum Industry Act, 2021. The move aims to enhance operational efficiency, restore investor confidence, strengthen local content, drive economic growth, and advance gas commercialization and diversification.
President Tinubu has tasked the new board with conducting a strategic review of NNPCL’s asset portfolio to ensure alignment with the government's value-maximization goals. His administration's broader agenda includes attracting increased investment to the oil sector, following NNPCL’s report of securing $17 billion in new investments in 2023. The target is to boost this to $30 billion by 2027 and $60 billion by 2030.
The government has also set ambitious production goals: crude oil output is expected to reach two million barrels per day by 2027 and three million by 2030, while gas production is projected to increase to eight billion cubic feet daily by 2027 and ten billion by 2030. Additionally, NNPCL’s crude oil refining capacity is expected to hit 200,000 barrels per day by 2027 and 500,000 by 2030.
Ahmadu Musa Kida, the newly appointed board chairman, hails from Borno State and holds a degree in civil engineering from Ahmadu Bello University, Zaria. He furthered his studies in petroleum engineering at the Institut Francaise du Petrol in Paris. Kida's career began at Elf Petroleum Nigeria, later joining Total Exploration and Production, where he became Deputy Managing Director of Deep Water Services in 2015. In 2023, he was appointed an Independent Non-Executive Director at Pan Ocean-Newcross Group. A former professional basketball player, Kida also previously served as president of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari, the newly appointed Group Chief Executive Officer, is from Kwara State and formerly served as Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. He played a crucial role in leading indigenous energy firms in the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC). A graduate of mechanical engineering from Ahmadu Bello University, Ojulari began his career as a process engineer at Elf Aquitaine and later joined Shell Petroleum Development Company of Nigeria Ltd in 1991. His extensive experience spans roles across Europe and the Middle East, including positions as a petroleum process and production engineer, strategic planner, field developer, and asset manager. In 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). He has also served as chairman and board trustee member of the Society of Petroleum Engineers (SPE Nigerian Council) and is a fellow of the Nigerian Society of Engineers.
President Tinubu expressed appreciation to the outgoing board members for their contributions, particularly their efforts in rehabilitating the Port Harcourt and Warri refineries, which have resumed operations after prolonged inactivity. He extended his best wishes to them in their future endeavors.
