The Pan Nigerian Oil and Gas Stakeholders on Wednesday commended President Bola Tinubu for taking a significant step toward reforming the Nigerian National Petroleum Company (NNPC) Limited by reconstituting its board and appointing new leadership.
In a press statement issued in Port Harcourt, Rivers State, Engr. Raphael Ajuri, speaking on behalf of the Pan Nigerian Oil and Gas Stakeholders, described President Tinubu as a bold leader with the courage to make decisive changes. He highlighted that this is the first time in Nigeria’s history that a President has issued a clear marching order and set explicit targets for the board, aiming to restore the country’s lost ground in the sector.
Ajuri emphasized that this marks an era of “Renewed Hope,” stating that the latest development would propel the nation toward achieving long-elusive economic expansion.
The President’s move seeks to enhance operational efficiency, restore investor confidence, and drive economic growth within the oil sector. The newly constituted 11-member board, led by Engineer Bashir Bayo Ojulari as Group CEO and Ahmadu Musa Kida as non-executive chairman, has been tasked with conducting a strategic portfolio review to align NNPC’s operations with value maximization objectives.
Representing the country’s geopolitical zones, the board members bring diverse expertise and perspectives. President Tinubu has set ambitious targets, including increasing oil production to two million barrels daily by 2027 and three million daily by 2030.
Ajuri further noted that Tinubu’s administration aims to boost gas production, elevate NNPC’s share of crude oil refining output, and attract significant investment to the sector.
Industry stakeholders expect the new board to enhance transparency and accountability, ensuring that NNPC’s operations align with national interests. Additionally, they anticipate stronger relationships with international oil companies, local stakeholders, and communities to drive growth and development.
Ajuri outlined further expectations, stating that the board should increase Nigerian companies’ and professionals’ participation in the oil and gas sector to create jobs and stimulate economic growth while implementing sustainable practices to mitigate environmental impact.
He concluded that President Tinubu’s reforms and the leadership of the new board are expected to revitalize the oil sector, drive economic growth, and improve the lives of Nigerians.
President Tinubu, invoking the powers granted under Section 59, Subsection 2 of the Petroleum Industry Act, 2021, emphasized that restructuring the board is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialization and diversification.
The President also outlined an immediate action plan for the board, mandating a strategic portfolio review of NNPC-operated and joint venture assets to ensure alignment with value maximization objectives. Since 2023, the Tinubu administration has implemented oil sector reforms to attract investment, with NNPC reporting $17 billion in new investments last year. The administration now aims to increase this to $30 billion by 2027 and $60 billion by 2030.
Additionally, the Tinubu administration targets increasing oil production to two million barrels daily by 2027 and three million by 2030. The government also aims to boost gas production to eight billion cubic feet daily by 2027 and ten billion cubic feet by 2030. Furthermore, the President expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and 500,000 barrels by 2030.
Ahmadu Musa Kida, the new board chairman, hails from Borno State. He is an alumnus of Ahmadu Bello University, Zaria, where he earned a degree in civil engineering in 1984. He later obtained a postgraduate diploma in petroleum engineering from the Institut Français du Pétrole (IFP) in Paris. Kida began his oil industry career at Elf Petroleum Nigeria and later joined Total Exploration and Production as a trainee engineer in 1985. He rose to become Total Nigeria’s Deputy Managing Director of Deep Water Services in 2015. Last year, he was appointed an Independent Non-Executive Director at Pan Ocean-Newcross Group. Outside the oil industry, Kida is a former basketball player and served as the president of the Nigerian Basketball Federation (NBBF) board.
Ojulari, the new NNPC Limited Group CEO, hails from Kwara State. Until his appointment, he was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His firm recently led a consortium of indigenous energy companies in acquiring the entire equity holding in the Shell Petroleum Development Company of Nigeria (SPDC) for $2.4 billion.
Like Kida, Ojulari is also an alumnus of Ahmadu Bello University, Zaria, where he obtained a degree in mechanical engineering. He began his career as the first Nigerian process engineer at Elf Aquitaine before joining Shell Petroleum Development Company of Nigeria Ltd in 1991 as an associate production technologist. He has worked in Nigeria, Europe, and the Middle East in various roles, including petroleum process and production engineer, strategic planner, field developer, and asset manager.
In 2015, Ojulari became the managing director of Shell Nigeria Exploration and Production Company (SNEPCO), further cementing his extensive experience in the oil and gas industry.
