In a significant shake-up, President Bola Tinubu has approved the reconstitution of the Nigerian National Petroleum Company (NNPC) Limited’s board. The move saw the dismissal of Chief Pius Akinyelure, the former Chairman, and Mallam Mele Kolo Kyari, the Group Chief Executive Officer (GCEO). This restructuring includes a new 11-member board, with Engineer Bashir Bayo Ojulari appointed as the new GCEO, while Ahmadu Musa Kida will serve as the non-executive chairman.
The new appointments are part of President Tinubu’s broader strategy to improve operational efficiency and restore investor confidence in Nigeria’s oil sector. The newly reconstituted board includes a diverse group of non-executive directors from various geopolitical zones, representing regions such as the North West, North East, South West, and South East, among others. Key figures like Adedapo Segun, who replaced Umaru Isa Ajiya as the CFO, have been retained on the new board.
As part of their mandate, the new board has been tasked with conducting a strategic portfolio review of NNPC’s assets and joint ventures to enhance value maximization. President Tinubu’s government has been working on oil sector reforms since 2023, with a focus on attracting investments and increasing oil and gas production. His administration targets raising oil production to two million barrels per day by 2027, with further increases in future years, as well as enhancing gas production and refining capacity.
Ahmadu Musa Kida and Bayo Ojulari bring substantial expertise to their new roles. Kida, with a background in civil and petroleum engineering, has extensive experience in the oil industry, including leadership roles at Total Nigeria. Ojulari, a seasoned oil executive, previously served as the Executive Vice President of Renaissance Africa Energy and has a track record of success in Nigeria and abroad. Tinubu also expressed gratitude to the outgoing board for their contributions, particularly their work on reviving key refineries.