President Bola Ahmed Tinubu has announced a major restructuring of the Nigerian National Petroleum Company (NNPC) Limited, replacing its leadership and board members in a bid to enhance efficiency and attract investment to the oil sector.
A statement by Bayo Onanuga, Special Adviser on Information and Strategy, confirmed the dismissal of Chairman Chief Pius Akinyelure, Group Chief Executive Officer (GCEO) Mallam Mele Kyari, and all board members appointed in November 2023. The restructuring aligns with Section 59, Subsection 2 of the Petroleum Industry Act (PIA) 2021, aimed at improving operational efficiency, investor confidence, and local content participation.
The newly constituted 11-member board will be led by Ahmadu Musa Kida as Non-Executive Chairman and Bashir Bayo Ojulari as GCEO. Adedapo Segun, who assumed the Chief Financial Officer (CFO) role in November, remains a board member.Representing Nigeria’s geopolitical zones, the newly appointed non-executive directors include Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), 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 government representatives on the board.
The restructuring takes effect from April 2, 2025. Tinubu has tasked the new board with conducting a strategic portfolio review of NNPC-operated and joint venture assets to maximize value.
Since taking office in 2023, the Tinubu administration has prioritized oil sector reforms. In 2024, NNPC secured $17 billion in investments, with a target of $30 billion by 2027 and $60 billion by 2030. Production goals include increasing oil output to two million barrels per day by 2027 and three million by 2030, alongside boosting gas production and refining capacities.
Ahmadu Musa Kida, a civil engineer from Borno State, has an extensive oil and gas background, previously serving as Deputy Managing Director of Deep Water Services at Total Nigeria and an Independent Non-Executive Director at Pan Ocean-Newcross Group. Bashir Bayo Ojulari, from Kwara State, was previously Executive Vice President and COO of Renaissance Africa Energy Company and held leadership roles at Shell Nigeria Exploration and Production Company (SNEPCO).
President Tinubu expressed gratitude to the outgoing board members for their contributions, particularly in rehabilitating the Port Harcourt and Warri refineries. This restructuring signals the administration’s commitment to revitalizing Nigeria’s oil sector and making it more competitive for investors
