President Bola Ahmed Tinubu has approved a major shake-up at the Nigerian National Petroleum Company (NNPC) Limited, resulting in the removal of the Board Chairman, Chief Pius Akinyelure, and the Group Chief Executive Officer, Mele Kolo Kyari.
This significant shake-up also affected all board members appointed in November 2023 alongside Akinyelure and Kyari.
The announcement was made in a press statement signed by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
Onanuga also disclosed the appointment of Engineer Bashir Bayo Ojulari as the new Group CEO and Ahmadu Musa Kida as Chairman, effective April 2, 2025.
“The new 11-member board includes Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the non-executive chairman.
“Adedapo Segun, who replaced Umaru Isa Ajiya as the Chief Financial Officer in November 2023, has been appointed to the new board by President Tinubu,” Onanuga wrote.
Also appointed are six board members representing the country’s geopolitical zones. They include Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa (North Central).
Others are Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East).
Mrs. Lydia Shehu Jafiya and Aminu Said Ahmed will represent the Ministries of Finance and Petroleum Resources, respectively, on the newly constituted board.
Emphasizing that the restructuring of the board is crucial for efficiency and economic growth, Onanuga also hinted at the current administration’s plan to increase oil production and investment in the economic sector.
“The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million barrels daily by 2030. Concurrently, the government aims to increase gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
“Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 barrels by 2030,” he stated.
