Breaking: Tinubu reshuffles NNPC leadership, appoints new chairman, group CEO

President Bola Ahmed Tinubu has carried out a major shake-up in the Nigerian National Petroleum Company (NNPC) Limited, removing Chief Pius Akinyelure as chairman and Mallam Mele Kyari as the Group Chief Executive Officer (GCEO).

The president also dissolved the entire board appointed alongside them in November 2023.

In a bold move aimed at revitalizing the oil sector, Tinubu appointed an 11-man board, with Ahmadu Musa Kida as the new non-executive chairman and Engineer Bashir Bayo Ojulari as the new GCEO. The reconstitution takes effect immediately, April 2, 2025.

Joining the board is Adedapo Segun, who previously replaced Umaru Isa Ajiya as Chief Financial Officer. Six non-executive directors have been appointed to represent Nigeria’s geopolitical zones:

Bello Rabiu (North West)

Yusuf Usman (North East)

Babs Omotowa (North Central, former NLNG MD)

Austin Avuru (South-South)

David Ige (South West)

Henry Obih (South East)

Additionally, Mrs. Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, will represent her ministry, while Aminu Said Ahmed will serve as the Ministry of Petroleum Resources’ representative.

Citing Section 59(2) of the Petroleum Industry Act (2021), President Tinubu stressed that the restructuring is necessary to enhance operational efficiency, restore investor confidence, and accelerate gas commercialization and diversification.

The new board has been tasked with an immediate review of NNPC’s joint venture assets to ensure they align with the administration’s value maximization goals.

Since assuming office, Tinubu’s government has introduced several oil sector reforms to attract investments, with NNPC securing $17 billion in fresh investments in 2024. The administration now aims to raise this figure to $30 billion by 2027 and $60 billion by 2030.

Key production targets set for the board include:

Oil production: Increase to 2 million barrels per day by 2027 and 3 million by 2030.

Gas production: Expand to 8 billion cubic feet per day by 2027 and 10 billion by 2030.

Refining capacity: Boost NNPC’s share to 200,000 barrels per day by 2027 and 500,000 by 2030.

Meet the New Leadership

Ahmadu Musa Kida (Board Chairman)
Kida, from Borno State, is a civil engineering graduate from Ahmadu Bello University, Zaria, with a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol, Paris. He built a successful career at Elf Petroleum (later Total E&P) and rose to become Deputy Managing Director of Deep Water Services in 2015. In 2024, he joined Pan Ocean-Newcross Group as an Independent Non-Executive Director. Kida is also known for his leadership in Nigerian basketball, having served as the President of the Nigerian Basketball Federation (NBBF).

Bashir Bayo Ojulari (Group CEO)
Ojulari, from Kwara State, was the Executive Vice President and COO of Renaissance Africa Energy Company before his appointment. His firm recently led the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC). An alumnus of Ahmadu Bello University, he started his career at Elf Aquitaine before moving to Shell in 1991, where he held key roles across Nigeria, Europe, and the Middle East. In 2015, he became Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).

President Tinubu expressed gratitude to the outgoing board members for their contributions, particularly their efforts in rehabilitating the Port Harcourt and Warri refineries. He wished them success in their future endeavors as NNPC enters a new phase under its restructured leadership.