Tinubu reconstitutes NNPCL board, appoints Ojulari as GCEO, Kida as Chairman

President Bola Tinubu has reconstituted the board of the Nigerian National Petroleum Company (NNPC) Limited.

The reconstituted board members have now replaced the Group Chief Executive Officer (GCEO), Mallam Mele Kyari, and Chairman, Chief Pius Akinyelure, along with all other board members appointed in November 2023.

In a statement issued by Presidential spokesperson Bayo Onanuga, the President approved the appointment of Engineer Bashir Bayo Ojulari as the new GCEO and Ahmadu Musa Kida as the non-executive chairman of NNPC Ltd.

The President said the board shakeup is part of broader efforts “to reposition NNPC Limited for greater efficiency, improved transparency, and global competitiveness.”

Quoting Section 59(2) of the Petroleum Industry Act (PIA) 2021, Tinubu exercised his statutory powers to make the sweeping changes, saying the restructuring “is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.”

He further directed the new board to “conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.”

The new 11-member board includes six non-executive directors drawn from Nigeria’s six geopolitical zones:

Bello Rabiu (North West)

Yusuf Usman (North East)

Babs Omotowa (North Central)

Austin Avuru (South South)

David Ige (South West)

Henry Obih (South East)

Adedapo Segun, who was appointed CFO in November 2023, retains his position and joins the new board. Mrs Lydia Shehu Jafiya, Permanent Secretary, Ministry of Finance, and Aminu Said Ahmed, representing the Ministry of Petroleum Resources, complete the board.

The President’s ambitious targets for the sector were clearly outlined: “By 2027, oil production must reach two million barrels per day and three million by 2030. Gas production should increase to eight billion cubic feet per day by 2027, and ten billion by 2030.”

He also emphasised a significant uptick in domestic refining capacity: “The NNPC must raise its share of crude oil refining output to 200,000 barrels per day by 2027 and 500,000 barrels by 2030.”