The President also announced the dissolution of the entire board appointed alongside Akinyelure and Kyari in November 2023, confirming the formation of a new 11-member board
By Titilope Adako
In a significant reshuffling of the Nigerian National Petroleum Company Limited (NNPCL) board, President Bola Tinubu has removed chairman Pius Akinyelure and Group Managing Director (GMD) Mele Kyari, appointing Bashir Ojulari as the new CEO, effective April 2, 2025.
The President also announced the dissolution of the entire board appointed alongside Akinyelure and Kyari in November 2023, confirming the formation of a new 11-member board.
Engineer Bashir Bayo Ojulari has been named the new Group CEO, with Ahmadu Musa Kida assuming the role of non-executive chairman.
Other appointments include Adedapo Segun, who replaces Umaru Ajiya as the chief financial officer.
The new board features six non-executive directors representing various regions of Nigeria: Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa, former Managing Director of the Nigerian Liquefied Natural Gas (NLNG) for North Central.
Austin Avuru, David Ige, and Henry Obih will represent the South-South, South West, and South East, respectively.
Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Ahmed, representing the Ministry of Petroleum Resources, will also join the board.
This restructuring aims to enhance NNPCL’s operational efficiency, restore investor confidence, and drive gas commercialization and diversification, according to a statement from Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga.
“President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023. The new 11-man board has Engineer Bashir Bayo Ojulari as Group CEO and Ahmadu Musa Kida as non-executive chairman,” the statement read.
“The President expects the new board to increase NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030,” Onanuga added.
The new leadership is tasked with reviewing NNPCL’s assets and joint ventures to maximize their value.
The administration has set ambitious targets, including increasing oil production to two million barrels per day by 2027, three million by 2030, and boosting gas production to 10 billion cubic feet per day by 2030.
Additionally, the Tinubu administration aims to increase investments in the oil sector to $30 billion by 2027 and $60 billion by 2030.
“Since 2023, the Tinubu administration has implemented oil sector reforms. In 2024, NNPC reported $17 billion in new investments within the sector. The administration now envisions increasing the investment to $30 billion by 2027 and $60 billion by 2030,” Onanuga explained.
Ahmadu Musa Kida, the new board chairman, hails from Borno State and has a distinguished career in the oil industry, having worked with Elf Petroleum Nigeria, Total Exploration, and as Deputy Managing Director of Deep Water Services.
He also served as the president of the Nigerian Basketball Federation.
Bashir Bayo Ojulari, the new Group CEO, comes from Kwara State and has extensive experience in the oil industry, having worked with Elf Aquitaine and Shell Petroleum.
Before his new appointment, he was Executive Vice President and COO at Renaissance Africa Energy Company.
President Tinubu expressed his appreciation for the outgoing board’s efforts, particularly in rehabilitating the Port Harcourt and Warri refineries, which resumed production after prolonged shutdowns.
“President Tinubu thanked the old board members for their dedicated service to NNPC Limited, particularly their efforts in rehabilitating the Port Harcourt and Warri refineries, which enabled them to resume petroleum product production after prolonged shutdowns. He wished them well in their future endeavours,” the statement concluded.
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