In a major shake-up of the Nigerian National Petroleum Company Limited (NNPCL), President Bola Tinubu has dismissed Group Chief Executive Officer (GCEO) Mallam Mele Kolo Kyari and Board Chairman Chief Pius Akinyelure. The president also dissolved the entire NNPCL board, replacing all members appointed in November 2023.
The announcement was made in the early hours of Wednesday through a statement by presidential spokesman Bayo Onanuga.
According to the statement, the newly constituted 11-member board will be led by Engineer Bashir Bayo Ojulari as GCEO and Ahmadu Musa Kida as Non-Executive Chairman.
Additionally, President Tinubu has appointed Adedapo Segun to the new board. Segun had previously replaced Umaru Isa Ajiya as Chief Financial Officer in November 2023.
New NNPCL Board Members and Their Geopolitical Representations
The six non-executive directors appointed to represent the country’s geopolitical zones are:
- North West: Bello Rabiu
- North East: Yusuf Usman
- North Central: Babs Omotowa (former Managing Director of the Nigerian Liquefied Natural Gas – NLNG)
- South-South: Austin Avuru
- South-West: David Ige
- South-East: Henry Obih
Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the finance ministry on the board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
Tinubu’s Justification for the Shake-Up
“All the appointments are effective today, April 2,” the statement read.
President Tinubu, invoking powers under Section 59(2) of the Petroleum Industry Act, 2021, emphasized that restructuring the board is essential to enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialization and diversification.
Immediate Mandates for the New NNPCL Board
According to the statement, President Tinubu has tasked the new board with an urgent action plan, including:
- Conducting a strategic portfolio review of NNPCL-operated and joint venture assets to align with value maximization objectives.
- Implementing ongoing oil sector reforms aimed at attracting more investment.
- Building on the $17 billion in new investments secured in 2023, with a target of $30 billion by 2027 and $60 billion by 2030.
- Increasing oil production to two million barrels per day (bpd) by 2027 and three million bpd by 2030.
- Expanding gas production to eight billion cubic feet per day (bcf/d) by 2027 and 10 bcf/d by 2030.
- Raising NNPCL’s crude oil refining capacity to 200,000 barrels per day (bpd) by 2027 and 500,000 bpd by 2030.
Profile of Key Appointees
Ahmadu Musa Kida – New NNPCL Board Chairman
Ahmadu Musa Kida, from Borno State, is a seasoned oil industry executive and former basketball player. He holds a civil engineering degree from Ahmadu Bello University, Zaria, and a postgraduate diploma in petroleum engineering from the Institut Français du Pétrole (IFP), Paris.
Kida’s career in the oil sector began at Elf Petroleum Nigeria, later joining Total Exploration and Production in 1985. He rose through the ranks to become Deputy Managing Director of Deep Water Services at Total Nigeria in 2015. In 2024, he was appointed an Independent Non-Executive Director at Pan Ocean-Newcross Group. Beyond his professional career, he has served as the President of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari – New NNPCL GCEO
Bashir Bayo Ojulari, from Kwara State, previously served as Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His leadership at Renaissance facilitated the landmark $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).
An alumnus of Ahmadu Bello University, Zaria, Ojulari earned a degree in mechanical engineering before launching his career at Elf Aquitaine as Nigeria’s first indigenous process engineer. He later joined Shell Petroleum Development Company in 1991, progressing through various roles in Europe, the Middle East, and Nigeria. In 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).
Ojulari has held leadership positions in industry organizations, including serving as Chairman of the Board of Trustees of the Society of Petroleum Engineers (SPE) Nigerian Council and as a fellow of the Nigerian Society of Engineers.
Tinubu Commends Outgoing Board Members
President Tinubu expressed appreciation for the outgoing board members’ dedicated service to NNPCL. He particularly acknowledged their efforts in revitalizing the Warri and Port Harcourt refineries, leading to the resumption of petroleum product production after prolonged shutdowns.
The president wished them well in their future endeavors as the newly appointed board assumes its responsibilities.
Conclusion
This sweeping restructuring of NNPCL’s leadership underscores President Tinubu’s commitment to repositioning Nigeria’s oil and gas industry. With renewed emphasis on boosting production, refining capacity, and foreign investment, the new board faces the critical task of steering NNPCL towards achieving Nigeria’s ambitious energy goals.