- Engr. Bashir Bayo Ojulari will lead the new 11-member NNPC board as the Group CEO, while Ahmadu Musa Kida will step in as Non-Executive Chairman.
- Tinubu has tasked the new board with conducting a strategic review of NNPC’s portfolio, focusing on optimising Joint Venture assets and aligning operations with value maximisation objectives.
In a major shake-up at Nigerian National Petroleum Company (NNPC) Limited, President Bola Ahmed Tinubu has announced a sweeping reconstitution of the company’s board, replacing key executives, including Chairman Chief Pius Akinyelure and Group Chief Executive Officer Mallam Mele Kyari.
The unexpected move, revealed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, also saw the removal of all board members appointed alongside Akinyelure and Kyari in November 2023. The specific reasons for the leadership overhaul were not disclosed.
Engr. Bashir Bayo Ojulari will lead the new 11-member board as the Group CEO, while Ahmadu Musa Kida will step in as Non-Executive Chairman. The changes are effective immediately.
President Tinubu appointed Adedapo Segun as Chief Financial Officer (CFO), a role he assumed after replacing Umaru Isa Ajiya last November. Additionally, six non-executive directors will represent Nigeria’s geopolitical zones:
- Bello Rabiu (North West)
- Yusuf Usman (North East)
- Babs Omotowa (North Central, former MD of NLNG)
- Austin Avuru (South-South)
- David Ige (South-West)
- Henry Obih (South-East)
Mrs Lydia Shehu Jafiya, representing the Ministry of Finance, and Aminu Said Ahmed, representing the Ministry of Petroleum Resources, will join the board.
President Tinubu, citing Section 59(2) of the Petroleum Industry Act, 2021, emphasised that the restructuring aims to enhance operational efficiency, attract investment, boost local content, and accelerate gas commercialisation and economic growth.
The new board has been tasked with conducting a strategic review of NNPC’s portfolio, focusing on optimising Joint Venture assets and aligning operations with value maximisation objectives.
Since 2023, the Tinubu administration has introduced oil sector reforms to increase investment. NNPC reported $17 billion in new investments in 2023, aiming to raise that figure to $30 billion by 2027 and $60 billion by 2030.
The administration has also set ambitious production goals:
- Oil output: 2 million barrels per day by 2027, 3 million by 2030
- Gas production: 8 billion cubic feet daily by 2027, 10 billion cubic feet by 2030
- Refining capacity: NNPC’s share of crude oil refining to hit 200,000 barrels per day by 2027 and 500,000 barrels by 2030
President Tinubu thanked the outgoing board members for their contributions, particularly in reviving the inactive Port Harcourt and Warri refineries. He wished them success in their future endeavours.
With this new leadership, the administration aims to position NNPC Limited as a globally competitive energy company, driving Nigeria’s oil and gas sector towards sustainability, profitability, and increased investor confidence.
Profile of Key Appointees
Ahmadu Musa Kida: From Borno State, Kida holds a Civil Engineering degree from Ahmadu Bello University, Zaria, and a postgraduate diploma in Petroleum Engineering from Institut Français du Pétrole (IFP), Paris.
A seasoned oil industry expert, he started his career at Elf Petroleum Nigeria, later joining Total Exploration and Production. In 2015, he became Total Nigeria’s Deputy Managing Director of Deep Water Services.
Outside the energy sector, Kida is a former basketball player and serves as the President of the Nigerian Basketball Federation (NBBF).
Engr. Bashir Bayo Ojulari: Ojulari, from Kwara State, was Executive Vice President and COO of Renaissance Africa Energy Company before his appointment. He recently led a consortium of indigenous energy firms in a $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).
An alumnus of Ahmadu Bello University, Zaria, with a degree in Mechanical Engineering, Ojulari started his career at Elf Aquitaine before moving to Shell Petroleum Development Company of Nigeria Ltd in 1991. Over the years, he worked in field development, strategic planning, and asset management in Europe and the Middle East.
In 2015, he became the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). He has also served as Chairman of the Society of Petroleum Engineers (SPE Nigerian Council) and is a Fellow of the Nigerian Society of Engineers.