Felicia Asuquo, Abuja
President Bola Ahmed Tinubu has approved the reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing its Group Chief Executive Officer, Mele Kyari and board chairman Pius Akinyelure.
Investigator news reports that the replacement takes effect from April 2, 2025, as announced by presidential spokesperson Bayo Onanuga in an early Wednesday morning statement posted on X.
It will be recalled that Kyari was first appointed NNPC chief by former President Muhammadu Buhari but was reappointed in 2023 by President Tinubu
According to the statement, the president also appointed a new board including a new GCEO.
The statement read in part: “President Bola Ahmed Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing the chairman, Chief Pius Akinyelure and the group chief executive officer, Mallam Mele Kolo Kyari. 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 the Group CEO and Ahmadu Musa Kida as non-executive chairman. Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has been appointed to the new board by President Tinubu.
“Six board members, non-executive directors, represent the country’s geopolitical zones. They are Bello Rabiu, North West, Yusuf Usman, North East, and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas( NLNG), who represents North Central. President Tinubu appointed Austin Avuru as a non-executive director from the South-South, David Ige as a Non-executive director from the South West, and Henry Obih as a non-executive director from the South East. Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
“President Tinubu, invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasised that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.
“President Tinubu also handed out an immediate action plan to the new board: to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives. Since 2023, the Tinubu administration has implemented oil sector reforms to attract investment. Last year, 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. The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million daily by 2030. Concurrently, the government wants gas production jacked to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030. Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.”he stated
President Tinubu thanked the old board members for their dedicated service to NNPC Limited, “particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries,” and wished them well in their future endeavours.
The new 11-man board includes:
Ahmadu Musa Kida – Non-Executive Chairman
Bashir Bayo Ojulari – Group CEO
Adedapo Segun – Chief Financial Officer
Bello Rabiu – Non-Executive Director (North West)
Yusuf Usman – Non-Executive Director (North East)
Babs Omotowa – Non-Executive Director (North Central)
Austin Avuru – Non-Executive Director (South-South)
David Ige – Non-Executive Director (South West)
Henry Obih – Non-Executive Director (South East)
Mrs Lydia Shehu Jafiya – Representative, Ministry of Finance
Aminu Said Ahmed – Representative, Ministry of Petroleum Resources
