In a significant move, President Bola Tinubu has reconstituted the Nigerian National Petroleum Company Limited (NNPCL) board, removing the chairman, Chief Pius Akinyelure, and the group chief executive officer, Mele Kyari. This development is aimed at enhancing operational efficiency, restoring investor confidence, and driving economic growth in the oil sector.
The new 11-man board, effective April 2, 2025, will be led by 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 also been appointed to the new board.
The reconstituted board includes six non-executive directors, representing the country’s geopolitical zones. These members are Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (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. The appointments are effective immediately, with President Tinubu invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021.
The Tinubu administration has implemented oil sector reforms since 2023, attracting $17 billion in new investments within the sector. The government aims to increase investment to $30 billion by 2027 and $60 billion by 2030. Oil production is targeted to reach two million barrels daily by 2027 and three million daily by 2030.
Concurrently, the government wants gas production to increase to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030. 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.
The new NNPC Limited Group CEO, Bayo Ojulari, hails from Kwara State. Until his new appointment, he was Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. Ojulari has worked in the oil sector for several years, including stints at Elf Aquitaine and Shell Petroleum Development Company of Nigeria Ltd.
Ahmadu Musa Kida, the new board chairman, is from Borno State. He is an alumnus of Ahmadu Bello University, Zaria, and has worked in the oil industry for over three decades. Kida has held various positions, including Deputy Managing Director of Deep Water Services at Total Nigeria.
The reconstitution of the NNPC board is seen as a strategic move to revamp the oil sector and drive economic growth. The new leadership is expected to bring fresh perspectives and expertise to the table, helping to achieve the government’s objectives.
The development has been welcomed by industry experts, who believe that the new board will bring the necessary changes to revamp the oil sector. The move is also seen as a demonstration of President Tinubu’s commitment to reforming the oil sector and driving economic growth.
As the new board begins its tenure, all eyes will be on its ability to deliver on the government’s objectives. With the oil sector playing a critical role in Nigeria’s economy, the success of the new board will have far-reaching implications for the country’s economic growth and development.
In conclusion, the reconstitution of the NNPC board marks a significant development in the oil sector. With the new leadership in place, the government is poised to drive economic growth and achieve its objectives in the oil sector.
