Abuja – In a major shake-up of Nigeria’s oil industry, President Bola Ahmed Tinubu has dissolved the board of the Nigerian National Petroleum Company Limited (NNPCL) and removed Mele Kyari as Group Chief Executive Officer (GCEO). In his place, Engineer Bashir Bayo Ojulari has been appointed as the new GCEO of the national oil company.
The sweeping changes, announced on Tuesday in a statement by Presidential Spokesman Bayo Onanuga, also saw the removal of Pius Akinyelure, who served as Non-Executive Chairman, alongside other board members appointed in November 2023.
In a bold move, Tinubu has now reconstituted a fresh 11-member board, with Ahmadu Musa Kida stepping in as Non-Executive Chairman and Adedapo Segun taking over as a board member. Segun replaces Umaru Isa Ajiya, who previously held the position of Chief Financial Officer.
New NNPC Board Members
The newly appointed board, which takes effect from April 2, 2024, is made up of:
Non-Executive Directors Representing Geopolitical Zones:
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Bello Rabiu (North West)
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Yusuf Usman (North East)
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Babs Omotowa (North Central, former MD of Nigeria LNG)
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Austin Avuru (South-South)
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David Ige (South West)
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Henry Obih (South East)
Government Representatives:
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Mrs Lydia Shehu Jafiya – Ministry of Finance
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Aminu Said Ahmed – Ministry of Petroleum Resources
Why Tinubu Reshuffled NNPCL Leadership
The President invoked his powers under Section 59(2) of the Petroleum Industry Act (PIA), 2021, emphasizing that the restructuring was necessary to:
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Improve operational efficiency
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Restore investor confidence in the sector
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Boost local participation in oil and gas operations
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Expand gas production and commercialization
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Strengthen the drive for energy sector reforms
He thanked the outgoing board members for their service, acknowledging their efforts in reviving the Port Harcourt and Warri refineries, which had been dormant for years.
Tinubu’s Ambitious Targets for NNPC
The administration has set bold targets for NNPCL and the energy sector, including:
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Attracting $30 billion in investments by 2027 and $60 billion by 2030
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Increasing crude oil production to two million barrels per day by 2027, and three million by 2030
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Boosting gas production to 8 billion cubic feet daily by 2027 and 10 billion by 2030
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Raising NNPC’s crude refining output to 200,000 barrels per day by 2027 and 500,000 by 2030
To achieve these, the new board has been directed to carry out a strategic review of NNPC’s assets, particularly its joint ventures, to ensure maximum value extraction.
Profiles of the New NNPCL Leaders
Ahmadu Musa Kida – Board Chairman
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Hails from Borno State
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Holds a Civil Engineering degree from Ahmadu Bello University (ABU), Zaria
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Studied Petroleum Engineering at the Institut Français du Pétrole (IFP), Paris
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Started his career at Elf Petroleum Nigeria, later joined Total Exploration and Production
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Rose to become Deputy Managing Director of Deep Water Services at Total Nigeria
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Previously served as an Independent Non-Executive Director at Pan Ocean-Newcross Group
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Former President of the Nigerian Basketball Federation (NBBF)
Bashir Bayo Ojulari – Group CEO
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Hails from Kwara State
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Studied Mechanical Engineering at ABU Zaria
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Started his career at Elf Aquitaine as Nigeria’s first process engineer
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Joined Shell Petroleum Development Company (SPDC) in 1991, where he worked across Nigeria, Europe, and the Middle East
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Became Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO) in 2015
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Led a $2.4 billion deal to acquire Shell’s Nigerian onshore assets through Renaissance Africa Energy Company
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Fellow of the Nigerian Society of Engineers and former Chairman of the Society of Petroleum Engineers (SPE Nigeria)
What This Means for Nigeria’s Oil Industry
With Bashir Ojulari now at the helm, expectations are high that NNPC will accelerate its reforms, drive more investments, and boost local refining capacity. The shake-up also signals Tinubu’s determination to reposition Nigeria’s oil sector, especially amid growing global interest in renewable energy and gas commercialization.
As Nigeria works towards becoming a key player in the global energy market, all eyes will be on the new NNPC board to see whether they can deliver on these ambitious targets.