President Bola Tinubu has approved the reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, marking the removal of Pius Akinyelure as Chairman and Mele Kyari as Group Chief Executive Officer.
The reshuffling, announced by Special Adviser to the President (Information & Strategy) Bayo Onanuga, also saw the departure of the other board members appointed alongside Akinyelure and Kyari in November 2023.
The new 11-member board of NNPC Limited is led by Ahmadu Kida as Non-Executive Chairman and Engineer Bashir Ojulari as Group CEO. Adedapo Segun, who took over as Chief Financial Officer in November 2023, has also been appointed to the new board. In line with regional representation, the board includes six non-executive directors drawn from various geopolitical zones across Nigeria: Bello Rabiu from the North West, Yusuf Usman from the North East, and Babs Omotowa, former Managing Director of Nigerian Liquefied Natural Gas (NLNG), representing North Central. Additionally, Austin Avuru represents the South-South, David Ige represents the South-West, and Henry Obih represents the South East. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the Ministry of Finance, while Aminu Ahmed will represent the Ministry of Petroleum Resources.
These appointments, effective from April 2, are part of President Tinubu’s broader strategy to enhance NNPC’s operational efficiency, restore investor confidence, and boost the country’s economic prospects. In his statement, the President highlighted the restructuring as a crucial step towards driving local content development, advancing gas commercialization, and diversifying Nigeria’s energy sector.
In a move that underscores his administration’s commitment to oil sector reforms, President Tinubu also mandated the new board to immediately undertake a strategic portfolio review of NNPC-operated and joint venture assets, ensuring they align with the objective of maximizing value.
The restructured NNPC board takes the reins at a time when the Nigerian government is focused on attracting significant investments into the oil sector, with the aim of increasing investments from $17 billion in 2023 to $30 billion by 2027 and $60 billion by 2030. This goal aligns with the administration’s vision of raising oil production to two million barrels per day by 2027 and three million barrels per day by 2030. Additionally, gas production is targeted to reach 8 billion cubic feet per day by 2027 and 10 billion cubic feet per day by 2030.
President Tinubu also expressed his gratitude to the outgoing board members, commending their contributions, particularly in the rehabilitation of the Port Harcourt and Warri refineries, which have resumed production after long periods of inactivity.
The appointment of Kida and Ojulari to head the new board is a notable shift in leadership. Kida, a seasoned oil industry professional from Borno State, holds a degree in civil engineering from Ahmadu Bello University and a postgraduate diploma in petroleum engineering from the Institut Français du Pétrole (IFP) in Paris. His career spans over three decades, with leadership roles at Elf Petroleum Nigeria, Total Exploration, and Production, and Pan Ocean-Newcross Group.
Ojulari, who hails from Kwara State, was previously Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His experience spans multiple continents, having worked at Shell and Elf Aquitaine, and led significant projects in Nigeria, Europe, and the Middle East. Ojulari also served as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO), overseeing critical operations in Nigeria’s offshore oil sector.
The restructured board now faces the challenge of driving Nigeria’s oil and gas industry toward a future of increased production, improved efficiency, and greater global competitiveness, all while navigating the broader economic and geopolitical challenges facing the country.
