President Tinubu Reshuffles NNPC Limited Board, Appoints New Chairman and Group CEO

In a major shake-up of Nigeria’s oil sector leadership, President Bola Ahmed Tinubu has reconstituted the Nigerian National Petroleum Company (NNPC) Limited board, relieving Chairman Chief Pius Akinyelure and Group Chief Executive Officer (GCEO) Mallam Mele Kolo Kyari of their positions.

The overhaul also saw the removal of all board members appointed alongside Akinyelure and Kyari in November 2023. In their place, President Tinubu has named Engineer Bashir Bayo Ojulari as the new Group CEO and Ahmadu Musa Kida as the non-executive chairman of the NNPC board.

Other key appointments include Adedapo Segun, who has been retained as Chief Financial Officer after replacing Umaru Isa Ajiya last November.

The newly constituted 11-member board features non-executive directors representing Nigeria’s geopolitical zones:

• North West – Bello Rabiu

• North East – Yusuf Usman

• North Central – Babs Omotowa (former Managing Director, Nigerian Liquefied Natural Gas – NLNG)

• South South – Austin Avuru

• South West – David Ige

• South East – Henry Obih

Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.

Restructuring for Growth and Investment

Citing Section 59(2) of the Petroleum Industry Act (PIA) 2021, President Tinubu emphasized that the restructuring aims to enhance operational efficiency, restore investor confidence, boost local content, drive economic growth, and accelerate gas commercialization.

The president has tasked the new board with conducting a strategic portfolio review of NNPC’s operated and Joint Venture Assets to maximize value.

Since taking office in 2023, the Tinubu administration has pushed reforms to attract investment in the oil sector. Last year, NNPC secured $17 billion in new investments, with the government now targeting $30 billion by 2027 and $60 billion by 2030.

The administration also aims to:

• Increase oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030

• Boost gas production to 8 billion cubic feet per day by 2027 and 10 billion cubic feet per day by 2030

• Expand NNPC’s refining output to 200,000 bpd by 2027 and 500,000 bpd by 2030

Meet the New Leadership

Ahmadu Musa Kida – Chairman

A seasoned oil industry executive from Borno State, Kida is an alumnus of Ahmadu Bello University, Zaria, with a degree in civil engineering. He later obtained a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris.

Kida began his career at Elf Petroleum Nigeria before moving to Total Exploration and Production, where he rose to Deputy Managing Director of Deep Water Services in 2015. More recently, he served as an Independent Non-Executive Director at Pan Ocean-Newcross Group.

Beyond the oil sector, Kida is a former basketball player and currently serves as the President of the Nigerian Basketball Federation (NBBF).

Bashir Bayo Ojulari – Group CEO

Ojulari, a native of Kwara State, was Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company before his appointment. His Renaissance Energy consortium recently led the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).

Ojulari, also an Ahmadu Bello University graduate in mechanical engineering, started his career as a process engineer at Elf Aquitaine before joining Shell Petroleum Development Company in 1991. His extensive international experience includes roles in Europe and the Middle East, serving in strategic planning, field development, and asset management.

In 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). He is a fellow of the Nigerian Society of Engineers and has served as chairman of the board of trustees for the Society of Petroleum Engineers (SPE) Nigerian Council.

Appreciation for Outgoing Board Members

President Tinubu expressed gratitude to the outgoing board members for their service, particularly their contributions to the rehabilitation of the Port Harcourt and Warri refineries, which have resumed petroleum product production after prolonged shutdowns.

The new board appointments are effective immediately, as of April 2, 2025.