President Bola Tinubu has initiated a significant shake-up at the Nigerian National Petroleum Company (NNPC) Limited, announcing the dismissal of Mele Kyari as group chief executive officer (CEO) and the dissolution of the NNPC board, effective April 2, 2025.
The decision, aimed at enhancing operational efficiency and restoring investor confidence, was made under the authority granted by section 59(2) of the Petroleum Industry Act (PIA) 2021.
This sweeping reorganization was unveiled in a statement issued early Wednesday by Bayo Onanuga, special adviser to the president on information and strategy.
As part of the overhaul, Bayo Ojulari has been appointed as the new group CEO, succeeding Mele Kyari. Ahmadu Musa Kida assumes the role of NNPC’s new non-executive chairman, succeeding Pius Akinyelure, while Adedapo Segun has been confirmed as the company’s chief financial officer (CFO).
In compliance with the PIA, President Tinubu also appointed six non-executive directors representing each geopolitical zone: 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)
Additionally, Lydia Shehu Jafiya and Aminu Said Ahmed will represent the federal ministries of finance and petroleum resources respectively on the new board.
“This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices,” the statement emphasized.
The new board has been tasked with implementing a strategic action plan that includes reviewing NNPC-operated and Joint Venture Assets to align with value maximization objectives.
President Tinubu underscored his administration’s commitment to investment-driven reforms in the oil sector, noting significant achievements in attracting $17 billion in new investments since 2023.
The administration aims to increase this to $30 billion by 2027 and $60 billion by 2030.
Furthermore, the government targets to raise crude oil production to two million barrels daily by 2027 and three million barrels by 2030, alongside increasing gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
The administration also aims to elevate NNPC’s share of crude oil refining output to 200,000 barrels daily by 2027 and 500,000 barrels daily by 2030.
Ahmadu Musa Kida, the new NNPC chairman, brings over three decades of experience in the oil and gas sector, including leadership roles at Total Exploration and Production and as an independent non-executive director at Pan Ocean-Newcross Group.
Bayo Ojulari, the newly appointed GCEO, brings extensive expertise in petroleum process engineering and strategic planning from his tenure at Shell Nigeria Exploration and Production Company (SNEPCO) and Renaissance Africa Energy Company.
President Tinubu expressed gratitude to the outgoing board members for their service, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries, enabling them to resume petroleum product production after prolonged shutdowns.
The changes are effective immediately, signaling a new phase for NNPC under fresh leadership committed to transparency, efficiency, and sustainable growth in Nigeria’s oil and gas industry.
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