President Tinubu emphasised that the restructuring aims to enhance operational efficiency, restore investor confidence, boost local content, drive economic growth, and advance gas commercialization and diversification
Tinubu Dismisses NNPCL CEO Kyari, Appoints Bashir Ojulari as Successor
President Bola Tinubu has restructured the board of the Nigerian National Petroleum Company Limited (NNPCL), removing both the Chairman, Chief Pius Akinyelure, and the Group Chief Executive Officer (GCEO), Mallam Mele Kyari.
In a statement issued early Wednesday by the Special Adviser to the President on Information & Strategy, Bayo Onanuga, Tinubu announced the dissolution of the entire board appointed alongside Akinyelure and Kyari in November 2023.
The newly constituted 11-member board will be led by Engineer Bashir Ojulari as the new GCEO, with Ahmadu Kida assuming the role of Non-Executive Chairman. Adedapo Segun, who replaced Umaru Ajiya as Chief Financial Officer last November, has also been retained as a board member.
Additionally, six non-executive directors have been appointed to represent Nigeria’s geopolitical zones:
- North West – Bello Rabiu
- North East – Yusuf Usman
- North Central – Babs Omotowa (former Managing Director of NLNG)
- South South – Austin Avuru
- South West – David Ige
- South East – Henry Obih
The new board will also include Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Ahmed, representing the Ministry of Petroleum Resources.
The appointments take effect from April 2.
Tinubu’s Vision for NNPCL
President Tinubu, invoking his authority under Section 59(2) of the Petroleum Industry Act (PIA) 2021, emphasized that the restructuring aims to enhance operational efficiency, restore investor confidence, boost local content, drive economic growth, and advance gas commercialization and diversification.
As an immediate priority, the new board has been tasked with conducting a strategic review of NNPC’s portfolio, including Joint Venture assets, to ensure alignment with value-maximization objectives.
Since taking office in 2023, the Tinubu administration has focused on reforming the oil sector to attract investment. In 2023, NNPC reported securing $17 billion in new investments, with ambitions to raise this figure to $30 billion by 2027 and $60 billion by 2030.
The administration also aims to increase crude oil production to two million barrels per day by 2027 and three million by 2030. Similarly, gas production is targeted to rise to 8 billion cubic feet per day by 2027 and 10 billion cubic feet by 2030.
Additionally, Tinubu expects the new board to enhance NNPC’s share of crude refining output, aiming for 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.
Profiles of Key Appointees
The newly appointed board chairman, Ahmadu Kida, hails from Borno State. He earned a civil engineering degree from Ahmadu Bello University, Zaria, in 1984, followed by a postgraduate diploma in petroleum engineering from the Institut Français du Pétrole (IFP) in Paris.
Kida began his career at Elf Petroleum Nigeria and later joined Total Exploration and Production, where he became Deputy Managing Director of Deep Water Services in 2015. He currently serves as an Independent Non-Executive Director at Pan Ocean-Newcross Group. Outside the oil sector, Kida is also known for his contributions to Nigerian basketball, serving as the President of the Nigerian Basketball Federation (NBBF).
The new NNPCL GCEO, Bashir Ojulari, is from Kwara State. Prior to his appointment, he was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. Under his leadership, Renaissance spearheaded the landmark $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).
Ojulari, also an alumnus of Ahmadu Bello University, graduated with a degree in Mechanical Engineering. He began his career at Elf Aquitaine as Nigeria’s first indigenous process engineer before joining Shell Petroleum Development Company of Nigeria in 1991. His career spans roles across Nigeria, Europe, and the Middle East, covering petroleum engineering, strategic planning, field development, and asset management.
In 2015, Ojulari was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). He has also held leadership positions in the Society of Petroleum Engineers (SPE Nigerian Council) and is a fellow of the Nigerian Society of Engineers.
Tinubu Expresses Appreciation for Outgoing Board Members
President Tinubu extended his gratitude to the outgoing board members for their contributions, particularly in rehabilitating the Port Harcourt and Warri refineries, which led to the resumption of petroleum product production after prolonged shutdowns. He wished them success in their future endeavors. Read More
