President Bola Ahmed Tinubu has dismissed Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) and appointed Engr. Bashir Bayo Ojulari as his replacement. Ahmadu Musa Kida has also been named the new non-executive chairman of the board.

Additionally, Tinubu has sacked all board members appointed alongside Akinyelure and Kyari in November 2023. Adedapo Segun, who became Chief Financial Officer (CFO) last year, has been retained on the newly restructured board.

New Board Composition

The newly appointed board consists of six non-executive directors representing Nigeria’s geopolitical zones:

Bello Rabiu (North West)

Yusuf Usman (North East)

Babs Omotowa (North Central)

Austin Avuru (South-South)

David Ige (South West)

Henry Obih (South East)

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.

Objectives of the Restructured Board

President Tinubu emphasized that the restructuring aims to enhance operational efficiency, restore investor confidence, boost local content, drive economic growth, and advance gas commercialization and diversification.

The new board has been tasked with the following objectives:

Conduct a strategic portfolio review of NNPCL’s operated and joint venture assets to align with value maximization goals.

Increase oil sector investments from $17 billion (2023) to $30 billion by 2027 and $60 billion by 2030.

Raise daily oil production to 2 million barrels by 2027 and 3 million barrels by 2030.

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

Expand NNPCL’s share of crude oil refining output to 200,000 barrels daily by 2027 and 500,000 barrels by 2030.

Profiles of Key Appointees

Ahmadu Musa Kida – New Board Chairman

Ahmadu Musa Kida, from Borno State, holds a degree in civil engineering from Ahmadu Bello University, Zaria, and a postgraduate diploma in petroleum engineering from the Institut Francais du Petrol (IFP) in Paris.

He began his oil industry career at Elf Petroleum Nigeria before joining Total Exploration and Production in 1985. In 2015, he became Deputy Managing Director of Deep Water Services at Total Nigeria. In 2023, he was appointed as an Independent Non-Executive Director at Pan Ocean-Newcross Group. Outside the oil industry, he served as president of the Nigerian Basketball Federation (NBBF).

Bashir Bayo Ojulari – New GCEO

Ojulari, from Kwara State, was formerly the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. He led the recent $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC) by a consortium of indigenous energy firms.

A mechanical engineering graduate from Ahmadu Bello University, Zaria, Ojulari started his career at Elf Aquitaine and later joined Shell Petroleum Development Company of Nigeria in 1991. He worked in various roles across Europe and the Middle East as a petroleum process and production engineer, strategic planner, field developer, and asset manager. In 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).

Ojulari has also served as chairman and trustee of the Society of Petroleum Engineers (SPE Nigerian Council) and is a fellow of the Nigerian Society of Engineers.

Acknowledgment of Outgoing Board Members

President Tinubu expressed gratitude to the outgoing board members for their service, particularly their contributions to rehabilitating the Port Harcourt and Warri refineries, which have resumed petroleum production after prolonged inactivity. He wished them success in their future endeavors.

The restructuring underscores Tinubu’s commitment to transforming Nigeria’s oil and gas sector, with ambitious goals for increased production and investment.