Nigeria’s President Bola Tinubu has restructured the state giant oil company, Nigerian National Petroleum Company Limited (NNPCL), dismissing Chairman Chief Pius Akinyelure and Group Chief Executive Officer (GCEO) Mallam Mele Kyari.
Tinubu also removed all board members appointed alongside them in November 2023.
A statement from Special Adviser to the President (Information & Strategy), Bayo Onanuga, confirmed the changes early Wednesday.
The new board consists of 11 members, with Engineer Bashir Ojulari as the new GCEO and Ahmadu Kida as the Non-Executive Chairman.
Adedapo Segun, who took over as Chief Financial Officer (CFO) last November, has retained his role in the new board. The new board members include representatives from Nigeria’s geopolitical zones:
- North West: Bello Rabiu
- North East: Yusuf Usman
- North Central: Babs Omotowa (former MD of Nigerian Liquefied Natural Gas)
- South South: Austin Avuru
- South West: David Ige
- South East: Henry Obih
Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary at the Federal Ministry of Finance, will represent the ministry on the board. Aminu Ahmed will represent the Ministry of Petroleum Resources.
The appointments take effect from April 2, 2025.
Why Tinubu Reshuffled the Board
President Tinubu used the authority granted under Section 59, Subsection 2 of the Petroleum Industry Act (PIA) 2021 to make these changes. According to the statement, the overhaul aims to boost efficiency, attract investors, increase local participation, drive economic growth, and expand gas production and commercialization.
The president instructed the new board to conduct an immediate strategic review of NNPCL’s joint venture assets and ensure they align with national economic goals.
Since 2023, the Tinubu administration has introduced reforms to attract foreign and local investment in the oil sector. Last year, NNPCL secured $17 billion in new investments. The government targets $30 billion by 2027 and $60 billion by 2030.
Nigeria also plans to raise oil production from the current 1.4 million barrels per day to two million by 2027 and three million by 2030. Gas production is expected to grow to eight billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
Refinery output is another priority. Tinubu wants NNPCL to refine 200,000 barrels per day by 2027 and 500,000 barrels by 2030 to reduce reliance on fuel imports.
Who is the New NNPC Boss – Bashir Ojulari?
Bashir Ojulari, the new NNPCL GCEO, is from Kwara State. Before his appointment, he was Executive Vice President and Chief Operating Officer at Renaissance Africa Energy Company.
His company recently led the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).
Ojulari studied Mechanical Engineering at Ahmadu Bello University, Zaria. He started his career as the first Nigerian process engineer at Elf Aquitaine before joining Shell in 1991. Over the years, he worked in Nigeria, Europe, and the Middle East in various roles, including strategic planner, field developer, and asset manager.
In 2015, he became Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). He has served as chairman of the Society of Petroleum Engineers (SPE Nigerian Council) and is a fellow of the Nigerian Society of Engineers.
Ahmadu Kida: From Oil to Basketball and Back
Ahmadu Kida, the new Non-Executive Chairman, is from Borno State. He earned a Civil Engineering degree from Ahmadu Bello University and later completed a postgraduate diploma in petroleum engineering at Institut Francaise du Petrol (IFP), Paris.
Kida started his career at Elf Petroleum Nigeria before joining Total Exploration and Production in 1985.
In 2015, he became Total Nigeria’s Deputy Managing Director of Deep Water Services. More recently, he served as an Independent Non-Executive Director at Pan Ocean-Newcross Group.
Beyond his oil industry career, Kida is a former basketball player and served as the President of the Nigerian Basketball Federation (NBBF).
Acknowledging the Outgoing Board
President Tinubu expressed gratitude to the outgoing board members for their service, particularly in the rehabilitation of the Port Harcourt and Warri refineries.
These refineries recently resumed operations after being dormant for years. He wished them success in their future endeavors.
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