In a major shake-up of Nigeria’s oil and gas sector, President Bola Ahmed Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing Chairman Chief Pius Akinyelure and Group Chief Executive Officer (GCEO) Mallam Mele Kolo Kyari, along with all other board members appointed in November 2023.
The newly constituted 11-member board sees Engineer Bashir Bayo Ojulari stepping in as the new Group CEO, while Ahmadu Musa Kida has been named as the non-executive chairman. Also included in the new leadership is Adedapo Segun, who had replaced Umaru Isa Ajiya as Chief Financial Officer (CFO) last November.
To achieve national representation, six non-executive directors have been appointed, each reflecting one of Nigeria’s geopolitical zones. Bello Rabiu has been selected to represent the northwest, while Yusuf Usman will serve as the representative for the North East. The North Central zone will be represented by Babs Omotowa, the former Managing Director of Nigerian Liquefied Natural Gas (NLNG).
For the South-South region, Austin Avuru has been appointed, while David Ige will represent the Southwest. Completing the list, Henry Obih has been chosen to represent the South East. These appointments aim to ensure balanced and inclusive representation across the country.
Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry on the board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
The appointments, effective April 2, 2025, are in line with Section 59, Subsection 2 of the Petroleum Industry Act (PIA) 2021, which grants the President the authority to restructure NNPC’s leadership.
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President Tinubu underscored the importance of restructuring the board as a strategic move to strengthen Nigeria’s oil and gas industry. He emphasized that this initiative is crucial for enhancing operational efficiency, restoring investor confidence, and driving local content development to stimulate economic growth. Additionally, he highlighted the significance of advancing gas commercialization and diversification as key priorities for the sector’s sustainable development.
The President has tasked the new NNPC board with conducting a strategic review of NNPC-operated and Joint Venture Assets to ensure they align with value maximization objectives.
The overhaul comes as part of the Tinubu administration’s ongoing oil sector reforms, aimed at attracting foreign and local investments. Since 2023, the administration has secured $17 billion in new investments within the oil and gas sector and is now targeting $30 billion by 2027 and $60 billion by 2030.
Production and Refining Targets Set for NNPC
President Tinubu has set ambitious production goals for the NNPC, including:
-Oil production: Increase output to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
-Gas production: Expand to 8 billion cubic feet per day by 2027 and 10 billion cubic feet per day by 2030.
-Refining capacity: Boost NNPC’s share of crude oil refining to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.
