In a significant move to reform Nigeria’s oil and gas sector, President Bola Ahmed Tinubu has reconstituted the board of the Nigerian National Petroleum Company (NNPC) Limited. This restructuring includes the removal of Chief Pius Akinyelure as chairman and Mallam Mele Kolo Kyari as the Group Chief Executive Officer (GCEO), along with other board members appointed in November 2023.

Moving on, the newly appointed 11-member board features Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the non-executive chairman. Adedapo Segun, who assumed the role of Chief Financial Officer (CFO) in November, retains his position on the reconstituted board.

Representing Nigeria’s geopolitical zones, the six newly appointed non-executive directors are:

• Bello Rabiu (North West)

• Yusuf Usman (North East)

• Babs Omotowa (North Central), former Managing Director of the Nigerian Liquefied Natural Gas (NLNG)

• Austin Avuru (South-South)

• David Ige (South West)

• Henry Obih (South East)

Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed from the Ministry of Petroleum Resources will serve as representatives on the board.

President Tinubu emphasized that this restructuring aims to enhance operational efficiency, restore investor confidence, boost local content, drive economic growth, and advance gas commercialization and diversification. Indeed, he has directed the new board to conduct a strategic portfolio review of NNPC-operated and joint venture assets to ensure alignment with value maximization objectives.

Profiles of Key Appointees:

1. Ahmadu Musa Kida

He is the new non-executive chairman from Borno State, holds a degree in civil engineering from Ahmadu Bello University, Zaria, and a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris.

Also, he has held significant positions at Elf Petroleum Nigeria and Total Exploration and Production, including Deputy Managing Director of Deep Water Services at Total Nigeria.

In 2024, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group. Beyond his oil industry career, Kida is known for his tenure as president of the Nigerian Basketball Federation.

2. Bashir Bayo Ojulari

Similarly, he is the new Group CEO from Kwara State, graduated in Mechanical Engineering from Ahmadu Bello University, Zaria. He began his career at Elf Aquitaine and later joined Shell Petroleum Development Company of Nigeria Ltd in 1991.

In addition, Ojulari has international experience, having worked in Europe and the Middle East in various capacities, including petroleum process and production engineer, strategic planner, field developer, and asset manager.

In 2015, he became the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). Most recently, he served as Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company, leading a consortium in the acquisition of Shell’s equity holdings in Nigeria for $2.4 billion.

Moreover, Tinubu administration has been implementing reforms in the oil sector to attract investment. Also, In 2023 NNPC reported $17 billion in new investments, with a vision to increase this to $30 billion by 2027 and $60 billion by 2030.

Furthermore, the administration also aims to raise oil production to two million barrels daily by 2027 and three million by 2030, while increasing gas production to eight billion cubic feet daily by 2027 and ten billion cubic feet by 2030.

Additionally, President Tinubu expressed gratitude to the outgoing board members for their dedicated service, particularly mentioning their efforts in rehabilitating the Port Harcourt and Warri refineries, which resumed petroleum product production after prolonged shutdowns. He extended his best wishes for their future endeavors.