President Bola Tinubu has removed Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited and replaced him with Bayo Ojulari.
Tinubu also dissolved the board of the national oil company and reconstituted a new one.
The President appointed Ahmadu Musa Kida as NNPC’s new non-executive chairman to replace Pius Akinyelure, and confirmed Adedapo Segun as the company’s Chief Financial Officer (CFO).
He also appointed six non-executive directors from each geopolitical zone, in accordance with the Petroleum Industry Act (PIA). They are Bello Rabiu (North-West), Yusuf Usman (North-East), and Babs Omotowa (North-Central), Austin Avuru (South-South), David Ige (South-West), and Henry Obih (South-East).
Also, the Permanent Secretary of the Federal Ministry of Finance, Lydia Shehu Jafiya, and Aminu Said Ahmed of the Ministry of Petroleum Resources will represent their respective ministries on the new board.
These changes, announced in a statement, early Wednesday, signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, take effect April 2, 2025.
Tinubu cited the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC” for the changes, relying on his powers under section 59(2) of the Petroleum Industry Act (PIA) 2021.
“This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices. We are taking bold steps to transform the company into a more commercially driven and transparent entity,” the statement said.
The new board has been handed a strategic action plan, which includes a “review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives”.
Tinubu, who has prioritised investment-driven reforms in the oil sector, highlighted that since 2023, his administration has attracted $17 billion in new investments and is now targeting $30 billion by 2027 and $60 billion by 2030.
The government also aims to raise crude oil production to 2 million barrels per day by 2027 and 3 million by 2030, alongside a gas production goal of 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
“Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030,” the statement said.
The administration has prioritised domestic refining capacity to reduce reliance on fuel imports and strengthen Nigeria’s energy security.
