In a decisive restructuring of Nigeria’s oil sector, President Bola Tinubu has overhauled the leadership of the Nigerian National Petroleum Company Limited (NNPC). The sweeping changes include the removal of Chairman Pius Akinyelure and Group Chief Executive Officer (GCEO) Mele Kyari, signaling a new strategic direction for the state-owned enterprise.
The President has appointed Engineer Bashir Bayo Ojulari as the new GCEO, effective April 2, 2025, alongside a reconstituted 11-member board. Ahmadu Musa Kida has been named as the non-executive chairman, marking a pivotal shift in NNPC’s governance structure.
A Comprehensive Overhaul
Announced through a statement by Special Adviser on Information and Strategy Bayo Onanuga, the reconstitution affects all board members appointed alongside Akinyelure and Kyari in November 2023. The new board composition aims to enhance operational efficiency, strengthen investor confidence, and drive Nigeria’s energy sector towards sustainable growth.
Among the key appointees is Adedapo Segun, who has retained his position as Chief Financial Officer (CFO) after replacing Umaru Ajiya last November. The board also includes six non-executive directors representing Nigeria’s geopolitical zones:
- North West: Bello Rabiu
- North East: Yusuf Usman
- North Central: Babs Omotowa (former Managing Director, Nigeria Liquefied Natural Gas)
- South-South: Austin Avuru
- South West: David Ige
- South East: Henry Obih
Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the finance ministry, while Aminu Ahmed will represent the Ministry of Petroleum Resources.
Driving Nigeria’s Energy Ambitions
President Tinubu, leveraging his authority under Section 59, Subsection 2 of the Petroleum Industry Act (2021), emphasized that the board’s restructuring is integral to boosting local content, expanding gas commercialization, and accelerating economic diversification.
The new leadership has been tasked with conducting a strategic portfolio review of NNPC-operated and joint venture assets to align with the administration’s value maximization objectives.
Since 2023, the Tinubu administration has pursued aggressive oil sector reforms. In 2024, NNPC attracted $17 billion in new investments, with projections to grow this figure to $30 billion by 2027 and $60 billion by 2030. The administration’s energy roadmap includes increasing oil production to 2 million barrels per day by 2027 and 3 million barrels by 2030, while boosting gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
Furthermore, Tinubu expects NNPC’s refining capacity to rise significantly, targeting 200,000 barrels per day by 2027 and scaling up to 500,000 barrels per day by 2030.
Profiles of Key Appointees
Ahmadu Musa Kida – Non-Executive Chairman
A seasoned petroleum engineer from Borno State, Kida holds a civil engineering degree from Ahmadu Bello University, Zaria, and a postgraduate diploma in petroleum engineering from the Institut Français du Pétrole, Paris. His illustrious career spans roles at Elf Petroleum Nigeria and Total Exploration and Production, where he became Deputy Managing Director of Deep Water Services in 2015. More recently, in 2024, he served as an Independent Non-Executive Director at Pan Ocean-Newcross Group. Beyond the oil sector, Kida is a former basketball player and ex-President of the Nigerian Basketball Federation.
Bashir Bayo Ojulari – Group CEO
Ojulari, from Kwara State, previously served as Executive Vice President and Chief Operating Officer at Renaissance Africa Energy Company. His firm spearheaded a $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria, a landmark deal in Nigeria’s energy landscape.
An Ahmadu Bello University alumnus with a degree in mechanical engineering, Ojulari started his career at Elf Aquitaine as Nigeria’s first indigenous process engineer. He later joined Shell Petroleum Development Company in 1991, advancing through roles in Europe and the Middle East as a petroleum process engineer, strategic planner, field developer, and asset manager. In 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company. He is a distinguished fellow of the Nigerian Society of Engineers and a former Chairman of the Board of Trustees of the Society of Petroleum Engineers (Nigerian Council).
A New Era for NNPC
President Tinubu has expressed gratitude to the outgoing board members for their contributions, particularly in reviving the Port Harcourt and Warri refineries, which had been non-operational for years. As Nigeria navigates its energy transition and economic expansion, the newly appointed leadership at NNPC faces the challenge of steering the company towards increased productivity, profitability, and global competitiveness.
With a bold vision and experienced leadership, NNPC’s transformation under President Tinubu’s administration is set to redefine Nigeria’s position in the global energy market.
