April 02, 2025
By Ayinde Adeleke
President Bola Ahmed Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing the chairman, Chief Pius Akinyelure, and the group chief executive officer, Mallam Mele Kolo Kyari.
This move is aimed at enhancing operational efficiency, restoring investor confidence, and driving economic growth.
The new 11-man board features Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the non-executive chairman.
Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has also been appointed to the new board.
The board members represent the country’s geopolitical zones, with notable appointments including; North West: Bello Rabiu, North East: Yusuf Usman, North Central: Babs Omotowa, former managing director of the Nigerian Liquified Natural Gas (NLNG), South-South: Austin Avuru, South West: David Ige, South East: Henry Obih.
Mrs. Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
According to Bayo Onanuga, Special Adviser to the President (Information & Strategy), the appointments are effective immediately, and the new board is expected to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.
The Tinubu administration aims to increase investment in the oil sector to $30 billion by 2027 and $60 billion by 2030, with targets to raise oil production to two million barrels daily by 2027 and three million daily by 2030.
