President Bola Ahmed Tinubu has announced the reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, appointing Engineer Bashir Bayo Ojulari as the new Group Chief Executive Officer (CEO) and Ahmadu Musa Kida as the new non-executive chairman, effective April 2, 2025.
The sweeping changes also saw the removal of the former chairman, Chief Pius Akinyelure, and the group CEO, Mallam Mele Kolo Kyari, along with all other board members appointed with them in November 2023.
The new board, according to Bayo Onanuga, Special Adviser to the President (Information & Strategy) in a statement, is composed of 11 members, including non-executive directors who represent various geopolitical zones of the country. The non-executive directors are Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). The Federal Ministry of Finance will be represented by Mrs. Lydia Shehu Jafiya, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
Adedapo Segun, who replaced Umaru Isa Ajiya as the Chief Financial Officer last November, has also been appointed to the new board.
The President, invoking his powers under Section 59, Subsection 2 of the Petroleum Industry Act, 2021, emphasized that the restructuring of the board is crucial for improving operational efficiency, restoring investor confidence, and advancing Nigeria’s oil and gas sector. The newly reconstituted board is tasked with conducting a strategic portfolio review of NNPC-operated and joint venture assets to align them with value maximization objectives.
President Tinubu also set ambitious targets for the new board, which include raising oil production to two million barrels per day by 2027 and three million barrels per day by 2030. The government also aims to increase gas production to 8 billion cubic feet per day by 2027 and 10 billion cubic feet by 2030, alongside boosting NNPC’s share of crude oil refining output to 200,000 barrels by 2027, reaching 500,000 by 2030.
The new board’s appointment follows a series of oil sector reforms by the Tinubu administration aimed at attracting investment and enhancing the country’s oil and gas sector. In 2023, NNPC reported $17 billion in new investments, and the government is targeting $30 billion by 2027 and $60 billion by 2030.
Ahmadu Musa Kida, the new chairman, brings extensive experience in the oil industry, having held leadership positions at Total Exploration and Production, including as Deputy Managing Director of Deep Water Services. He is also a former president of the Nigerian Basketball Federation (NBBF) and has a background in civil engineering and petroleum engineering.
Engineer Bashir Bayo Ojulari, the new CEO, comes with a rich background in the oil and gas sector, having previously served as Executive Vice President and Chief Operating Officer at Renaissance Africa Energy Company. He is also a former Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).
President Tinubu expressed his gratitude to the outgoing board members for their service, particularly their contributions to the rehabilitation of the Port Harcourt and Warri refineries, which resumed petroleum product production after extended shutdowns. He wished them success in their future endeavors.
The sweeping changes also saw the removal of the former chairman, Chief Pius Akinyelure, and the group CEO, Mallam Mele Kolo Kyari, along with all other board members appointed with them in November 2023.
The new board, according to Bayo Onanuga, Special Adviser to the President (Information & Strategy) in a statement, is composed of 11 members, including non-executive directors who represent various geopolitical zones of the country. The non-executive directors are Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). The Federal Ministry of Finance will be represented by Mrs. Lydia Shehu Jafiya, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
Adedapo Segun, who replaced Umaru Isa Ajiya as the Chief Financial Officer last November, has also been appointed to the new board.
The President, invoking his powers under Section 59, Subsection 2 of the Petroleum Industry Act, 2021, emphasized that the restructuring of the board is crucial for improving operational efficiency, restoring investor confidence, and advancing Nigeria’s oil and gas sector. The newly reconstituted board is tasked with conducting a strategic portfolio review of NNPC-operated and joint venture assets to align them with value maximization objectives.
President Tinubu also set ambitious targets for the new board, which include raising oil production to two million barrels per day by 2027 and three million barrels per day by 2030. The government also aims to increase gas production to 8 billion cubic feet per day by 2027 and 10 billion cubic feet by 2030, alongside boosting NNPC’s share of crude oil refining output to 200,000 barrels by 2027, reaching 500,000 by 2030.
The new board’s appointment follows a series of oil sector reforms by the Tinubu administration aimed at attracting investment and enhancing the country’s oil and gas sector. In 2023, NNPC reported $17 billion in new investments, and the government is targeting $30 billion by 2027 and $60 billion by 2030.
Ahmadu Musa Kida, the new chairman, brings extensive experience in the oil industry, having held leadership positions at Total Exploration and Production, including as Deputy Managing Director of Deep Water Services. He is also a former president of the Nigerian Basketball Federation (NBBF) and has a background in civil engineering and petroleum engineering.
Engineer Bashir Bayo Ojulari, the new CEO, comes with a rich background in the oil and gas sector, having previously served as Executive Vice President and Chief Operating Officer at Renaissance Africa Energy Company. He is also a former Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).
President Tinubu expressed his gratitude to the outgoing board members for their service, particularly their contributions to the rehabilitation of the Port Harcourt and Warri refineries, which resumed petroleum product production after extended shutdowns. He wished them success in their future endeavors.
