President Bola Tinubu has approved a major shake-up at the Nigerian National Petroleum Company (NNPC) Limited, replacing its chairman and CEO.
In an early Wednesday announcement, Tinubu removed Chief Pius Akinyelure as chairman and Mallam Mele Kyari as Group CEO. The entire board, appointed in November 2023, was also dissolved.
The new leadership includes Bashir Ojulari as Group CEO and Ahmadu Kida as Non-Executive Chairman. Additionally, Adedapo Segun, who replaced Umaru Ajiya as chief financial officer last year, will now serve on the new board.
New Board Members Representing Nigeria’s Regions
The revamped board includes six non-executive directors, each representing a geopolitical zone:
- Bello Rabiu (North West)
- Yusuf Usman (North East)
- Babs Omotowa (North Central) – Former MD of Nigeria Liquefied Natural Gas (NLNG)
- Austin Avuru (South-South)
- David Ige (South-West)
- Henry Obih (South-East)
Two additional members will represent key government ministries:
- Lydia Shehu Jafiya (Federal Ministry of Finance)
- Aminu Ahmed (Ministry of Petroleum Resources)
The appointments take effect from April 2.
Why Tinubu Reshuffled the NNPC Board
Tinubu made the changes under Section 59 (2) of the Petroleum Industry Act, 2021, emphasizing the need for efficiency, investor confidence, economic growth, and gas sector expansion.
One of the board’s first tasks is to conduct a strategic review of NNPC’s assets and joint ventures to maximize value.
Since taking office in 2023, Tinubu has prioritized oil sector reforms. Last year, NNPC secured $17 billion in investments. The government now aims to grow that to $30 billion by 2027 and $60 billion by 2030.
Nigeria’s Energy Goals Under the New Leadership
The administration has set ambitious targets for oil and gas production:
- Oil production: 2 million barrels per day by 2027, 3 million by 2030
- Gas production: 8 billion cubic feet per day by 2027, 10 billion by 2030
- Refining capacity: 200,000 barrels per day by 2027, 500,000 by 2030
Meet the New NNPC Leaders
Ahmadu Kida (Chairman)
Kida, from Borno State, studied civil engineering at Ahmadu Bello University and later earned a diploma in petroleum engineering from Institut Français du Pétrole (IFP), Paris.
He started his career at Elf Petroleum Nigeria before moving to Total Exploration and Production in 1985. By 2015, he was Total Nigeria’s Deputy Managing Director of Deep Water Services.
Beyond oil, Kida has a background in sports, serving as President of the Nigerian Basketball Federation (NBBF).
Bashir Ojulari (Group CEO)
Ojulari, from Kwara State, was previously Executive VP and COO of Renaissance Africa Energy. His firm recently led a $2.4 billion acquisition of Shell’s onshore assets in Nigeria.
A mechanical engineering graduate of Ahmadu Bello University, he started as Nigeria’s first process engineer at Elf Aquitaine before joining Shell in 1991.
His career spans Nigeria, Europe, and the Middle East, with roles in strategic planning, field development, and asset management. In 2015, he became Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).
Tinubu Thanks Outgoing Board
President Tinubu praised the outgoing board for their service, particularly their work in reviving the Port Harcourt and Warri refineries after years of shutdown.
He wished them success in their future careers.
This latest NNPC shake-up signals Tinubu’s commitment to overhauling Nigeria’s oil and gas sector, attracting more investments, and ensuring energy security.
