By Zainab Rauf President Bola Ahmed Tinubu has reconstituted the board of the Nigerian National Petroleum Company (NNPC) Limite...
By Zainab Rauf
President Bola Ahmed Tinubu has reconstituted the board of the Nigerian National Petroleum Company (NNPC) Limited, appointing new leadership in a sweeping shake-up of the country's top oil company. The overhaul sees the removal of Chief Pius Akinyelure as chairman and Mallam Mele Kolo Kyari as group chief executive officer (GCEO), along with other board members appointed in November 2023.
The new 11-member board, announced on Tuesday, is led by Ahmadu Musa Kida as the non-executive chairman and Engineer Bashir Bayo Ojulari as the new Group CEO. President Tinubu also retained Adedapo Segun, who was appointed chief financial officer (CFO) in November, on the new board.
Additionally, six non-executive directors have been appointed to represent the country’s geopolitical zones. They include Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa (North Central). Others are Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). The board also includes Mrs. Lydia Shehu Jafiya, representing the Federal Ministry of Finance, and Aminu Said Ahmed, representing the Ministry of Petroleum Resources.
President Tinubu, invoking his powers under Section 59, Subsection 2 of the Petroleum Industry Act, 2021, emphasized the necessity of the restructuring. “This board reconstitution is critical for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialization and diversification,” the president stated in a statement signed and released by his Special Adviser on Information & Strategy, Bayo Onanuga.
The president outlined a key directive for the newly appointed board, urging them to conduct a strategic portfolio review of NNPC’s operated and joint venture assets. The objective, he said, is to ensure alignment with value maximization and national economic goals.
The Tinubu administration has prioritized oil sector reforms since taking office, aiming to attract investment and bolster production. In 2023, NNPC announced securing $17 billion in new investments, with a vision to grow this figure to $30 billion by 2027 and $60 billion by 2030. The government also seeks to increase oil production to two million barrels per day by 2027 and three million by 2030, while gas production targets are set at eight billion cubic feet daily by 2027 and ten billion cubic feet by 2030.
Furthermore, President Tinubu tasked the new board with increasing NNPC’s share of crude oil refining output, targeting 200,000 barrels per day by 2027 and 500,000 by 2030.
Profiles of Key Appointees
Ahmadu Musa Kida, Board Chairman Kida, from Borno State, is a seasoned oil industry executive with a background in civil engineering from Ahmadu Bello University, Zaria. He obtained a postgraduate diploma in petroleum engineering from the Institut Francais du Petrol (IFP) in Paris. His career spans decades at Elf Petroleum Nigeria and Total Exploration and Production, where he rose to the position of Deputy Managing Director of Deep Water Services in 2015. Beyond the oil sector, Kida has been active in sports administration, serving as the president of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari, Group CEO Ojulari, from Kwara State, brings extensive experience from both local and international oil operations. Before his appointment, he was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His company recently led the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC). An alumnus of Ahmadu Bello University, Zaria, with a degree in Mechanical Engineering, Ojulari’s career includes key roles at Elf Aquitaine and Shell Petroleum Development Company, where he was the first Nigerian process engineer. He later served as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).
President Tinubu expressed gratitude to the outgoing board members for their service, particularly their role in reviving the Port Harcourt and Warri refineries after prolonged shutdowns. “Their dedication to national development is commendable, and we wish them success in their future endeavors,” he said.
The appointments take effect immediately, marking a significant step in the administration’s ongoing efforts to reform Nigeria’s oil and gas sector.
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