President Bola Ahmed Tinubu has removed Mele Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited and sacked its entire board in a sweeping restructuring move. The decision, which takes effect from April 2, 2025, was announced by presidential spokesperson Bayo Onanuga in a statement released Wednesday morning.
The president also appointed a new 11-man board to lead the oil giant, naming Engineer Bashir Bayo Ojulari as the new Group CEO and Ahmadu Musa Kida as the non-executive chairman. Other appointments include Adedapo Segun as the Chief Financial Officer and six non-executive directors representing Nigeria’s geopolitical zones: 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). Lydia Shehu Jafiya will represent the Federal Ministry of Finance, while Aminu Said Ahmed will serve as the Ministry of Petroleum Resources’ representative.
Tinubu invoked Section 59 (2) of the Petroleum Industry Act (PIA) 2021 in making the changes, stating that they are necessary to restore investor confidence, enhance local content, and accelerate economic growth. He tasked the new board with conducting a comprehensive review of NNPC’s operations and assets to maximize value.
The administration has set ambitious targets for the oil sector, aiming to increase crude oil production to two million barrels per day by 2027 and three million by 2030 while boosting gas production to 10 billion cubic feet per day within the same period. The president also expects the company to ramp up Nigeria’s crude refining capacity, targeting 500,000 barrels per day by 2030.
Ojulari, the new Group CEO, is an industry veteran with a career spanning major oil companies, including Elf Aquitaine and Shell. His leadership at Renaissance Africa Energy was instrumental in the recent $2.4 billion acquisition of Shell Petroleum Development Company (SPDC) assets. His appointment is expected to bring a fresh direction to the NNPC’s operations.
Tinubu thanked the outgoing board members for their contributions, particularly in rehabilitating Nigeria’s refineries, and wished them well in their future endeavors.
