President Bola Tinubu has removed Mele Kyari from his position as Group Chief Executive Officer of the Nigerian National Petroleum Company Limited and dissolved the company’s board.
According to The PUNCH, the announcement, effective from April 2, 2025, was made in a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, in the early hours of Wednesday.
“In exercising his powers under Section 59(2) of the Petroleum Industry Act 2021, President Tinubu has approved these changes to enhance NNPC’s efficiency, bolster investor confidence, and ensure greater commercial viability,” Onanuga stated.
As part of the sweeping reforms, the President appointed Bayo Ojulari as the new GCEO, replacing Kyari. Additionally, Ahmadu Musa Kida was named Non-Executive Chairman, succeeding Pius Akinyelure, while Adedapo Segun will take over as Chief Financial Officer.
The restructuring also includes the appointment of 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), Henry Obih (South-East)
Furthermore, Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed from the Ministry of Petroleum Resources will serve as ministry representatives on the board.
The President’s directive mandates the new board to implement a strategic plan focusing on a comprehensive review of NNPC’s joint venture and operated assets. The goal, according to Onanuga, is to “ensure the company aligns with global best practices and maximizes productivity.”
Under Tinubu’s administration, Nigeria has attracted $17 billion in fresh investments into the oil and gas sector. The government aims to increase this to $30 billion by 2027 and $60 billion by 2030.
Additionally, crude oil production targets include, Two million barrels per day by 2027, Three million barrels per day by 2030
Gas production is projected to reach eight billion cubic feet per day by 2027 and 10 billion cubic feet per day by 2030, while refining output is expected to grow to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.
The administration has emphasized its commitment to reducing Nigeria’s reliance on fuel imports by prioritizing domestic refining capacity.
Ahmadu Musa Kida, the new NNPC chairman, has over 30 years of experience in the oil and gas industry. A civil engineering graduate from Ahmadu Bello University, Zaria, he also holds a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol, Paris.
Kida previously worked with Elf Petroleum Nigeria and later joined Total Exploration and Production, where he rose to become Deputy Managing Director of Deep Water Services in 2015. Before his appointment, he served as an independent non-executive director at Pan Ocean-Newcross Group.
Bayo Ojulari, the new GCEO, hails from Kwara State and holds a mechanical engineering degree from Ahmadu Bello University. His career began at Elf Aquitaine before joining Shell Petroleum Development Company in 1991 as an associate production technologist.
Ojulari has expertise in petroleum process engineering, strategic planning, and field development, having worked across Europe and the Middle East. He served as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) in 2015 and was most recently the Executive Vice-President and Chief Operating Officer at Renaissance Africa Energy Company. His last role saw him oversee the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria.
President Tinubu expressed gratitude to the outgoing NNPC board members for their service, particularly in overseeing the rehabilitation of the Port Harcourt and Warri refineries. These refineries recently resumed operations after years of inactivity.
“We appreciate their contributions and wish them success in their future endeavors,” Onanuga added.
