President Bola Tinubu has announced sweeping changes at the Nigerian National Petroleum Company (NNPC) Limited, including the dismissal of Mele Kyari as the Group Chief Executive Officer (GCEO) and the dissolution of its board.
This decision, effective April 2, 2025, is part of the government’s strategy to enhance the operational efficiency of the oil giant and restore investor confidence.
A statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirmed that Tinubu invoked his powers under Section 59(2) of the Petroleum Industry Act (PIA) 2021 to carry out the leadership overhaul aimed at making NNPC more commercially viable and efficient.
In a move to strengthen the company’s leadership, Bayo Ojulari, a seasoned oil and gas professional, has been appointed as the new GCEO of NNPC.
He replaces Mele Kyari, whose tenure has been marked by the challenges the country’s oil sector continues to face. Additionally, Ahmadu Musa Kida has been appointed as the new non-executive chairman, taking over from Pius Akinyelure.
Kida has decades of experience in the sector and is expected to provide valuable leadership as NNPC continues its transformation.
The President also appointed Adedapo Segun as the company’s new Chief Financial Officer (CFO), marking another significant change in the company’s leadership structure.
As part of the restructuring, six non-executive directors representing each of Nigeria’s geopolitical zones have been appointed to the NNPC board.
These directors include Bello Rabiu (North-West), Yusuf Usman (North-East), and Babs Omotowa (North-Central). From the South, Austin Avuru (South-South), David Ige (South-West), and Henry Obih (South-East) complete the regional representation.
In addition, the Permanent Secretary of the Federal Ministry of Finance, Lydia Shehu Jafiya, and Aminu Said Ahmed from the Ministry of Petroleum Resources will represent their ministries on the new board.
The president outlined a strategic action plan for the new NNPC leadership, which includes a review of the company’s operated and Joint Venture assets to align with value maximization objectives.
Tinubu’s administration is focusing on significant reforms in the oil sector, aiming to boost domestic refining capacity and ensure energy security for the country.
Since 2023, the Tinubu administration has attracted $17 billion in new investments to the oil sector and plans to increase this to $30 billion by 2027 and $60 billion by 2030.
The president also emphasized the goal of raising Nigeria’s crude oil production to two million barrels per day by 2027, with a further increase to three million barrels per day by 2030.
In addition, the administration is targeting a daily gas production of 8 billion cubic feet by 2027, with a further rise to 10 billion cubic feet by 2030.
In line with these ambitious goals, President Tinubu expects NNPC to increase its share of crude oil refining output to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.
The push for domestic refining is crucial to reduce Nigeria’s reliance on fuel imports and improve the country’s energy security.
Introducing The New Leadership: Expertise In Oil And Gas
Ahmadu Musa Kida, the new NNPC chairman, brings over three decades of experience in the oil and gas sector. A graduate of Ahmadu Bello University, Zaria, with a degree in civil engineering, Kida furthered his education with a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol in Paris.
Kida has held significant roles at major energy firms, including as deputy managing director of Total Exploration and Production.
The new GCEO, Bayo Ojulari, has extensive experience in petroleum process engineering, strategic planning, and field development.
Ojulari, who hails from Kwara State, previously served as managing director of Shell Nigeria Exploration and Production Company (SNEPCO) before his latest appointment.
In a message to the outgoing board members, President Tinubu expressed gratitude for their dedicated service, particularly their efforts in rehabilitating the Port Harcourt and Warri refineries, which have now resumed petroleum product production after long periods of inactivity.
The President wished them well in their future endeavors, emphasizing the importance of continuing the nation’s journey toward greater self-sufficiency in energy production.