President Bola Ahmed Tinubu has sacked Mele Kyari as the group chief executive officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited and dissolved its board.
Bayo Onanuga, Special Adviser to the President on information and strategy, announced this in a statement on Wednesday.
Citing the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC”, Tinubu invoked his powers under section 59(2) of the Petroleum Industry Act (PIA) 2021 to carry out the sweeping reconstitution.
As part of the overhaul, Bashir Bayo Ojulari takes over from Kyari as the new group CEO, while Ahmadu Musa Kida has been appointed as NNPC’s new non-executive chairman, replacing Pius Akinyelure.
Also, Adedapo Segun has been confirmed as the company’s chief financial officer (CFO).
In line with the PIA, the president also appointed six non-executive directors from each geopolitical zone.
They include Bello Rabiu representing the north-west, Yusuf Usman from the north-east, and Babs Omotowa, a former managing director of the Nigerian Liquefied Natural Gas (NLNG), for the north-central.
Others are Austin Avuru for the south-south, David Ige for the south-west, and Henry Obih for the south-east.
Meanwhile, Lydia Shehu Jafiya, the permanent secretary of the federal ministry of finance, and Aminu Said Ahmed of the ministry of petroleum resources will represent their respective ministries on the new board.
“This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices. We are taking bold steps to transform the company into a more commercially driven and transparent entity,” the statement reads.
The changes take effect immediately, and the new board has been handed a strategic action plan, which includes a “review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives”.
Tinubu, who has prioritised investment-driven reforms in the oil sector, highlighted that since 2023, his administration has attracted $17 billion in new investments and is now targeting $30 billion by 2027and $60 billion by 2030.
The government also aims to raise crude oil production to two million barrels daily by 2027 and three million by 2030, alongside a gas production goal of 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
“Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030,” the statement added.
The administration has prioritised domestic refining capacity to reduce reliance on fuel imports and strengthen Nigeria’s energy security.
The new board chairman, Ahmadu Musa Kida, is from Borno State. He is an alumnus of Ahmadu Bello University, Zaria, where he received a degree in civil engineering in 1984.
He also obtained a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris.
He started his career in the oil industry at Elf Petroleum Nigeria and later joined Total Exploration and Production as a trainee engineer in 1985.
Musa became Total Nigeria’s Deputy Managing Director of Deep Water Services in 2015. Last year, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group.
Apart from his oil industry career, Ahmadu Musa Kida is a former basketballer and the president of the Nigerian Basketball Federation(NBBF).
Ojulari, the new NNPC Limited Group CEO, hails from Kwara State. Until his new appointment, He was Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company.
His Renaissance recently led a consortium of indigenous energy firms in the landmark acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria (SPDC), worth $2.4 billion.
Like Kida, Ojulari is also an alumnus of Ahmadu Bello University, Zaria. He graduated with a degree in Mechanical Engineering.
He worked for Elf Aquitaine as the first Nigerian process engineer to begin a stellar career in the oil sector.
From Elf, he joined Shell Petroleum Development Company of Nigeria Ltd in 1991 as an associate production technologist.
Apart from working in Nigeria, he worked in Europe and the Middle East in different capacities as a petroleum process and production engineer, strategic planner, field developer, and asset manager.
In 2015, he became the managing director of Shell Nigeria Exploration and Production Company (SNEPCO). During his career, he was chairman and member of the board of trustees of the Society of Petroleum Engineers (SPE Nigerian Council) and a fellow of the Nigerian Society of Engineers.
President Tinubu thanked the old board members for their dedicated service to NNPC Limited, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries, which enabled them to resume petroleum product production after prolonged shutdowns.
He wished them well in their future endeavours
