President Bola Tinubu of Nigeria has initiated a significant restructuring of the Nigerian National Petroleum Company Limited (NNPC), replacing the entire board and appointing new leadership. This move, effective April 2, 2025, saw the removal of Chairman Pius Akinyelure and Group Chief Executive Officer Mele Kyari. Engineer Bashir Bayo Ojulari has been appointed as the new Group CEO, while Ahmadu Musa Kida will serve as the Non-Executive Chairman. The President cited the need for enhanced operational efficiency, renewed investor confidence, and the promotion of local content, economic growth, and gas commercialization as the driving forces behind this restructuring. This action is rooted in Section 59, subsection 2 of the Petroleum Industry Act of 2021, granting the President the authority to reconstitute the board.
The newly appointed 11-member board includes Adedapo Segun, who retains his position as Chief Financial Officer, and representatives from each of Nigeria’s six geopolitical zones. These non-executive directors are 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). The Federal Ministry of Finance and the Ministry of Petroleum Resources will be represented by Mrs. Lydia Shehu Jafiya and Aminu Ahmed, respectively. This diverse representation aims to ensure a balanced and comprehensive approach to the management and strategic direction of NNPC Limited.
The incoming board has been tasked with an immediate strategic portfolio review of NNPC-operated and Joint Venture Assets. This review is crucial for aligning the company’s operations with value maximization objectives. The Tinubu administration has been actively implementing oil sector reforms since 2023, recording $17 billion in new investments in 2024. Ambitious targets have been set for the future, with the government aiming to increase investments to $30 billion by 2027 and $60 billion by 2030. This financial injection is intended to fuel the expansion of the oil and gas sectors, with corresponding production increases anticipated.
Central to the administration’s vision is a significant boost in oil and gas production. Oil production is targeted to reach 2 million barrels daily by 2027 and 3 million barrels daily by 2030, while gas production is projected to reach 8 billion cubic feet daily by 2027 and 10 billion cubic feet daily by 2030. Furthermore, the President expects the new board to significantly enhance NNPC’s refining capacity, aiming for 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030. These ambitious targets underscore the government’s commitment to maximizing the value derived from Nigeria’s oil and gas resources.
The new leadership brings a wealth of experience to NNPC Limited. Chairman Ahmadu Kida boasts a strong background in petroleum engineering, having earned a degree in civil engineering from Ahmadu Bello University, Zaria, and a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol in Paris. His career trajectory includes roles at Elf Petroleum Nigeria and Total Exploration and Production, where he served as Deputy Managing Director of Deep Water Services. Before his NNPC appointment, Kida was an Independent Non-Executive Director at Pan Ocean-Newcross Group.
Incoming CEO Bashir Ojulari is also an alumnus of Ahmadu Bello University, Zaria, with a degree in Mechanical Engineering. Prior to his appointment, he held the position of Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company, the firm which spearheaded the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria’s equity holdings. Ojulari’s extensive career in the oil sector includes roles at Elf Aquitaine and Shell Petroleum Development Company of Nigeria, where he served as Managing Director of Shell Nigeria Exploration and Production Company. His experience spans various functions, including process and production engineering, strategic planning, field development, and asset management, both domestically and internationally. President Tinubu expressed his gratitude to the outgoing board members for their service, particularly their contributions to the rehabilitation of the Port Harcourt and Warri refineries. The changes signal a new chapter for NNPC Limited, with the government placing high expectations on the new leadership to drive growth and transformation in the Nigerian oil and gas sector.
