Abuja, Nigeria – President Bola Ahmed Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing the chairman, Chief Pius Akinyelure, and the Group Chief Executive Officer (GCEO), Mallam Mele Kolo Kyari, along with all other board members appointed in November 2023.
In a statement signed by the special advisor to the president (information and Strategy) Bayo Onanuga, said in their place, President Tinubu has appointed a new 11-member board, with Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the Non-Executive Chairman.
Additionally, Adedapo Segun, who replaced Umaru Isa Ajiya as the Chief Financial Officer last November, has been named a board member by the president.
The newly constituted board includes six non-executive directors representing the country’s geopolitical zones:
Bello Rabiu (North West)
Yusuf Usman (North East)
Babs Omotowa (North Central), a former managing director of the Nigerian Liquified Natural Gas (NLNG)
Austin Avuru (South-South)
David Ige (South West)
Henry Obih (South East)
In addition, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry on the board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
The appointments are effective immediately as of April 2, 2025.
President Tinubu exercised his authority under Section 59, Subsection 2 of the Petroleum Industry Act (PIA) 2021, stating that the restructuring is aimed at enhancing operational efficiency, restoring investor confidence, promoting local content, driving economic growth, and accelerating gas commercialization and diversification.
As part of their mandate, the new board has been directed to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.
Since taking office in 2023, the Tinubu administration has implemented significant oil sector reforms to attract investment. In 2024, NNPC secured $17 billion in new investments. The administration aims to raise this to $30 billion by 2027 and $60 billion by 2030.
The government also has ambitious production targets, seeking to boost oil output to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. Gas production is also projected to reach 8 billion cubic feet per day by 2027 and 10 billion cubic feet per day by 2030.Furthermore, the administration expects the new board to enhance NNPC’s share of crude oil refining output, increasing it to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.
Profiles of New LeadershipAhmadu Musa Kida – Non-Executive ChairmanHailing from Borno State, Kida is an alumnus of Ahmadu Bello University, Zaria, with a degree in Civil Engineering (1984). He also holds a postgraduate diploma in Petroleum Engineering from the Institut Francaise du Petrol (IFP) in Paris.Kida started his oil industry career at Elf Petroleum Nigeria and later joined Total Exploration and Production in 1985. In 2015, he was appointed Deputy Managing Director of Deep Water Services at Total Nigeria. He is also an Independent Non-Executive Director at Pan Ocean-Newcross Group.Beyond his corporate career, Kida is a former basketball player and serves as the president of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari – Group CEO Ojulari, from Kwara State, was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company before his appointment. His company led the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).An alumnus of Ahmadu Bello University with a degree in Mechanical Engineering, Ojulari began his career at Elf Aquitaine and later joined Shell Petroleum Development Company in 1991. His extensive international experience includes roles in Europe and the Middle East 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).Ojulari has served as Chairman and a member of the Board of Trustees of the Society of Petroleum Engineers (SPE Nigerian Council) and is a fellow of the Nigerian Society of Engineers.
President Tinubu expressed appreciation to the outgoing board members for their dedication, particularly in overseeing the rehabilitation of the Port Harcourt and Warri refineries, which led to the resumption of petroleum product production after extended shutdowns. He wished them success in their future endeavors.
The new NNPC Limited board is expected to drive the next phase of the company’s transformation and position Nigeria’s oil and gas sector for sustainable growth.
