President Bola Tinubu has approved the immediate dissolution of the Nigerian National Petroleum Company Limited (NNPCL) board, removing Group Chief Executive Officer Mele Kyari and Chairman Pius Akinyelure. The sweeping changes, announced early Wednesday by Presidential Spokesman Bayo Onanuga, affect all board members appointed in November 2023.
A new 11-member board takes over immediately, led by Engineer Bashir Ojulari as Group CEO and Ahmadu Kida as Non-Executive Chairman. The reshuffle includes 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), and Henry Obih (South East). Federal Ministry of Finance Permanent Secretary Lydia Shehu Jafiya and Aminu Ahmed of the Petroleum Resources Ministry complete the new team.
Invoking Section 59(2) of the Petroleum Industry Act 2021, Tinubu stated the restructuring aims to enhance operational efficiency, restore investor confidence, and drive Nigeria’s energy transition goals. The new board has been tasked with conducting an urgent strategic review of NNPC’s assets and joint ventures to maximize value.
Key performance targets include increasing oil production to 2 million barrels daily by 2027 (3 million by 2030), boosting gas output to 8 billion cubic feet daily by 2027 (10 billion by 2030), and raising refining capacity to 200,000 barrels daily by 2027 (500,000 by 2030). The administration aims to grow oil sector investments from 17billionto17billionto30 billion by 2027 and $60 billion by 2030.
The incoming chairman, Ahmadu Kida, brings 38 years of oil industry experience including leadership roles at Total, while new CEO Ojulari previously headed Shell Nigeria’s exploration unit and recently led a $2.4 billion acquisition of Shell’s onshore assets. Both are alumni of Ahmadu Bello University, Zaria.
Tinubu thanked the outgoing team for their service, particularly their work in rehabilitating the Port Harcourt and Warri refineries. The sudden leadership change comes as Nigeria seeks to optimize its oil and gas sector amid fluctuating global energy markets and domestic economic challenges.
