President Bola Tinubu has removed Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited and dissolved its board, effective April 2, 2025.
In a statement issued by Bayo Onanuga, the president’s special adviser on information and strategy, Tinubu cited the need for improved efficiency, investor confidence, and a more commercially viable NNPC. Using his powers under Section 59(2) of the Petroleum Industry Act (PIA) 2021, he approved a major restructuring.
As part of the overhaul, Bayo Ojulari takes over as NNPC’s new GCEO, replacing Kyari. Ahmadu Musa Kida has been appointed non-executive chairman, succeeding Pius Akinyelure, while Adedapo Segun assumes the role of Chief Financial Officer (CFO).
Additionally, six non-executive directors have been appointed from Nigeria’s geopolitical zones:
- Bello Rabiu (North-West)
- Yusuf Usman (North-East)
- Babs Omotowa (North-Central)
- Austin Avuru (South-South)
- David Ige (South-West)
- Henry Obih (South-East)
Lydia Shehu Jafiya from the finance ministry and Aminu Said Ahmed from the petroleum resources ministry will represent their respective ministries on the board.
The statement emphasized that the restructuring aims to transform NNPC into a commercially driven and transparent entity. The new board has been tasked with reviewing NNPC-operated and Joint Venture assets to align with value maximization objectives.
Tinubu’s administration has attracted $17 billion in oil sector investments since 2023 and is targeting $30 billion by 2027 and $60 billion by 2030. The government also plans to increase crude oil production to two million barrels per day by 2027 and three million by 2030, alongside a gas production target of 10 billion cubic feet per day by 2030.
Ojulari, the new GCEO, is an experienced petroleum engineer who previously led Shell Nigeria Exploration and Production Company (SNEPCO) and recently served as EVP and COO at Renaissance Africa Energy. Kida, the new chairman, is a seasoned oil and gas executive with extensive industry experience.
President Tinubu thanked the outgoing board members for their service, particularly in rehabilitating the Port Harcourt and Warri refineries, and wished them success in their future endeavors.
