President Bola Ahmed Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board.
The chairman, Chief Pius Akinyelure, and the group chief executive officer, Mallam Mele Kolo Kyari, have been removed, along with all other board members appointed in November 2023.
The new 11-man board features Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman. Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has also been appointed to the new board.
The board includes six non-executive directors representing the country’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). Mrs. Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, and Aminu Said Ahmed, representing the Ministry of Petroleum Resources, complete the board.
President Tinubu emphasized that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, and driving economic growth. He also handed out an immediate action plan to the new board, including a strategic portfolio review of NNPC-operated and Joint Venture Assets.
The Tinubu administration has implemented oil sector reforms to attract investment, reporting $17 billion in new investments within the sector last year. The administration aims to increase investment to $30 billion by 2027 and $60 billion by 2030, while raising oil production to two million barrels daily by 2027 and three million daily by 2030.
President Tinubu thanked the old board members for their dedicated service, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries. He wished them well in their future endeavors.