Just in: Tinubu Reshuffles NNPC Leadership in Major Shakeup

In a sweeping overhaul of the Nigerian National Petroleum Company (NNPC) Limited, President Bola Ahmed Tinubu has removed the Chairman, Pius Akinyelure, and the Group Chief Executive Officer (GCEO), Mele Kolo Kyari.

This decisive move is part of a broader restructuring aimed at revitalizing the state-owned oil giant.

According to an official statement released by presidential spokesperson Bayo Onanuga, President Tinubu has appointed a new 11-man board for NNPC Limited, with Engineer Bashir Bayo Ojulari stepping in as the new Group CEO and Ahmadu Musa Kida assuming the role of Non-Executive Chairman.

The reconstitution extends beyond Akinyelure and Kyari, as all board members appointed alongside them in November 2023 have also been replaced.

Among the notable appointments is Adedapo Segun, who replaced Umaru Isa Ajiya as Chief Financial Officer last year and now joins the new board.

The statement further detailed the composition of the new board, ensuring representation across Nigeria’s geopolitical zones: Bello Rabiu (North West); Yusuf Usman (North East); Babs Omotowa (North Central) – Former Managing Director of Nigerian Liquefied Natural Gas (NLNG); Austin Avuru (South-South) – Non-Executive Director; David Ige (South-West) – Non-Executive Director; Henry Obih (South-East) – Non-Executive Director.

Additionally, 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.

All appointments take effect immediately, on April 2, 2025.

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President Tinubu invoked his powers under Section 59, Subsection 2 of the Petroleum Industry Act, 2021, emphasizing that the restructuring is vital to improving operational efficiency, boosting investor confidence, enhancing local content, and advancing Nigeria’s gas commercialization and diversification initiatives.

As part of their immediate mandate, the new board has been tasked with conducting a comprehensive strategic portfolio review of NNPC-operated and Joint Venture assets to ensure optimal value extraction.

Since assuming office, the Tinubu administration has introduced multiple oil sector reforms aimed at attracting significant investments.

In 2023 alone, the NNPC secured $17 billion in fresh investments. The administration now targets increasing this to $30 billion by 2027 and $60 billion by 2030.

The newly appointed Chairman, Ahmadu Musa Kida, hails from Borno State. A graduate of Ahmadu Bello University, Zaria, with a degree in Civil Engineering, Kida also obtained a postgraduate diploma in Petroleum Engineering from the Institut Francais du Petrol (IFP) in Paris.

His career in the oil sector spans decades, beginning at Elf Petroleum Nigeria before moving to Total Exploration and Production.

He rose to the position of Deputy Managing Director of Deep Water Services at Total Nigeria in 2015 and most recently served as an Independent Non-Executive Director at Pan Ocean-Newcross Group.

Outside the energy sector, Kida is known for his tenure as the president of the Nigerian Basketball Federation (NBBF).

The new Group CEO, Bashir Bayo Ojulari, is from Kwara State. Before his appointment, he was Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company.

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His company recently led a landmark $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).

A Mechanical Engineering graduate from Ahmadu Bello University, Zaria, Ojulari has worked with Elf Aquitaine and Shell Petroleum Development Company, where he served in various capacities in Nigeria, Europe, and the Middle East.

In 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).

He is also a fellow of the Nigerian Society of Engineers and has held leadership roles in the Society of Petroleum Engineers (SPE Nigeria Council).

President Tinubu expressed his appreciation for the contributions of the outgoing board members, particularly for their role in the rehabilitation of the Port Harcourt and Warri refineries, which led to their reactivation after prolonged inactivity. He wished them success in their future endeavors.

This bold restructuring signals the Tinubu administration’s commitment to overhauling the oil sector and positioning NNPC Limited as a globally competitive energy company.

The industry and investors will now closely watch how the new leadership executes its mandate to drive growth, efficiency, and sustainability in Nigeria’s oil and gas sector.