President Bola Tinubu has dismissed the board of the Nigerian National Petroleum Company (NNPC), including its Group Chief Executive Officer, Mele Kyari, and Board Chairman, Pius Akinyelure.
- President Bola Tinubu has dismissed the board of the Nigerian National Petroleum Company (NNPC).
- The decision is based on the need for enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC.
- The new board has been handed a strategic action plan, including a review of NNPC-operated and Joint Venture Assets.
President Bola Tinubu has dismissed the board of the Nigerian National Petroleum Company (NNPC), including its Group Chief Executive Officer, Mele Kyari, and Board Chairman, Pius Akinyelure.
The announcement was made early Wednesday morning in a statement posted on X by presidential spokesperson Bayo Onanuga.
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President Tinubu, invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, cited the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC” for his decision to dissolve the Nigerian National Petroleum Company (NNPC) board.
As part of the NNPC board overhaul, Bayo Ojulari has been appointed as the new Group Chief Executive Officer (GCEO), replacing Mele Kyari.
Additionally, Ahmadu Musa Kida has been named the non-executive chairman, succeeding Pius Akinyelure, while Adedapo Segun has been confirmed as the company’s new Chief Financial Officer (CFO).
“This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices. We are taking bold steps to transform the company into a more commercially driven and transparent entity,” the statement reads.
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Geopolitical inclusivity
In line with the PIA, President Bola Tinubu has also appointed six non-executive directors to the NNPC board, ensuring representation from the country’s geopolitical zones.
They include Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa, a former Managing Director of Nigerian Liquefied Natural Gas (NLNG), representing North Central.
President Tinubu appointed Austin Avuru as a non-executive director from the South-South, David Ige as a Non-executive director from the South West, and Henry Obih as a non-executive director from the South East.
Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
Nigeria’s energy ambitions
President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030. Since 2023, the Tinubu administration has implemented oil sector reforms to attract investment.
Last year, NNPC reported $17 billion in new investments within the sector. The administration now envisions increasing the investment to $30 billion by 2027 and $60 billion by 2030.
The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million daily by 2030. Concurrently, the government wants gas production jacked to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
