President Bola Tinubu reshuffles NNPC Limited board to enhance operational efficiency and boost investor confidence in Nigeria’s oil sector

On April 2, 2025, President Bola Ahmed Tinubu announced a major restructuring of the Nigerian National Petroleum Company (NNPC) Limited board, marking a significant step towards enhancing the operational efficiency of the country’s oil sector.

Also read: NNPC’s crude sales reach $21.5 billion amid crippling domestic supply shortages

This reshuffle comes as part of the Tinubu administration’s ongoing efforts to revitalise Nigeria’s oil and gas industry, attract investment, and stimulate economic growth.

The restructuring sees the removal of Chief Pius Akinyelure and Mallam Mele Kolo Kyari, who served as chairman and group CEO of the board, respectively. The decision also affects all other members who were appointed alongside them in November 2023.

In a press statement released by the Presidency, it was revealed that the newly constituted 11-man board will be headed by Ahmadu Musa Kida as the non-executive chairman and Engineer Bashir Bayo Ojulari as the group CEO.

Additionally, Adedapo Segun, who assumed the role of Chief Financial Officer in November 2023, remains a key member of the new board.

The new board will also include six non-executive directors, each representing one of 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).

The inclusion of these directors aims to ensure a balanced representation of Nigeria’s diverse regions in key decision-making processes.

The restructuring has been described as a critical measure to improve operational performance at NNPC and rebuild investor confidence in Nigeria’s oil sector.

The press release, signed by Bayo Onanuga, Special Adviser to the President on Information & Strategy, noted that the restructuring aligns with the broader goals of boosting local content, advancing gas commercialisation, and diversifying the country’s energy portfolio.

In line with these changes, President Tinubu outlined a clear action plan for the new board. The immediate focus will be conducting a comprehensive strategic portfolio review of NNPC-operated and joint venture assets.

This review aims to maximise value and streamline operations in line with Nigeria’s broader energy goals.

The administration also continues its commitment to attracting significant investments to the oil sector. Following last year’s $17 billion investment in the sector, the government now targets $30 billion in investments by 2027 and $60 billion by 2030.

These investments are expected to drive Nigeria’s oil production to two million barrels per day by 2027 and three million barrels per day by 2030. Additionally, gas production is projected to rise to 8 billion cubic feet per day by 2027 and 10 billion cubic feet by 2030.

In terms of refining, the new board will work towards increasing NNPC’s share of crude oil refining output to 200,000 barrels per day by 2027, with an eventual goal of 500,000 barrels per day by 2030.

Ahmadu Musa Kida, the new non-executive chairman, hails from Borno State. A civil engineering graduate from Ahmadu Bello University, Zaria, Kida’s career spans decades in the oil industry.

He started at Elf Petroleum Nigeria and later joined Total Exploration and Production. Kida also served as the Deputy Managing Director of Total Nigeria’s Deep Water Services in 2015 and is a former president of the Nigerian Basketball Federation (NBBF).

Engineer Bashir Bayo Ojulari, the new group CEO, brings a wealth of experience to his role. A Mechanical Engineering graduate from Ahmadu Bello University, Ojulari has held significant positions in the oil sector, including managing director of Shell Nigeria Exploration and Production Company (SNEPCO).

He also played a key role in Renaissance Africa Energy’s acquisition of Shell Petroleum Development Company’s (SPDC) assets in Nigeria, a transaction valued at $2.4 billion.

Both Kida and Ojulari’s appointments are expected to guide NNPC through its next phase of growth and operational efficiency.

In his statement, President Tinubu also extended his gratitude to the outgoing board members for their contributions, particularly for their role in rehabilitating the Port Harcourt and Warri refineries, which have now resumed production after long periods of shutdown.

The President wished the former board members well in their future endeavours and expressed confidence that the new team would successfully drive the country’s energy sector towards greater sustainability and global competitiveness.

This reshuffle is part of a broader strategic effort to reform Nigeria’s oil sector, with an emphasis on boosting transparency, efficiency, and long-term growth.

Also read: Tinubu approves two Nnew federal universities in Osun, Ekiti

The new board’s efforts will play a pivotal role in shaping the future of Nigeria’s energy landscape, supporting both local and international investments.

Source: Read more at thecable.ng