President Tinubu Reconstitutes NNPC Limited Board

President Bola Ahmed Tinubu has approved a comprehensive reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, leading to the removal of Chief Pius Akinyelure as chairman and Mallam Mele Kolo Kyari as Group Chief Executive Officer.

According to a release by the Special Adviser to the President on Information & Strategy, Bayo On Amiga all other board members appointed alongside Akinyelure and Kyari in November 2023 have also been relieved of their duties.

Exercising powers under Section 59, Subsection 2 of the Petroleum Industry Act, 2021, President Tinubu emphasized that the restructuring aims to enhance operational efficiency, restore investor confidence, boost local content, drive economic growth, and advance gas commercialization and diversification.

Since 2023, the Tinubu administration has pursued oil sector reforms to attract investment. Last year, NNPC secured $17 billion in new sector investments, with a target of increasing this to $30 billion by 2027 and $60 billion by 2030.

“The administration also aims to raise oil production to two million barrels per day by 2027 and three million by 2030, while targeting gas production increases to eight billion cubic feet daily by 2027 and ten billion cubic feet by 2030”.

The newly constituted 11-member board features Engineer Bashir Bayo Ojulari as Group CEO and Ahmadu Musa Kida as Non-Executive Chairman.

Additionally, Adedapo Segun, who replaced Umaru Isa Ajiya as Chief Financial Officer last November, has been appointed to the new board by President Tinubu.

Representing the country’s geopolitical zones as non-executive directors are:
- Bello Rabiu (North West)
- Yusuf Usman (North East)
- Babs Omotowa, former Managing Director of Nigerian Liquefied Natural Gas (NLNG) (North Central)
- Austin Avuru (South-South)
- David Ige (South West)
- Henry Obih (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.

All appointments take effect immediately, as of April 2, 2025.

Additionally, President Tinubu expects the new board to enhance NNPC’s crude oil refining capacity to 200,000 barrels per day by 2027 and 500,000 by 2030.

The President has tasked the new board with conducting a strategic portfolio review of NNPC-operated and joint venture assets to ensure alignment with value maximization objectives.

President Tinubu also expressed gratitude to the former board members for their dedicated service, particularly in rehabilitating the Port Harcourt and Warri refineries, which enabled the resumption of petroleum product production after prolonged shutdowns. He wished them success in their future endeavors.