By Abel Johngold Orheruata
In a major shake-up aimed at revitalizing Nigeria’s oil and gas sector, President Bola Ahmed Tinubu has reconstituted the board of the Nigerian National Petroleum Company (NNPC) Limited, appointing new leadership to steer the company toward enhanced efficiency and increased investments.
The restructuring, announced on April 2, saw the removal of the previous chairman, Chief Pius Akinyelure, and the Group Chief Executive Officer, Mallam Mele Kolo Kyari, along with other board members appointed in November 2023.
In their place, President Tinubu has appointed Engineer Bashir Bayo Ojulari as the new Group CEO, while Ahmadu Musa Kida assumes the role of Non-Executive Chairman. The new 11-member board also includes Adedapo Segun as the Chief Financial Officer and six non-executive directors representing Nigeria’s geopolitical zones:
- Bello Rabiu – North West
- Yusuf Usman – North East
- Babs Omotowa – North Central
- Austin Avuru – South South
- David Ige – South West
- Henry Obih – South East
Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed, representing the Ministry of Petroleum Resources, complete the new board lineup.
Citing Section 59(2) of the Petroleum Industry Act (PIA) 2021, President Tinubu emphasized that the reconstitution was essential to boosting operational efficiency, restoring investor confidence, and accelerating gas commercialization and diversification efforts.
As part of their immediate mandate, the new board must conduct a strategic portfolio review of NNPC’s Joint Venture and operated assets to maximize value and improve performance.
The administration’s ambitious targets for Nigeria’s oil sector include:
- Increasing oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
- Expanding gas production to 8 billion cubic feet per day by 2027 and 10 billion cubic feet per day by 2030.
- Raising NNPC’s crude refining capacity to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.
Since taking office in 2023, Tinubu’s government has implemented various reforms aimed at attracting investment into the oil and gas industry, with NNPC securing $17 billion in new investments last year. The administration now seeks to expand this to $30 billion by 2027 and $60 billion by 2030.
A seasoned oil industry executive from Borno State, Kida holds a civil engineering degree from Ahmadu Bello University, Zaria, and a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris. He began his career at Elf Petroleum Nigeria before joining Total Exploration and Production, where he rose to become the Deputy Managing Director of Deep Water Services in 2015. In 2023, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group. Kida is also a former basketballer and president of the Nigerian Basketball Federation (NBBF).
Ojulari, from Kwara State, was previously the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His company led the landmark $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).
A graduate of Mechanical Engineering from Ahmadu Bello University, Zaria, Ojulari started his career at Elf Aquitaine before moving to Shell Petroleum Development Company of Nigeria Ltd in 1991. He held various senior positions across Europe and the Middle East before becoming the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO) in 2015. He is also a fellow of the Nigerian Society of Engineers and has served as chairman of the board of trustees for the Society of Petroleum Engineers (SPE Nigerian Council).
President Tinubu expressed gratitude to the outgoing board members for their dedication, particularly in the rehabilitation of the Port Harcourt and Warri refineries, which resumed production after extended shutdowns. He urged the new board to build on these achievements and drive Nigeria’s oil and gas sector toward global competitiveness.
With this strategic overhaul, the Tinubu administration aims to strengthen NNPC’s role as a key driver of economic growth, energy security, and investment in Nigeria’s petroleum industry.
