By Charles Maduka
President Bola Tinubu has relieved Mele Kyari of his duties as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, while also dissolving the company’s board.
The announcement, which takes immediate effect from April 2, 2025, was conveyed in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, in the early hours of Wednesday.
The President exercised his authority under Section 59(2) of the Petroleum Industry Act (PIA) 2021 to effect the sweeping changes, aimed at repositioning the NNPC for greater operational efficiency, improved investor confidence, and commercial viability.
As part of the restructuring, Tinubu appointed Bayo Ojulari as the new GCEO of NNPC Limited, replacing Kyari.
Similarly, Ahmadu Musa Kida has been named the new Non-Executive Chairman, taking over from Pius Akinyelure, while Adedapo Segun assumes the role of Chief Financial Officer (CFO).
In accordance with the PIA, the President also approved the appointment of six non-executive directors to represent the country’s geopolitical zones. They include 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).
Additionally, Lydia Shehu Jafiya, Permanent Secretary at the Federal Ministry of Finance, and Aminu Said Ahmed from the Ministry of Petroleum Resources will serve as representatives of their respective ministries on the board.
The statement emphasised that the restructuring is designed to drive NNPC towards global best practices, boosting productivity and efficiency.
The new board has been tasked with implementing a strategic action plan, including a comprehensive review of NNPC’s joint venture and operated assets to maximise value.
Since assuming office in 2023, Tinubu’s administration has attracted $17 billion in fresh investments into Nigeria’s oil and gas sector, with ambitious targets of $30 billion by 2027 and $60 billion by 2030.
The government also aims to ramp up crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.
Additionally, gas production is expected to hit eight billion cubic feet per day by 2027 and 10 billion cubic feet per day by 2030, while NNPC’s refining output is projected to increase to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.
The administration has reiterated its commitment to reducing Nigeria’s dependence on fuel imports by prioritising domestic refining capacity.
The newly appointed NNPC chairman, Ahmadu Musa Kida, brings over three decades of experience in the oil and gas industry.
A graduate of Ahmadu Bello University, Zaria, with a degree in civil engineering, he later obtained a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris.
Kida’s career began at Elf Petroleum Nigeria before moving to Total Exploration and Production, where he rose to the position of Deputy Managing Director of Deep Water Services in 2015.
His most recent role was as an independent non-executive director at Pan Ocean-Newcross Group.
Bayo Ojulari, the newly appointed GCEO, is a seasoned engineer from Kwara State.
A graduate of Ahmadu Bello University with a degree in mechanical engineering, he started his career at Elf Aquitaine before joining Shell Petroleum Development Company in 1991 as an associate production technologist.
Over the years, Ojulari has honed his expertise in petroleum process engineering, strategic planning, and field development, working across Europe and the Middle East.
He served as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) in 2015 and, until his recent appointment, was the Executive Vice-President and Chief Operating Officer at Renaissance Africa Energy Company, which recently acquired Shell Petroleum Development Company of Nigeria (SPDC) for $2.4 billion.
President Tinubu extended his gratitude to the outgoing NNPC board members for their service, particularly in overseeing the rehabilitation of the Port Harcourt and Warri refineries, which have recently resumed operations after prolonged inactivity.
He wished them well in their future endeavours.
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