President Bola Tinubu has announced a major restructuring of the Nigerian National Petroleum Company (NNPC) Limited, removing Mele Kyari as Group Chief Executive Officer (GCEO) and dissolving the company’s board.
In a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the decision was attributed to the need for enhanced efficiency, investor confidence, and a more commercially viable NNPC. The shake-up takes effect immediately.
Bayo Ojulari has been appointed as the new GCEO, while Ahmadu Musa Kida takes over as the Non-Executive Chairman, replacing Pius Akinyelure. Adedapo Segun has also been confirmed as the Chief Financial Officer (CFO).
To ensure regional representation, six non-executive directors were appointed from Nigeria’s geopolitical zones:
North-West: Bello Rabiu
North-East: Yusuf Usman
North-Central: Babs Omotowa (former MD of NLNG)
South-South: Austin Avuru
South-West: David Ige
South-East: Henry Obih
Additionally, Lydia Shehu Jafiya from the Ministry of Finance and Aminu Said Ahmed from the Ministry of Petroleum Resources will represent their ministries on the board.
President Tinubu emphasized that this restructuring is part of a broader strategy to transform NNPC into a transparent, commercially driven entity. The administration aims to attract $30 billion in oil sector investments by 2027 and $60 billion by 2030.
Increasing crude oil production to 2 million barrels per day by 2027 and 3 million by 2030.
Boosting gas production to 8 billion cubic feet per day by 2027 and 10 billion by 2030.
Raising NNPC’s crude oil refining capacity to 200,000 barrels per day by 2027 and 500,000 barrels by 2030.
Ojulari, an experienced petroleum engineer, hails from Kwara State. He began his career at Elf Aquitaine before joining Shell Petroleum Development Company in 1991. His expertise spans petroleum process engineering, strategic planning, and field development.
From 2015 to 2020, he served as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo). Before his latest appointment, he was Executive Vice President and COO at Renaissance Africa Energy Company, which recently acquired Shell Petroleum Development Company of Nigeria (SPDC) for $2.4 billion.
President Tinubu commended the outgoing board members for their efforts, particularly in rehabilitating the Warri and Port Harcourt refineries. He expressed confidence in the new leadership’s ability to reposition NNPC for greater success.
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