President Tinubu Reshuffles NNPC Board

In a major shake-up of the Nigerian National Petroleum Company Limited (NNPCL), President Bola Tinubu has announced the removal of the board chairman, Pius Akinyelure, and Group Chief Executive Officer (GCEO), Mele Kyari. This decision comes as part of a sweeping reorganization aimed at improving the company’s operations and strategic direction.

Bashir Ojulari has been appointed as the new Group CEO, effective April 2, 2025. The development was confirmed in a statement issued by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, early Wednesday. The statement, titled “President Tinubu Reconstitutes NNPC Limited Board, Appoints New Chairman, Group CEO,” revealed that the reorganization also saw the removal of all other board members appointed alongside Akinyelure and Kyari in November 2023.

The newly restructured 11-member board now includes Engineer Bashir Bayo Ojulari as Group CEO and Ahmadu Musa Kida as the non-executive chairman. Adedapo Segun, who had replaced Umaru Ajiya as the CFO in November 2023, also joined the new board. Six non-executive directors representing various geopolitical zones of the country have been appointed to ensure a broader regional perspective.

The new non-executive directors include Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa, former MD of Nigerian Liquefied Natural Gas (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East)

Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Ahmed, representing the Ministry of Petroleum Resources, have been appointed to the board.

All appointments took effect on April 2, 2025. The restructuring, according to President Tinubu, is aimed at improving operational efficiency, restoring investor confidence, promoting local content, and boosting gas commercialization and diversification.

The President emphasized the importance of the new board conducting a strategic portfolio review of NNPC’s operations and joint venture assets to ensure alignment with maximization objectives.

Mele Kyari  leaves a legacy marred by allegations of corruption and mismanagement, which have overshadowed his accomplishments.

Kyari was accused of failing to remit funds to the Federation Account, with reports suggesting that NNPCL withheld significant revenues for several months. Further accusations point to fraud, embezzlement, and the misallocation of billions of dollars intended for the country’s oil sector. These claims have raised concerns about transparency, with some alleging shady dealings in pipeline surveillance contracts and fuel subsidy schemes.

Kyari’s leadership was criticized for inconsistent policies and the failure to address fuel shortages and skyrocketing prices, which have exacerbated the economic difficulties faced by ordinary Nigerians.

Since taking office in 2023, the Tinubu administration has pushed forward with oil sector reforms, including attracting $17 billion in new investments in 2024. The government plans to increase this investment to $30 billion by 2027 and $60 billion by 2030, alongside increasing oil production to two million barrels per day by 2027 and three million by 2030. The administration also aims to increase gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.

In his statement, President Tinubu also thanked the outgoing board members for their dedicated service, particularly their efforts in revitalizing the Port Harcourt and Warri refineries, which have resumed production after long shutdown periods.

The President wished the former board members well in their future endeavors.