In a major shake-up of the Nigerian National Petroleum Company Limited (NNPCL), President Bola Tinubu has dismissed Chairman Pius Akinyelure and Group Chief Executive Officer Mele Kyari, appointing Bashir Ojulari as the new CEO, effective April 2, 2025.
The announcement was made by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, in a statement titled, “President Tinubu Reconstitutes NNPC Limited Board, Appoints New Chairman, Group CEO.” As part of the overhaul, all board members appointed alongside Akinyelure and Kyari in November 2023 were also removed. The newly constituted 11-member board includes Ahmadu Musa Kida as non-executive chairman and Adedapo Segun as chief financial officer.
The restructured board also features 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, Lydia Shehu Jafiya from the Federal Ministry of Finance and Aminu Ahmed from the Ministry of Petroleum Resources will serve as board representatives.
President Tinubu invoked Section 59(2) of the Petroleum Industry Act, 2021, to justify the restructuring, stating that the move aims to enhance operational efficiency, boost investor confidence, drive economic growth, and accelerate gas commercialisation and diversification.
The President tasked the new board with conducting a strategic review of NNPCL’s joint venture assets to maximise value. His administration has been pushing for oil sector reforms, securing $17 billion in new investments in 2024, with a target of $30 billion by 2027 and $60 billion by 2030.
NNPCL’s New Leadership
The new chairman, Ahmadu Musa Kida, is a civil engineer and oil industry veteran. An alumnus of Ahmadu Bello University, Zaria, he has held key positions at Elf Petroleum, Total Exploration & Production, and Pan Ocean-Newcross Group.
The newly appointed Group CEO, Bashir Ojulari, hails from Kwara State and has extensive experience in the oil and gas sector. Before his appointment, he was Executive Vice President and Chief Operating Officer at Renaissance Africa Energy Company, leading a $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria.
Ojulari, a mechanical engineering graduate from Ahmadu Bello University, has held senior positions at Elf Aquitaine, Shell Petroleum Development Company, and Shell Nigeria Exploration and Production Company.
A New Era for Nigeria’s Oil Sector
President Tinubu acknowledged the contributions of the outgoing board, particularly in rehabilitating the Port Harcourt and Warri refineries, which recently resumed operations after extended shutdowns.
With the new leadership, the administration aims to boost oil production to 2 million barrels per day by 2027 and 3 million by 2030, while increasing gas output to 8 billion cubic feet per day by 2027 and 10 billion by 2030.
The new board is also expected to expand NNPCL’s refining capacity, targeting 200,000 barrels per day by 2027 and 500,000 barrels by 2030.
