President Tinubu Restructures NNPC Board, Appoints New Leadership

President Bola Tinubu has reconstituted the board of the Nigerian National Petroleum Company (NNPC) Limited, removing Group Chief Executive Officer Mallam Mele Kolo Kyari and board chairman Chief Pius Akinyelure, along with all other board members appointed in November 2023.

The new board will be led by Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the non-executive chairman. Adedapo Segun has been appointed as the Chief Financial Officer, while new non-executive directors have been appointed to represent the country’s geopolitical zones.

President Tinubu emphasized that the restructuring aligns with Section 59(2) of the Petroleum Industry Act (PIA) 2021, aiming to enhance operational efficiency, boost local content, restore investor confidence, and advance gas commercialization and diversification.

The new board has been tasked with conducting a strategic portfolio review of NNPC-operated and joint venture assets, aligning operations with value maximization objectives, and increasing oil and gas production.

The administration targets raising oil production to two million barrels daily by 2027 and three million by 2030 while expanding gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.

President Tinubu acknowledged the dedication of the outgoing board members, particularly their efforts in reviving the old Port Harcourt and Warri refineries, and wished them well in their future endeavors.