President Bola Tinubu has undertaken a major restructuring of the Nigerian National Petroleum Company Limited (NNPCL), removing Chairman Pius Akinyelure and Group Chief Executive Officer Mele Kyari.
In their place, Tinubu appointed Bashir Bayo Ojulari as the new Group CEO, effective April 2, 2025. This announcement was made by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, in a statement titled “President Tinubu Reconstitutes NNPC Limited Board, Appoints New Chairman, Group CEO.”
“All other board members appointed alongside Akinyelure and Kyari in November 2023 have also been removed,” the statement noted.
The newly constituted 11-member board includes Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the non-executive chairman. Adedapo Segun, who replaced Umaru Ajiya as Chief Financial Officer in November 2024, has also been retained on the new board.
Six non-executive directors will represent Nigeria’s geopolitical zones:
• North West:Bello Rabiu
• North East:Yusuf Usman
• North Central:Babs Omotowa (former Managing Director of Nigeria Liquefied Natural Gas)
• South-South:Austin Avuru
• South West:David Ige
• South East:Henry Obih
Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry, while Aminu Ahmed will represent the Ministry of Petroleum Resources.
All appointments take effect immediately.
Tinubu’s Vision for NNPCL’s Future
President Tinubu invoked Section 59, Subsection 2 of the Petroleum Industry Act (2021) to justify the board’s overhaul, citing the need to enhance operational efficiency, restore investor confidence, boost local content, drive economic growth, and expand gas commercialization.
He has directed the new board to conduct a “strategic portfolio review” of NNPC’s assets to ensure alignment with value-maximization objectives.
Since 2023, the Tinubu administration has pursued extensive reforms in the oil and gas sector. In 2024 alone, NNPCL reported $17 billion in new investments. The government now aims to increase that figure to $30 billion by 2027 and $60 billion by 2030.
Production targets include:
• Oil:2 million barrels per day (bpd) by 2027, 3 million bpd by 2030
• Gas:8 billion cubic feet per day (bcf/d) by 2027, 10 bcf/d by 2030
• Refining Output:200,000 barrels per day by 2027, rising to 500,000 by 2030
Profiles of the New NNPCL Leaders
Ahmadu Musa Kida – Non-Executive Chairman
A native of Borno State, Kida holds a Civil Engineering degree from Ahmadu Bello University, Zaria, and a postgraduate diploma in Petroleum Engineering from the Institut Francaise du Petrol in Paris.
He started his career at Elf Petroleum Nigeria before joining Total Exploration and Production in 1985. By 2015, he had risen to Deputy Managing Director of Deep Water Services at Total Nigeria. In 2024, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group.
Beyond the oil industry, Kida is a former basketball player and a past President of the Nigerian Basketball Federation.
Bashir Bayo Ojulari – Group CEO
Ojulari, a Kwara State native, was previously the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. Under his leadership, Renaissance led a consortium in acquiring Shell Petroleum Development Company of Nigeria (SPDC) in a landmark $2.4 billion deal.
An alumnus of Ahmadu Bello University, Zaria, Ojulari earned a degree in Mechanical Engineering. He started as the first Nigerian process engineer at Elf Aquitaine before joining Shell Petroleum Development Company in 1991.
His career has spanned roles in Nigeria, Europe, and the Middle East, including positions as a petroleum process and production engineer, strategic planner, field developer, and asset manager. In 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo).
Ojulari is a fellow of the Nigerian Society of Engineers and has served on the board of trustees of the Society of Petroleum Engineers (SPE Nigeria Council).
Appreciation for the Former Board Members
President Tinubu expressed gratitude to the outgoing board members for their service, particularly their efforts in rehabilitating the Port Harcourt and Warri refineries, which resumed operations after extended shutdowns. He wished them success in their future endeavors.
