In a major shake-up of Nigeria’s oil industry, President Bola Tinubu has removed Mele Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL). This decision also saw the dismissal of the board chairman, Pius Akinyelure, and all board members appointed in November 2023.
The restructuring, which was announced on Wednesday, April 2, was confirmed in a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga. According to the statement, Tinubu appointed Engr. Bashir Bayo Ojulari as the new Group CEO, with Ahmadu Musa Kida assuming the role of non-executive chairman.
The leadership overhaul comes amid unresolved tensions between NNPCL and Dangote Refinery. The state-owned oil company had previously agreed to supply crude oil to Dangote Refinery in naira, a move aimed at stabilizing the national currency and reducing fuel prices. However, this deal ended a month ago without renewal, leading to fuel price hikes as retailers turned to imports, while Dangote reverted to dollar-based transactions.
The newly reconstituted 11-member board includes key appointments from Nigeria’s six geopolitical zones. Notably, Adedapo Segun, who replaced Umaru Ajiya as Chief Financial Officer in November 2023, retains his position. The non-executive directors represent various regions:
- North West: Bello Rabiu
- North East: Yusuf Usman
- North Central: Babs Omotowa (former NLNG Managing Director)
- South-South: Austin Avuru
- South West: David Ige
- South East: Henry Obih
Additionally, Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, will represent her ministry, while Aminu Said Ahmed will act on behalf of the Ministry of Petroleum Resources.
President Tinubu cited Section 59 (2) of the Petroleum Industry Act (PIA) 2021 as the legal basis for the board’s restructuring. The move is expected to enhance operational efficiency, restore investor confidence, drive local content, and advance Nigeria’s gas commercialisation efforts.
Furthermore, Tinubu has mandated the new board to conduct a strategic review of NNPC-operated and joint venture assets to align with value maximisation goals. His administration aims to boost oil production to 2 million barrels per day by 2027 and 3 million barrels by 2030, while increasing gas production to 8 billion cubic feet per day by 2027 and 10 billion cubic feet by 2030.
Additionally, the government has set a target to refine at least 200,000 barrels of crude oil daily by 2027, with aspirations to reach 500,000 barrels per day by 2030.
Ahmadu Musa Kida (Chairman)
Hailing from Borno State, Kida is a seasoned oil industry expert and an alumnus of Ahmadu Bello University, Zaria, where he studied civil engineering. With a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol in Paris, he has held various leadership roles, including Deputy Managing Director of Deep Water Services at Total Nigeria. He has also served as an independent non-executive director at Pan Ocean-Newcross Group and is known for his contributions to Nigerian basketball.
Bashir Bayo Ojulari (Group CEO)
Ojulari, from Kwara State, previously served as Executive Vice President and Chief Operating Officer at Renaissance Africa Energy Company. He played a key role in leading a consortium that acquired Shell Petroleum Development Company of Nigeria for $2.4 billion. A graduate of mechanical engineering from Ahmadu Bello University, he began his career at Elf Aquitaine before moving to Shell, where he held various strategic positions, including Managing Director of Shell Nigeria Exploration and Production Company.
President Tinubu expressed appreciation for the contributions of the outgoing board members, particularly their efforts in rehabilitating the Port Harcourt and Warri refineries, which resumed petroleum production after extended downtime. He wished them success in their future endeavors.
