By Hagxy Don
President Bola Ahmed Tinubu has dismissed Mallam Mele Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited in a major shake-up of the oil sector. Chief Pius Akinyelure was also removed as board chairman, along with all other board members appointed in November 2023.
The reconstituted 11-member board now has Ahmadu Musa Kida as the new non-executive chairman and Engineer Bashir Bayo Ojulari as the Group CEO. Adedapo Segun retains his role as Chief Financial Officer, while new non-executive directors representing Nigeria’s geopolitical zones include Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). Mrs. Lydia Shehu Jafiya and Aminu Said Ahmed will represent the Ministries of Finance and Petroleum Resources, respectively.
President Tinubu, exercising his powers under the Petroleum Industry Act, 2021, emphasized that the restructuring is necessary to restore investor confidence, enhance efficiency, and drive economic growth. The new board is tasked with reviewing NNPC’s joint venture assets, boosting local content, and expanding gas commercialization.
Since 2023, Tinubu’s administration has attracted $17 billion in oil sector investments, with a target of $30 billion by 2027 and $60 billion by 2030. Oil production is expected to hit two million barrels per day by 2027 and three million by 2030, while gas production is projected to reach 10 billion cubic feet daily by 2030.
Kida, the new chairman, has decades of experience in the oil sector, having worked with Elf Petroleum, Total Nigeria, and Pan Ocean-Newcross Group. Ojulari, the new Group CEO, previously led Renaissance Africa Energy and played a key role in the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria.
President Tinubu thanked the outgoing board members for their contributions, particularly their efforts in rehabilitating the Port Harcourt and Warri refineries, and wished them success in their future endeavors.