President Tinubu Dismisses NNPCL CEO Mele Kyari, Restructures Board with Bayo Ojulari at the Helm.

President Bola Tinubu has announced a major reshuffle within the Nigerian National Petroleum Company Limited (NNPCL), removing the Group CEO Mele Kyari along with chairman Chief Pius Akinyelure and all other board members appointed alongside them in November 2023.

In their place, Tinubu has appointed Engineer Bashir Bayo Ojulari as the new Group CEO, with Ahmadu Musa Kida taking the role of non-executive chairman. The new board comprises 11 members, including Adedapo Segun, who has been retained from the previous administration as chief financial officer.

To ensure representation across Nigeria’s geopolitical zones, six non-executive directors have been appointed: Bello Rabiu for the North West, Yusuf Usman for the North East, and Babs Omotowa, former MD of Nigerian Liquefied Natural Gas (NLNG), for North Central.

From the South, Austin Avuru represents the South-South, David Ige serves the South West, and Henry Obih represents the South East. Additionally, Mrs. Lydia Shehu Jafiya will represent the Federal Ministry of Finance, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.

Effective immediately, the president cited Section 59, subsection 2 of the Petroleum Industry Act of 2021 as the basis for these changes, aiming to enhance operational efficiency, attract investments, and drive economic growth.

An immediate action plan has been issued to the new board, focusing on a strategic review of NNPC’s assets to maximize value.Since the start of Tinubu’s administration, significant oil sector reforms have led to $17 billion in new investments, with ambitions to raise that to $30 billion by 2027 and $60 billion by 2030.

The administration’s goals include increasing oil production to two million barrels daily by 2027 and three million by 2030, while also ramping up gas production and refining output in the coming years.