President Tinubu has succumbed to the general outcry for overhaul of the present NNPC Board led by Mr Kyari . Confirming the overhaul in a statement made available to BVI Channel 1, the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, said the President dissolved the NNPCL Board and appointed Mr. Bayo Ojulari as Kyari’s replacement, effective from Wednesday, April 2, 2025.
According to him, President Tinubu also appointed Ahmadu Musa Kida as NNPC’s new non-executive Chairman, replacing Pius Akinyelure, and also announced Adedapo Segun as the Company’s Chief Financial Officer (CFO).
Onanuga said, the President, in line with the Petroleum Industry Act (PIA), also appointed six non-executive directors from each geopolitical zone, who include: Henry Obih representing the south-east, Bello Rabiu from the north-west, and Yusuf Usman from the north-east. Others, he said, include Babs Omotowa, a former Managing Director of the Nigerian Liquefied Natural Gas (NLNG), for the north-central, Austin Avuru for the south-south, and David Ige for the south-west.
He further announced that the Permanent Secretary of the Federal Ministry of Finance, Lydia Shehu Jafiya, and Aminu Said Ahmed of the Ministry of Petroleum Resources will represent their respective ministries on the new Board.
Onanuga cited need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC” as the reason Tinubu invoked his powers under section 59(2) of the Petroleum Industry Act (PIA) 2021 to carry out the sweeping reconstitution and shake-off
“This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices. We are taking bold steps to transform the company into a more commercially driven and transparent entity,” he stated.
He reiterated that the changes are with immediate effect, adding that the new Board has been handed a strategic action plan, which includes a “review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives”.
It was further gathered Onanuga that Tinubu, who has prioritised investment-driven reforms in the oil sector, highlighted that since 2023, his administration has attracted $17 billion in new investments and is now targeting $30 billion by 2027and $60 billion by 2030.
According to him, the government also aims to raise crude oil production to two million barrels daily by 2027 and three million by 2030, alongside a gas production goal of 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
“Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030,” he added, further stating that the administration has prioritised domestic refining capacity to reduce reliance on fuel imports and strengthen Nigeria’s energy security.
Concluding, he said “President Tinubu thanked the old board members for their dedicated service to NNPC Limited, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries, which enabled them to resume petroleum product production after prolonged shutdowns. He wished them well in their future endeavours.”
It was gathered that the new Group CEO of NNPCL, Ojulari, who hails from Kwara State, obtained a degree in Mechanical Engineering from the prestigious Ahmadu Bello University, Zaria.
He started his career at Elf Aquitaine before joining the Shell Petroleum Development Company in 1991 as an associate production technologist.
His expertise spans petroleum process engineering, strategic planning, and field development, having worked across Europe and the Middle East.
In 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).
Until his latest appointment, he was executive vice-president and chief operating officer at Renaissance Africa Energy Company, leading a consortium that recently acquired Shell Petroleum Development Company of Nigeria (SPDC) for $2.4 billion.
On his own side, Kida, the new non-executive Chairman of NNPCL brings over three decades of experience in the oil and gas sector. Also a graduate of the Ahmadu Bello University, Zaria, where he earned a degree in Civil Engineering, he has a Postgraduate Diploma in Petroleum Engineering from the Institut Francaise du Petrol (IFP) in Paris.
He began his career at Elf Petroleum Nigeria before moving to Total Exploration and Production, where he rose to become Deputy Managing Director of Deep Water Services in 2015. He most recently served as an independent non-executive Director at Pan Ocean-Newcross Group, before his latest appointment by President Tinubu.
It would be recalled that many independent groups, including the Arewa Democratic Front (ADF), has repeatedly called and mounted pressure on President Tinubu to sack, arrest and investigate Mele Kyari as NNPCL Boss, citing many reasons, such as incompetence, inefficiency, corruption, 6 trillion PMS subsidy debt and persistent fuel crisis, among others.
The groups had further demanded that Kyari, after sack, be held accountable for his actions and, if found guilty, be prosecuted and made to face the fullest weight of the law.
