Abuja, Nigeria – April 2, 2025 – President Bola Tinubu has removed the Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and the company’s chairman, Pius Akinyelure, along with other board members. The president has appointed a new 11-member board to lead the company, with Bashir Bayo Ojulari as the new Group CEO and Ahmadu Musa Kida as non-executive chairman.
A statement by presidential spokesman Bayo Onanuga confirmed the changes, stating that all previous board members appointed in November 2023 have been removed.
The newly appointed board includes representatives from Nigeria’s six geopolitical zones:
- North West – Bello Rabiu
- North East – Yusuf Usman
- North Central – Babs Omotowa (former Managing Director of Nigeria LNG)
- South-South – Austin Avuru
- South West – David Ige
- South East – Henry Obih
Additionally, Adedapo Segun has been appointed as Chief Financial Officer (CFO). Mrs Lydia Shehu Jafiya, the Permanent Secretary of the Ministry of Finance, and Aminu Said Ahmed, representing the Ministry of Petroleum Resources, will also serve on the board.
President Tinubu made the changes using the Petroleum Industry Act of 2021, stating that the new leadership is necessary to improve efficiency, boost investor confidence, support economic growth, and expand Nigeria’s oil and gas sector.
The president has given the new board a clear mandate to review NNPC’s operations and ensure its projects deliver maximum value.
The Tinubu administration aims to attract $30 billion in investments in the oil sector by 2027 and $60 billion by 2030. It also plans to:
- Increase oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
- Expand gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet daily by 2030.
- Boost local oil refining capacity to 200,000 barrels daily by 2027 and 500,000 barrels daily by 2030.
The newly appointed board is expected to implement these goals and ensure that NNPCL remains a key driver of Nigeria’s economic growth.
