In a major shake-up of Nigeria’s oil sector governance, President Bola Ahmed Tinubu has approved the reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, appointing new leadership to steer the state-owned oil company towards increased efficiency, investor confidence, and sectoral reforms. The restructuring sees the removal of the previous board, including its chairman, Chief Pius Akinyelure, and the group chief executive officer, Mallam Mele Kolo Kyari.
The newly appointed 11-member board, effective April 2, 2025, includes Engineer Bashir Bayo Ojulari as the new Group CEO and Ahmadu Musa Kida as the non-executive chairman. The changes come as part of the President’s broader strategy to reposition NNPC Limited to maximize national oil and gas assets, improve domestic refining capacity, and strengthen Nigeria’s global energy footprint.
A Strategic Overhaul for Nigeria’s Oil and Gas Future
Invoking Section 59, Subsection 2 of the Petroleum Industry Act (PIA) 2021, President Tinubu underscored that the board’s restructuring aligns with his administration’s vision for economic transformation through energy sector reforms. The President emphasized that the new leadership is expected to enhance operational efficiency, restore investor confidence, bolster local content participation, drive economic growth, and accelerate gas commercialization and diversification.
The new board includes:
The new board includes:
- Group CEO: Engineer Bashir Bayo Ojulari
- Non-Executive Chairman: Ahmadu Musa Kida
- Chief Financial Officer: Adedapo Segun (retained from the previous board)
- Non-Executive Directors (Geopolitical Representation):
- Bello Rabiu (North West)
- Yusuf Usman (North East)
- Babs Omotowa (North Central, former MD of NLNG)
- Austin Avuru (South-South)
- David Ige (South West)
- Henry Obih (South East)
- Government Representatives:
- Mrs. Lydia Shehu Jafiya (Federal Ministry of Finance)
- Aminu Said Ahmed (Ministry of Petroleum Resources)
An Ambitious Agenda for Energy Growth
The newly constituted board has been tasked with executing an ambitious agenda that aligns with Nigeria’s broader economic and energy transition goals. Among its top priorities, the board must conduct a strategic portfolio review of NNPC’s operated and joint venture assets to ensure they align with value maximization objectives.
Since assuming office in 2023, the Tinubu administration has aggressively pushed for oil sector reforms to attract investments. The government reported $17 billion in new oil sector investments last year, with a vision to increase this to $30 billion by 2027 and $60 billion by 2030.
To bolster energy security and economic development, the administration has set ambitious production targets:
- Crude Oil: Increase daily production to 2 million barrels by 2027 and 3 million barrels by 2030.
- Natural Gas: Boost production to 8 billion cubic feet per day by 2027 and 10 billion cubic feet per day by 2030.
- Domestic Refining Capacity: Expand NNPC’s share of crude oil refining to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030 to reduce Nigeria’s dependence on fuel imports.
Profiles of Key Appointees
Ahmadu Musa Kida (Non-Executive Chairman)
A seasoned oil industry professional, Kida hails from Borno State and holds a civil engineering degree from Ahmadu Bello University, Zaria. He later earned a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris. He started his career at Elf Petroleum Nigeria before joining Total Exploration and Production in 1985. Rising through the ranks, he served as Deputy Managing Director of Deep Water Services at Total Nigeria in 2015. In addition to his energy sector experience, Kida has been a significant figure in Nigerian sports, serving as President of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari (Group CEO)
Ojulari, from Kwara State, has had an extensive career in the oil and gas industry. Before this appointment, he was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company, which recently led a consortium in acquiring Shell Petroleum Development Company of Nigeria (SPDC) in a landmark $2.4 billion deal.
An alumnus of Ahmadu Bello University, Zaria, Ojulari began his career as a process engineer at Elf Aquitaine before joining Shell Petroleum Development Company of Nigeria in 1991. Over the years, he held various international roles across Europe and the Middle East, specializing in petroleum engineering, asset management, and strategic planning. In 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). Ojulari is also a fellow of the Nigerian Society of Engineers and a former board trustee member of the Society of Petroleum Engineers (SPE Nigerian Council).
Acknowledging the Outgoing Board
President Tinubu expressed gratitude to the outgoing board members for their contributions to NNPC Limited, particularly in advancing refinery rehabilitation projects in Port Harcourt and Warri, which have led to the resumption of petroleum product production after prolonged shutdowns. He commended their role in laying the groundwork for Nigeria’s ongoing energy transition and investment mobilization efforts.
A Defining Moment for Nigeria’s Energy Sector
With Nigeria’s oil sector facing challenges such as fluctuating global oil prices, divestment from international oil companies, and domestic production constraints, the reconstitution of the NNPC board marks a critical moment in the country’s energy strategy.
The new leadership is expected to accelerate reforms, strengthen NNPC’s commercial viability, and reposition the company as a globally competitive energy player. Their ability to navigate these challenges and execute Tinubu’s strategic vision will significantly impact Nigeria’s economic stability and energy security in the coming years.
As the new board assumes office, stakeholders—ranging from investors to local communities—will closely monitor how the fresh leadership delivers on the promise of a more efficient, transparent, and profitable national oil company.
TheLink News NG will continue to provide insightful updates on Nigeria’s energy sector and the performance of the new NNPC board.
