President Bola Ahmed Tinubu has made significant changes at the Nigerian National Petroleum Company (NNPC) Limited, replacing Chief Pius Akinyelure as chairman and Mallam Mele Kyari as Group Chief Executive Officer (GCEO), SAVANNAH NEWSNOW REPORTS.
Tinubu dissolved the entire board appointed in November 2023 and reconstituted an 11-man board, with Ahmadu Musa Kida as the new non-executive chairman and Engineer Bashir Bayo Ojulari as the new GCEO, effective immediately, April 2, 2025.
Adedapo Segun, who previously replaced Umaru Isa Ajiya as Chief Financial Officer, has joined the board, while six non-executive directors have been appointed to represent Nigeria’s geopolitical zones. Those appointed are:
Bello Rabiu (North West)
Yusuf Usman (North East)
Babs Omotowa (North Central, former NLNG MD)
Austin Avuru (South-South)
David Ige (South West)
Henry Obih (South East)
President Tinubu has announced a restructuring of NNPC Ltd., with Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed, representative of the Ministry of Petroleum Resources, set to play key roles.
According to Section 59(2) of the Petroleum Industry Act (2021), this restructuring aims to boost operational efficiency, restore investor confidence, and accelerate gas commercialization and diversification.
The new board of NNPC has been tasked with conducting an immediate review of the company’s joint venture assets to ensure alignment with the administration’s goals of maximizing value.
Tinubu’s government has implemented various oil sector reforms to attract investment, resulting in NNPC securing $17 billion in new investments in 2024. The administration aims to increase this figure to $30 billion by 2027 and $60 billion by 2030.
President Tinubu thanked the outgoing board members for their service, acknowledging their work in rehabilitating the Port Harcourt and Warri refineries, and wished them well in their future pursuits as NNPC transitions to a new phase under restructured leadership.
