Marvellous Nyang
April 2, 2025
President Bola Ahmed Tinubu has announced a major overhaul of the Nigerian National Petroleum Company Limited (NNPCL), removing Mele Kyari as Group Chief Executive Officer and dissolving the board.
Bayo Ojulari, a seasoned petroleum engineer and former Executive Vice President of Renaissance Africa Energy Company, has been appointed as the new CEO.
Ahmadu Musa Kida was named the new non-executive chairman, replacing Pius Akinyelure, and Adedapo Segun was confirmed as Chief Financial Officer (CFO).
The restructuring aligns with Section 59(2) of the Petroleum Industry Act (2021) and aims to improve operational efficiency, attract investments, and restore investor confidence.
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The new board includes six non-executive directors representing Nigeria’s geopolitical zones:
– Bello Rabiu (North-West)
– Yusuf Usman (North-East)
– Babs Omotowa (North-Central)
– Austin Avuru (South-South)
– David Ige (South-West)
– Henry Obih (South-East)
Additionally, Lydia Shehu Jafiya from the Ministry of Finance and Aminu Said Ahmed from the Ministry of Petroleum Resources will represent their respective ministries on the board
President Tinubu outlined an immediate action plan for the new board:
– Conduct a strategic review of NNPC-operated and Joint Venture Assets to maximize value.
– Increase oil production to 2 million barrels daily by 2027 and 3 million barrels by 2030.
– Boost gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
– Elevate crude oil refining output to 200,000 barrels daily by 2027 and 500,000 barrels by 2030.
The administration also aims to increase investments in the sector from $30 billion by 2027 to $60 billion by 2030.
About Bayo Ojulari
Bayo Ojulari graduated in Mechanical Engineering from Ahmadu Bello University, Zaria.
He began his career as Nigeria’s first process engineer at Elf Aquitaine before joining Shell Petroleum Development Company in 1991.
Ojulari held various managerial positions in Nigeria, Europe, and the Middle East, specialising in petroleum engineering, asset management, and strategic planning.
He served as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) from 2015 to 2021.
His leadership at Renaissance Africa Energy Company included a landmark $2.4 billion acquisition of Shell’s equity holdings in Nigeria.
Reactions
The restructuring has been met with mixed reactions, with supporters praising it as a step toward transparency and efficiency, while critics raise concerns about potential ethnic biases in appointments.
However, the move has been described as Tinubu’s commitment to transforming NNPCL into a commercially driven entity that aligns with global best practices.
