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In a significant move to enhance operational efficiency and boost investor confidence in Nigeria’s oil sector, President Bola Tinubu has approved the removal of Chief Pius Akinyelure, the chairman of the board of the Nigerian National Petroleum Corporation (NNPC) Ltd., and Malam Mele Kyari, the group chief executive officer.
President Bola Tinubu Fires Mele Kyari as NNPC chief, Appoints Mr. Bashir Ojulari
New Appointments at NNPC: Key Changes for Nigeria’s Oil Sector
The new appointments mark a bold step in Nigeria’s efforts to reform and streamline its oil industry. The newly restructured board includes six non-executive directors, each representing Nigeria’s key geopolitical zones:
Bello Rabiu (North West)
Yusuf Usman (North East)
Babs Omotowa, former MD of the Nigerian Liquefied Natural Gas (NLNG) (North Central)
Austin Avuru (South-South)
David Ige (South West)
Henry Obih (South East)
The president invoked the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, with all appointments effective immediately.
Focus on Operational Efficiency and Economic Growth
President Tinubu emphasized that the restructuring of the NNPC board was vital for enhancing operational efficiency and restoring investor confidence in the national oil company. This is part of a broader effort by the Tinubu administration to attract investment into Nigeria’s oil sector, which saw $17 billion in new investments in 2023. The administration has set ambitious targets, aiming to increase oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
About the New NNPC Leadership
The newly appointed NNPC Ltd. Group CEO, Mr. Bashir Ojulari, hails from Kwara State and brings a wealth of experience from his time at Renaissance Africa Energy Company, where he served as Executive Vice President and Chief Operating Officer. Ojulari played a leading role in a historic acquisition of Shell Petroleum Development Company of Nigeria’s equity holdings worth $2.4 billion.
The new chairman, Mr. Ahmadu Kida, is a seasoned oil industry expert with a background in civil engineering from Ahmadu Bello University, Zaria. Kida’s extensive career includes roles at Elf Petroleum Nigeria, Total Exploration and Production, and Pan Ocean-Newcross Group.
Acknowledging Past Contributions
