President Bola Tinubu has removed the chairman, Nigerian National Petroleum Company Limited board,
Pius Akinyelure, and the Group Chief Executive Officer, Mele Kyari.

Tinubu also appointed Bashir Ojulari as Kyari’s replacement with immediate effect.

Bayo Onanuga, Tinubu’s Special Adviser on Information and Strategy, announced the development in a statement he signed in the early hours of Wednesday.

“President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023,” the statement, titled, ‘President Tinubu reconstitutes NNPC limited board, appoints new Chairman, Group CEO’, read.

“The new 11-man board has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman.”

The reconstitution saw Adedapo Segun, who replaced Umaru Ajiya as the chief financial officer last November, being appointed to the new board.

Six board members, non-executive directors, represent the country’s geopolitical zones, including Bello Rabiu (North West); Yusuf Usman (North East); and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas, (North Central).

“President Tinubu also appointed Austin Avuru as a non-executive director from the South-South, David Ige as a Non-executive director from the South West, and Henry Obih as a non-executive director from the South East.

“Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Ahmed will represent the Ministry of Petroleum Resources,” the statement further read.

In making the changes,Tinubu relied on the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasised that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.

Furthermore, the president mandated the new board to immediately “conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.”

“The administration now envisions increasing the investment to $30bn by 2027 and $60bn by 2030,” Onanuga said.

“The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million daily by 2030.

“Concurrently, the government wants gas production jacked to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030,” he explained.

Onanuga added that the president expects the new board to “elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.”

“President Tinubu thanked the old board members for their dedicated service to NNPC Limited, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries, which enabled them to resume petroleum product production after prolonged shutdowns.

“He wished them well in their future endeavours,” the statement concluded