(VOICE OF NAIJA)- In a significant shake-up within Nigeria’s oil sector, President Bola Ahmed Tinubu has announced a comprehensive reconstitution of the board of the Nigerian National Petroleum Company (NNPC) Limited, appointing a new chairman and group CEO while removing previous leadership.
This was disclosed in a statement by the special adviser to the president on information and strategy, Bayo Onanuga.
The statement noted that Chief Pius Akinyelure, former chairman, and Mallam Mele Kolo Kyari, former Group CEO, along with other board members appointed in November 2023, have been relieved of their duties.
In their place, Engineer Bashir Bayo Ojulari has been appointed as the new Group CEO, with Ahmadu Musa Kida stepping in as the non-executive chairman.
President Tinubu emphasized the importance of these changes, stating, “The restructuring of the board is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialization and diversification.”
The president invoked Section 59, subsection 2 of the Petroleum Industry Act, 2021, to facilitate this transition.
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The new 11-member board will include prominent figures representing Nigeria’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa (North Central). The South-South will be represented by Austin Avuru, David Ige by the South West, and Henry Obih by the South East. Mrs. Lydia Shehu Jafiya will represent the Federal Ministry of Finance, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
Effective immediately, President Tinubu has tasked this new board with conducting a strategic portfolio review of NNPC’s operations and assets to align with value maximization objectives.
The aim is to significantly boost investment in Nigeria’s oil sector, which saw $17 billion last year, with ambitions to increase that figure to $30 billion by 2027 and $60 billion by 2030.
The administration’s strategic goals also include raising oil production to two million barrels a day by 2027, and three million barrels daily by 2030, alongside gas production targets of 8 billion cubic feet daily by 2027, ramping up to 10 billion by 2030.
Ahmadu Musa Kida, the new chairman, boasts a rich background in the oil sector and has previously served as Deputy Managing Director of Total Nigeria’s Deep Water Services. A graduate of Ahmadu Bello University and a former basketballer, Kida is also noted for his leadership role in the Nigerian Basketball Federation.
Engineer Bashir Bayo Ojulari, from Kwara State, comes with extensive experience in the oil and gas industry, having most recently served as Executive Vice President and COO of Renaissance Africa Energy Company. With a Mechanical Engineering degree from Ahmadu Bello University, Ojulari has worked globally, including significant roles at Shell and Elf Petroleum.
As part of the government’s reform agenda, President Tinubu acknowledged the contributions of the outgoing board. “I thank the old board members for their dedicated service to NNPC Limited, particularly their significant role in rehabilitating the old Port Harcourt and Warri refineries,” he noted, wishing them well in their future endeavors.
