Tinubu Names Bayo Ojulari as New NNPC GCEO, Restructures Board

By Adamu Aliyu Aliyu/ABUJA//

President Bola Tinubu has removed Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited and dissolved its board, effective April 2, 2025.

The announcement, made in a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, cited the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC.” Tinubu exercised his authority under Section 59(2) of the Petroleum Industry Act (PIA) 2021 to implement the sweeping changes.

New Leadership and Board Appointments

Bayo Ojulari has been appointed as the new GCEO, replacing Kyari, while Ahmadu Musa Kida takes over as NNPC’s non-executive chairman, succeeding Pius Akinyelure. Adedapo Segun has also been confirmed as the company’s Chief Financial Officer (CFO).

In line with the PIA, six non-executive directors were appointed from each geopolitical zone:

North-West: Bello Rabiu

North-East: Yusuf Usman

North-Central: Babs Omotowa (former Managing Director, NLNG)

South-South: Austin Avuru

South-West: David Ige

South-East: Henry Obih

Additionally, Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed of the Ministry of Petroleum Resources will represent their respective ministries on the new board.

Strategic Vision for NNPC

The restructuring aims to transform NNPC Limited into a commercially driven and transparent entity. The new board has been tasked with reviewing NNPC-operated and joint venture assets to maximize value.

Tinubu, who has prioritized investment-driven reforms in the oil sector, highlighted that since 2023, his administration has attracted $17 billion in new investments, with a target of $30 billion by 2027 and $60 billion by 2030. The government also plans to:

Increase crude oil production to 2 million barrels daily by 2027 and 3 million by 2030.

Boost gas production to 8 billion cubic feet daily by 2027 and 10 billion by 2030.

Expand NNPC’s crude oil refining capacity to 200,000 barrels per day by 2027 and 500,000 by 2030 to reduce fuel imports and enhance energy security.

Profiles of Key Appointees

Ahmadu Musa Kida (NNPC Chairman)

Kida has over three decades of experience in the oil and gas sector. A graduate of Ahmadu Bello University, Zaria, in civil engineering, he later obtained a postgraduate diploma in petroleum engineering from the Institut Français du Pétrole (IFP) in Paris. He has worked with Elf Petroleum Nigeria, Total Exploration and Production, and recently served as an independent non-executive director at Pan Ocean-Newcross Group.

Bayo Ojulari (NNPC GCEO)

Ojulari, from Kwara State, studied mechanical engineering at Ahmadu Bello University. He began his career at Elf Aquitaine before joining Shell Petroleum Development Company in 1991. With expertise in petroleum process engineering and field development, he served as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO) in 2015. Before his appointment, he was Executive Vice-President and COO at Renaissance Africa Energy Company, leading the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).

Acknowledgment of Outgoing Board Members

President Tinubu expressed gratitude to the outgoing board for their service, particularly their role in rehabilitating the Port Harcourt and Warri refineries, leading to resumed petroleum production. He wished them success in their future endeavors.

The newly appointed board takes immediate effect, marking a pivotal step in Nigeria’s efforts to revamp its oil and gas sector.