President Bola Ahmed Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing the chairman, Chief Pius Akinyelure and the group chief executive officer, Mallam Mele Kolo Kyari.
President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023.
The new 11-man board has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman.
Accprdong to the syatement signed by President Tinubu’s special Adviser on Media, Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has been appointed to the new board by President Tinubu.
Six board members, non-executive directors, represent the country’s geopolitical zones. They are Bello Rabiu, North West, Yusuf Usman, North East, and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas( NLNG), who represents North Central.
President Tinubu 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 Said Ahmed will represent the Ministry of Petroleum Resources.
He stated further that all the appointments are effective from Wednesday, April 2, 2025
According to the statement, President Tinubu, invoking 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.
Bayo Onanuga also disclosed that President Tinubu handed out an immediate action plan to the new board: to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.
The Society of Petroleum Engineers (SPE Nigerian Council) and a fellow of the Nigerian Society of Engineers.
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.
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