By Emmanuel Nduka
President Bola Tinubu has approved the reconstitution of the Nigerian National Petroleum Company Limited (NNPCL) board, replacing both the chairman, Chief Pius Akinyelure, and Group CEO Mele Kyari, along with the other board members appointed in November 2023.
In a statement by presidential spokesman Bayo Onanuga, it was announced that Engineer Bashir Bayo Ojulari has been appointed as the new Group CEO, while Ahmadu Musa Kida takes on the role of non-executive chairman. The new 11-member board also includes Adedapo Segun, who previously replaced Umaru Isa Ajiya as chief financial officer in November 2023.
The board features six non-executive directors representing Nigeria’s geopolitical zones. They are:
Bello Rabiu from North West,
Yusuf Usman from North East,
Babs Omotowa, former MD of Nigerian Liquified Natural Gas (NLNG), from North Central,
Austin Avuru from South-South,
David Ige from South West, and
Henry Obih from South East.
Additionally, Mrs. Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
These appointments are effective immediately, as of April 2, the presidential directive stipulates.
President Tinubu invoked powers under Section 59, Subsection 2 of the Petroleum Industry Act, 2021, stating that the restructuring of the NNPCL board is essential for improving operational efficiency, restoring investor confidence, boosting local content, and advancing gas commercialization and diversification.
The president also outlined an immediate action plan for the new board, including conducting a strategic review of NNPC-operated and Joint Venture Assets to align with objectives of value maximization.
The Tinubu administration, which has been focusing on reforming the oil sector to attract investment, has already secured $17 billion in new sector investments as of last year. The government now aims to raise this investment to $30 billion by 2027 and $60 billion by 2030.
In terms of production targets, the administration is focused on increasing oil production to two million barrels per day by 2027 and three million barrels per day by 2030. Similarly, gas production is projected to rise to 8 billion cubic feet per day by 2027 and 10 billion cubic feet by 2030.
The new board is also tasked with boosting NNPC’s share of crude oil refining output to 200,000 barrels per day by 2027 and reaching 500,000 by 2030.
About The New NNPCL GCEO, Ojulari
Engineer Bashir Bayo Ojulari hails from Kwara State, Northcentral Nigeria.
Until his new appointment, He was Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His Renaissance recently led a consortium of indigenous energy firms in the landmark acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria (SPDC), worth $2.4 billion.
He is an alumnus of Ahmadu Bello University, Zaria, where he graduated with a degree in Mechanical Engineering.
Ojulari also worked for Elf Aquitaine, becoming the first Nigerian process engineer to begin a stellar career in the oil sector. From Elf, he joined Shell Petroleum Development Company of Nigeria Ltd in 1991 as an associate production technologist.
“Apart from working in Nigeria, he worked in Europe and the Middle East in different capacities as a petroleum process and production engineer, strategic planner, field developer, and asset manager. In 2015, he became the managing director of Shell Nigeria Exploration and Production Company (SNEPCO).
“During his career, he was chairman and member of the board of trustees of 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,” Onanuga added.
