In a bold move to restructure the Nigerian National Petroleum Company Limited (NNPCL), President Bola Tinubu has dismissed the Group Chief Executive Officer (GCEO), Mallam Mele Kyari, and the board chairman, Chief Pius Akinyelure.
This sweeping shake-up also affected all other board members appointed alongside them in November 2023.
Announcing the changes in a statement on Wednesday, presidential spokesman Bayo Onanuga confirmed the appointment of Engineer Bashir Bayo Ojulari as the new GCEO, while Ahmadu Musa Kida takes over as the non-executive chairman.
Meet the New NNPCL Leadership
The newly formed 11-member board includes key figures representing various geopolitical zones:
- Bello Rabiu (North West)
- Yusuf Usman (North East)
- Babs Omotowa (North Central, former MD of NLNG)
- Austin Avuru (South-South)
- David Ige (South-West)
- Henry Obih (South-East)
Additionally, Mrs. Lydia Shehu Jafiya from the Ministry of Finance and Aminu Said Ahmed from the Ministry of Petroleum Resources will serve as government representatives.
Why the Shake-Up?
President Tinubu exercised his authority under the Petroleum Industry Act (PIA) 2021, citing the need for:
✅ Increased operational efficiency
✅ Restoring investor confidence
✅ Boosting local content and economic growth
✅ Enhancing gas commercialisation and diversification
As part of his immediate directive, the new board must conduct a strategic portfolio review of NNPCL’s assets to align with value maximization goals.
Bigger Oil & Gas Investments Ahead
The Tinubu administration has been pushing major oil sector reforms to attract investment. In 2024, the NNPCL secured $17 billion in new investments, and the government now aims for:
🔹 $30 billion by 2027
🔹 $60 billion by 2030
Oil production is also expected to hit:
⏩ 2 million barrels daily by 2027
⏩ 3 million barrels daily by 2030
Gas production targets are equally ambitious, with plans to ramp up to 10 billion cubic feet daily by 2030.
Who is Engr. Bashir Ojulari, the New GCEO?
Hailing from Kwara State, Engr. Ojulari has an extensive background in the oil and gas industry. Before his appointment, he served as Executive VP and COO of Renaissance Africa Energy Company, leading a $2.4 billion acquisition of Shell’s equity in Nigeria.
His career spans roles in Elf Petroleum, Shell, and leadership positions in major petroleum organizations. His expertise in strategic planning and asset management is expected to drive NNPCL’s transformation.
Farewell to the Former Board
President Tinubu acknowledged the contributions of the outgoing board, particularly their efforts in reviving the Port Harcourt and Warri refineries after prolonged shutdowns.
He wished them success in their future endeavors.
With this new leadership, all eyes are on how the NNPCL will navigate Nigeria’s evolving oil and gas landscape.
What do you think of these changes? Drop your thoughts in the comments!
Leave a Reply