President Bola Ahmed Tinubu has announced a sweeping restructuring of the Nigerian National Petroleum Company (NNPC) Limited, signaling a decisive shift in Nigeria�s oil sector strategy. Effective today, April 2, 2025, the President has dismissed Mele Kyari as Group Chief Executive Officer (GCEO) and dissolved the NNPC board, replacing them with a new leadership team tasked with enhancing operational efficiency and restoring investor confidence.
In a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu appointed Bayo Ojulari, a seasoned oil and gas expert, as the new GCEO. Ojulari succeeds Kyari, whose tenure was marred by persistent challenges in the sector. Ahmadu Musa Kida, a veteran with over 30 years of industry experience, takes over as non-executive chairman from Pius Akinyelure, while Adedapo Segun steps in as the new Chief Financial Officer (CFO).
The revamped 11-member board includes six non-executive directors representing Nigeria�s geopolitical zones: Bello Rabiu (North-West), Yusuf Usman (North-East), Babs Omotowa (North-Central), Austin Avuru (South-South), David Ige (South-West), and Henry Obih (South-East). Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed from the Ministry of Petroleum Resources will represent their respective ministries.
Tinubu�s administration has outlined an ambitious action plan for the new leadership, emphasizing a strategic review of NNPC�s operated and Joint Venture assets to maximize value. The President aims to elevate crude oil production to two million barrels per day by 2027 and three million by 2030, alongside boosting gas output to 8 billion cubic feet daily by 2027 and 10 billion by 2030. A key focus is increasing domestic refining capacity to 200,000 barrels per day by 2027 and 500,000 by 2030, reducing Nigeria�s reliance on imported fuel.
Since taking office in 2023, Tinubu has attracted $17 billion in new investments to the oil sector, with targets set at $30 billion by 2027 and $60 billion by 2030. �These reforms are critical to ensuring energy security and driving economic growth,� the statement read, invoking powers under Section 59(2) of the Petroleum Industry Act (PIA) 2021.
New Leadership Brings Expertise
Bayo Ojulari, hailing from Kwara State, brings a wealth of experience in petroleum process engineering and strategic planning. A former Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO), Ojulari�s appointment is seen as a move to inject technical prowess into NNPC�s leadership. Ahmadu Musa Kida, the new chairman, offers over three decades of expertise, including a stint as Deputy Managing Director at Total Exploration and Production. Educated at Ahmadu Bello University and the Institut Francaise du Petrol in Paris, Kida�s credentials bolster expectations of a transformative tenure.
Gratitude to Outgoing Team
President Tinubu expressed appreciation to the outgoing board, particularly for their role in reviving the Port Harcourt and Warri refineries, now operational after years of dormancy. �Their efforts laid a foundation for our journey toward energy self-sufficiency,� he said, wishing them success in future endeavors.
The shake-up comes amid ongoing tensions between NNPC and Dangote Refinery, with the collapse of a naira-based crude oil sales deal contributing to fuel price hikes. Analysts see this restructuring as a bold step to reposition NNPC as a commercially viable entity, aligning with Tinubu�s vision for a reformed oil sector. As Nigeria navigates these changes, all eyes are on Ojulari and Kida to deliver on the President�s lofty goals.
