Tinubu Sacks Kyari As NNPC Chief, Removes Board Members, Appoints Replacements

In a sweeping shake-up of Nigeria’s oil sector, President Bola Ahmed Tinubu has dismissed the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kolo Kyari, along with the entire board of the organisation.

The President has announced fresh appointments to reposition the NNPC for efficiency, investment growth, and economic transformation.

A statement issued by the Special Adviser to the President on Information & Strategy, Bayo Onanuga, confirmed that Chief Pius Akinyelure has also been relieved of his position as NNPC Chairman, alongside other board members appointed in November 2023.

In their place, President Tinubu has constituted a new 11-man board, with Engineer Bashir Bayo Ojulari appointed as the new Group CEO and Ahmadu Musa Kida as the non-executive Chairman.

The President, exercising his powers under Section 59, Subsection 2 of the Petroleum Industry Act 2021, emphasised that the restructuring was necessary to enhance operational efficiency, attract investment, and boost national revenue from oil and gas resources.

He tasked the new board with implementing immediate reforms, including a strategic portfolio review of NNPC-operated and Joint Venture assets to align with national economic goals.

The new board features representatives from all six 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). Adedapo Segun, who replaced Umaru Isa Ajiya as Chief Financial Officer last November, retains his position on the new board.

Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed, representing the Ministry of Petroleum Resources, also join the board.

Ojulari, the new NNPC Chief, hails from Kwara State and was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy before his appointment. His extensive experience in the oil industry includes key roles at Shell and Elf Aquitaine. Kida, an alumnus of Ahmadu Bello University, has also had an illustrious career in the petroleum sector, serving as Deputy Managing Director of Deep Water Services at Total Nigeria.

The Tinubu administration has set ambitious targets for the oil and gas sector, aiming to raise oil production to two million barrels per day by 2027 and three million by 2030. The government also seeks to increase gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.

Additionally, the President has directed the NNPC to elevate Nigeria’s share of crude oil refining to 200,000 barrels daily by 2027 and 500,000 by 2030.

The President thanked the outgoing board members for their service, particularly their efforts in reviving the Port Harcourt and Warri refineries, which resumed operations after prolonged shutdowns.

He urged the new board to build on existing reforms and drive Nigeria’s oil sector towards greater efficiency and transparency.