Nigeria – President Bola Tinubu has dismissed Mele Kyari as the Group CEO of the Nigerian National Petroleum Company Limited (NNPCL) and dissolved the entire board. In his place, Engineer Bashir Bayo Ojulari has been appointed as the new Group CEO, while Ahmadu Musa Kida will serve as the non-executive chairman.
Presidential spokesperson Bayo Onanuga confirmed the restructuring, stating that all board members appointed alongside Kyari in November 2023 have been removed. The newly formed 11-member board includes Adedapo Segun as Chief Financial Officer and six non-executive directors representing Nigeria’s geopolitical zones. Representatives from the Federal Ministry of Finance and the Ministry of Petroleum Resources have also been appointed.
President Tinubu cited the Petroleum Industry Act, 2021, as the legal basis for the overhaul, emphasizing that the move is aimed at improving efficiency, attracting investments, and strengthening the oil and gas sector. The administration has set ambitious targets, including raising oil production to two million barrels per day by 2027 and three million by 2030, alongside increasing gas output and refining capacity. The new board has been tasked with conducting a strategic review of NNPC’s assets to maximize value and drive economic growth.
By Damilola Adeleke | April 2, 2025
