President Bola Tinubu has dissolved the board of the Nigerian National Petroleum Company Limited (NNPCL) and appointed a new leadership team.
Mele Kyari, the former Group Chief Executive Officer, and Chief Pius Akinyelure, the former chairman, have been removed from their positions, effective April 2, 2025.
Engineer Bashir Bayo Ojulari has been appointed as the new Group CEO, while Ahmadu Musa Kida will serve as the non-executive chairman. Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has also been appointed to the new board.
The new board members represent the country’s geopolitical zones, ensuring a balanced representation. The appointments are aimed at enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialization and diversification.
President Tinubu has tasked the new board with conducting a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives. The administration aims to increase investment in the oil sector to $30 billion by 2027 and $60 billion by 2030.
The Tinubu administration has set ambitious targets for oil and gas production. Oil production is expected to increase to two million barrels daily by 2027 and three million daily by 2030.
Gas production is expected to rise to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
Additionally, NNPC’s share of crude oil refining output is expected to reach 200,000 barrels by 2027 and 500,000 by 2030.
