President Bola Tinubu has reconstituted the Nigerian National Petroleum Company (NNPC) Limited board, removing the chairman, Chief Pius Akinyelure, and the group chief executive officer, Mallam Mele Kolo Kyari.
The new 11-man board is chaired by Ahmadu Musa Kida, with Engineer Bashir Bayo Ojulari serving as the Group CEO.
The new board members include:
– Non-Executive Director: 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)
– Representatives: Mrs. Lydia Shehu Jafiya (Federal Ministry of Finance) and Aminu Said Ahmed (Ministry of Petroleum Resources)
President Tinubu emphasized that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, and driving economic growth.
The new board has been tasked with conducting a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.
The Tinubu administration aims to increase investment in the oil sector to $30 billion by 2027 and $60 billion by 2030.
The government also targets raising oil production to two million barrels daily by 2027 and three million daily by 2030, with gas production expected to reach 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
The new board chairman, Ahmadu Musa Kida, brings extensive experience in the oil industry, having worked with Elf Petroleum Nigeria and Total Exploration and Production.
Engineer Bashir Bayo Ojulari, the new Group CEO, has a strong background in mechanical engineering and has worked with Shell Petroleum Development Company of Nigeria Ltd.
President Tinubu thanked the outgoing board members for their service and wished them well in their future endeavors.