- President Tinubu has announced the appointment of a new 11-member board for the NNPC
- Engineer Bashir Bayo Ojulari will serve as the Group CEO, while Ahmadu Musa Kida has been named the non-executive chairman
- All the appointments are effective from today, April 2.
In a significant move, President Bola Ahmed Tinubu has dissolved the board of the Nigerian National Petroleum Company (NNPC) Limited, removing the former chairman, Chief Pius Akinyelure, and group chief executive officer, Mallam Mele Kolo Kyari, from their positions, Eko Hot Blog reports
Along with these key leaders, all other board members appointed in November 2023 have been relieved of their roles.
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To fill the vacant positions, President Tinubu has announced the appointment of a new 11-member board for the NNPC.
Engineer Bashir Bayo Ojulari will serve as the Group CEO, while Ahmadu Musa Kida has been named the non-executive chairman. Additionally, Adedapo Segun has been selected to replace Umaru Isa Ajiya as the chief financial officer and is among the new board members.
The remaining six board members, who will serve as non-executive directors, represent Nigeria’s geopolitical zones.
Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
All the appointments are effective from today, April 2.
The revamped board is tasked with enhancing operational efficiency, attracting investment, and boosting local content within the oil sector.
To accomplish this, President Tinubu has laid out an ambitious action plan, including an immediate review of NNPC -operated assets to maximize value.
Building on the $17 billion in investments attracted last year, the administration aims to increase this figure to $30 billion by 2027 and $60 billion by 2030.
Simultaneously, the government intends to ramp up oil production to two million barrels per day by 2027 and three million barrels per day by 2030, while also targeting significant growth in gas production.
President Tinubu has also set lofty goals for NNPC’s crude oil refining output, expecting the company to reach 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030. As the new board assumes its responsibilities, all eyes are on the NNPC to see how it navigates these aggressive targets and contributes to Nigeria’s overall economic growth.
