President Bola Tinubu has removed Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited and dissolved its board, effective April 2, 2025.
The announcement, made in a statement by Bayo Onanuga, Tinubu’s Special Adviser on Information and Strategy, cited the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC.”
Under the sweeping restructuring:
- Bayo Ojulari replaces Kyari as the new GCEO.
- Ahmadu Musa Kida is the new non-executive chairman, succeeding Pius Akinyelure.
- Adedapo Segun has been confirmed as the Chief Financial Officer (CFO).
- Six non-executive directors have been appointed from each geopolitical zone:
- Bello Rabiu (North-West)
- Yusuf Usman (North-East)
- Babs Omotowa (North-Central)
- Austin Avuru (South-South)
- David Ige (South-West)
- Henry Obih (South-East)
Additionally, Lydia Shehu Jafiya (Finance Ministry) and Aminu Said Ahmed (Petroleum Resources Ministry) will represent their respective ministries on the new board.
The restructuring aligns with Tinubu’s oil sector reforms aimed at boosting domestic refining capacity and increasing crude production. The administration is targeting:
- 2 million barrels of crude oil per day by 2027, rising to 3 million by 2030.
- 8 billion cubic feet of gas daily by 2027, increasing to 10 billion by 2030.
- 200,000 barrels of refined crude by 2027, reaching 500,000 by 2030.
With $17 billion in new investments already secured since 2023, Tinubu is pushing for$30 billion by 2027 and $60 billion by 2030, with a focus on making NNPC a transparent and globally competitive entity.
