President Bola Tinubu has dismissed the board of the Nigerian National Petroleum Company (NNPC), including its Group Chief Executive Officer, Mele Kyari, and board chairman Pius Akinyelure.
The move, effective April 2, 2025, was disclosed in a statement released by presidential spokesperson Bayo Onanuga.
Per the statement, the President based his action on the necessity for improved operational effectiveness, renewed investor trust, and a more commercially sustainable NNPC as the key motivations for the decision.
Exercising his authority under Section 59(2) of the Petroleum Industry Act (PIA) 2021, the President restructured the board with fresh leadership intended to reposition NNPC Limited for enhanced output and conformity with international standards.
Kyari was initially named NNPC head by former President Muhammadu Buhari and was later reappointed in 2023 by President Tinubu.
As part of the shake-up, Bayo Ojulari assumes the role of group CEO, succeeding Kyari, while Ahmadu Musa Kida steps in as NNPC’s new non-executive chairman, taking over from Pius Akinyelure. Additionally, Adedapo Segun has been affirmed as the company’s chief financial officer (CFO).
In accordance with the PIA, the President also designated six non-executive directors, each representing one of the country’s geopolitical zones.
These appointees include Bello Rabiu for the north-west, Yusuf Usman from the north-east, and Babs Omotowa, a past managing director of the Nigerian Liquefied Natural Gas (NLNG), representing the north-central.
Others are Austin Avuru for the south-south, David Ige for the south-west, and Henry Obih representing the south-east.
Meanwhile, Lydia Shehu Jafiya, permanent secretary of the federal ministry of finance, and Aminu Said Ahmed from the ministry of petroleum resources will serve as representatives of their respective ministries on the newly formed board.
“This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices. We are taking bold steps to transform the company into a more commercially driven and transparent entity.
The changes are effective immediately, and the newly appointed board has been given a strategic action plan, which includes a “review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives”.the statement in part read
A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.
Nnamdi Okoli