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President Bola Ahmed Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing the chairman, Pius Akinyelure and the group chief executive officer, Mele Kolo Kyari.

President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023.

The new 11-man board has Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman.

Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has been appointed to the new board by President Tinubu.

Six board members, non-executive directors, represent the country's geopolitical zones. They are Bello Rabiu, North West, Yusuf Usman, North East, and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas (NLNG), who represents North Central.

The President appointed Austin Avuru as a non-executive director from the South-South, David Ige as a Non-executive director from the South West, and Henry Obih as a non-executive director from the South East.

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.

According to a statement signed by Bayo Onanuga, Special Adviser to the President (Information & Strategy), all the appointments are effective from 2 April 2025.

“President Tinubu, invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasised that the board's restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification,” according to the statement. “President Tinubu also handed out an immediate action plan to the new board: to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.”

Since 2023, the Tinubu administration has implemented oil sector reforms to attract investment. Last year, NNPC reported $17 billion in new investments within the sector. The administration says it now envisions increasing the investment to $30 billion by 2027 and $60 billion by 2030.

The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million daily by 2030. Concurrently, the government says it wants gas production increased to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.

Furthermore, President Tinubu expects the new board to elevate NNPC's share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.

The new board chairman, Ahmadu Musa Kida, started his career in the oil industry at Elf Petroleum Nigeria and later joined Total Exploration and Production as a trainee engineer in 1985.

Musa became Total Nigeria's Deputy Managing Director of Deep Water Services in 2015. Last year, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group.

Ojulari, the new NNPC Limited Group CEO, was Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His Renaissance recently led a consortium of indigenous energy firms in an acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria (SPDC), worth $2.4 billion.