President Bola Tinubu has appointed Engineer Bayo Ojulari to replace Mele Kyari as the Nigerian National Petroleum Company (NNPC) Limited group chief executive officer (CEO).
The decision, effective April 2, 2025, was announced in a statement signed by Bayo Onanuga, special adviser to the president on information and strategy, on Wednesday.
Citing the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC”, Tinubu invoked his powers under section 59(2) of the Petroleum Industry Act (PIA) 2021 to carry out the sweeping reconstitution.
As part of the overhaul, Bayo Ojulari takes over from Kyari as the new group CEO, while Ahmadu Musa Kida has been appointed as NNPC’s new non-executive chairman, replacing Pius Akinyelure. Also, Adedapo Segun has been confirmed as the company’s chief financial officer (CFO).
In line with the PIA, the president also appointed six non-executive directors from each geopolitical zone.
They include Bello Rabiu representing the north-west, Yusuf Usman from the north-east, and Babs Omotowa, a former managing director of the Nigerian Liquefied Natural Gas (NLNG), for the north-central.
Others are Austin Avuru for the south-south, David Ige for the south-west, and Henry Obih for the south-east.
Meanwhile, Lydia Shehu Jafiya, the permanent secretary of the federal ministry of finance, and Aminu Said Ahmed of the ministry of petroleum resources will represent their respective ministries on the new 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 statement reads.
The changes take effect immediately, and the new board has been handed a strategic action plan, which includes a “review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives”.
Tinubu, who has prioritised investment-driven reforms in the oil sector, highlighted that since 2023, his administration has attracted $17 billion in new investments and is now targeting $30 billion by 2027 and $60 billion by 2030.
The government also aims to raise crude oil production to two million barrels daily by 2027 and three million by 2030, alongside a gas production goal of 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
Furthermore, Tinubu expects Ojulari to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.
The administration has prioritised domestic refining capacity to reduce reliance on fuel imports and strengthen Nigeria’s energy security.
