President Bola Tinubu has restructured the Nigerian National Petroleum Company Limited (NNPC) board, removing Chairman Pius Akinyelure and CEO Mele Kyari. Bashir Ojulari has been appointed the new CEO, effective April 2, 2025. All other board members appointed with Akinyelure and Kyari in November 2023 have also been removed.
The new 11-man NNPC board includes Bashir Bayo Ojulari as CEO and Ahmadu Musa Kida as non-executive chairman. Adedapo Segun, the new CFO, is also appointed to the board, alongside six non-executive directors representing Nigeria’s geopolitical zones.
President Tinubu has restructured the NNPC board, appointing new members including Bashir Bayo Ojulari as CEO and Ahmadu Musa Kida as non-executive chairman. Other appointments include regional representatives and key figures from the finance and petroleum ministries. The restructuring aims to improve operational efficiency, boost investor confidence, and support economic growth.
The new board is tasked with reviewing NNPC’s assets to align with value maximization objectives.In 2024, NNPC reported $17bn in new investments, with plans to increase this to $30bn by 2027 and $60bn by 2030. The Tinubu administration aims to raise oil production to 2 million barrels per day by 2027 and 3 million by 2030, while increasing gas production to 8 billion cubic feet daily by 2027 and 10 billion by 2030.
