President Bola Ahmed Tinubu has dismissed Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) and dissolved the company’s entire board.
The decision, effective April 2, was announced in a State House press release signed by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, in the early hours of Wednesday.
According to the statement, President Tinubu invoked his powers under Section 59 (2) of the Petroleum Industry Act (PIA) 2021 to restructure the NNPC, citing the need for enhanced operational efficiency, restored investor confidence, and a more commercially viable national oil company.
The President also appointed Bashir Bayo Ojulari, an indigene of Kwara State, as the new GCEO of NNPCL, replacing Mele Kyari.
Ahmadu Musa Kida was also named NNPCL’s new Non-Executive Chairman, replacing Pius Akinyelure.
In addition, Adedapo Segun was appointed as the company’s Chief Financial Officer (CFO).
As part of the sweeping restructuring, Tinubu also appointed six new non-executive directors, representing Nigeria’s geopolitical zones:
– Austin Avuru (South-South)
– Henry Obih (South-East)
– David Ige (South-West)
– Bello Rabiu (North-West)
– Yusuf Usman (North-East)
– Babs Omotowa (North-Central, former Managing Director of Nigeria LNG)
However, Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed of the Ministry of Petroleum Resources retain their positions on the NNPCL board as representatives of their respective ministries.
“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 read.
The new 11-member board has been tasked with:
– Reviewing NNPC-operated and Joint Venture assets to ensure alignment with value maximization objectives.
– Increasing NNPC’s crude oil refining output to 200,000 barrels per day (bpd) by 2027 and 500,000 bpd by 2030.
In December 2024, NNPC publicly refuted rumors of Kyari’s potential dismissal, stating that such a decision would rest solely with President Tinubu.
Mele Kyari has led NNPCL since 2019, overseeing its transition into a commercial entity under the PIA 2021.
However, as of this report, NNPCL has yet to issue an official statement confirming Kyari’s dismissal or the broader shake-up within the company.
The restructuring comes as NNPCL prepares for its first-ever public listing after nearly 50 years of operations. Strong corporate governance and transparency will be one of key factors in attracting investors and boosting market confidence ahead of this milestone.
The changes at NNPCL mark one of the most significant shake-ups in Nigeria’s oil and gas sector under President Tinubu’s administration, signaling a new direction for the country’s state-owned energy giant.
