President Tinubu sacks NNPCL boss Mele Kyari, names replacement
By Sabiu Abdullahi
President Bola Tinubu has approved a restructuring of the Nigerian National Petroleum Company Limited (NNPCL) leadership, which saw the removal of the board chairman, Chief Pius Akinyelure, and the Group Chief Executive Officer, Mele Kyari.
In a statement, presidential spokesman Bayo Onanuga confirmed that President Tinubu also dismissed all other board members appointed alongside Akinyelure and Kyari in November 2023.
“The new 11-member board will have Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the non-executive chairman,” Onanuga stated.
Additionally, President Tinubu has appointed Adedapo Segun to the new board. Segun previously replaced Umaru Isa Ajiya as the Chief Financial Officer of NNPCL in November.
The newly constituted board includes six non-executive directors representing different geopolitical zones of Nigeria.
Bello Rabiu will represent the North West, Yusuf Usman the North East, and Babs Omotowa, a former Managing Director of Nigeria LNG, the North Central region.
Other appointees include Austin Avuru as a non-executive director from the South-South, David Ige from the South-West, and Henry Obih from the South-East.“Mrs.
Lydia Shehu Jafiya, the 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,” Onanuga added.
He further stated that “all appointments take effect from today, April 2.”President Tinubu, exercising his powers under Section 59, Subsection 2 of the Petroleum Industry Act, 2021, noted that the board’s restructuring is aimed at enhancing operational efficiency, restoring investor confidence, increasing local content, boosting economic growth, and strengthening gas commercialization and expansion.
According to the statement, the President has directed the new board to conduct an immediate strategic review of NNPC-operated and Joint Venture assets to ensure they align with revenue optimization objectives.
Since assuming office in 2023, the Tinubu administration has implemented oil sector reforms to attract investment. Last year, NNPCL secured $17 billion in new investments, with projections to increase the figure to $30 billion by 2027 and $60 billion by 2030.