In a significant shake-up, President Bola Tinubu has removed the entire board of the Nigerian National Petroleum Company (NNPC), including Group Chief Executive Officer Mele Kyari and board chairman Pius Akinyelure.
The move, announced on April 2, 2025, aims to improve operational efficiency and investor confidence in the state-owned oil company.
The announcement was made in a statement by presidential spokesperson Bayo Onanuga, who emphasized that the restructuring aligns with the government’s commitment to ensuring a commercially viable and transparent NNPC.
According to the statement, Tinubu invoked his powers under Section 59(2) of the Petroleum Industry Act (PIA) 2021 to dissolve the board and appoint new leadership.
Bayo Ojulari has been appointed as the new Group Chief Executive Officer (GCEO), replacing Mele Kyari.
Ahmadu Musa Kida now serves as the non-executive chairman, taking over from Akinyelure, while Adedapo Segun has been named the new Chief Financial Officer (CFO).
These appointments are expected to enhance the company’s operational efficiency and drive growth in line with global best practices.
Furthermore, six non-executive directors have been selected from different geopolitical zones to ensure balanced representation on the board.
The new directors include:
- Bello Rabiu (North-West)
- Yusuf Usman (North-East)
- Babs Omotowa (North-Central)
- Austin Avuru (South-South)
- David Ige (South-West)
- Henry Obih (South-East)
In addition, Lydia Shehu Jafiya, representing the Federal Ministry of Finance, and Aminu Said Ahmed, from the Ministry of Petroleum Resources, will serve as representatives of their respective ministries.
The restructuring is expected to reposition the NNPC for improved productivity and accountability, ensuring that the company operates more efficiently in a competitive global oil market.
The newly appointed board has been tasked with implementing a strategic action plan focused on optimizing NNPC-operated and joint venture assets.
“This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices,” the statement read.
“We are taking bold steps to transform the company into a more commercially driven and transparent entity.”
Kyari, who was initially appointed by former President Muhammadu Buhari and later reappointed by Tinubu in 2023, played a key role in the company’s transition under the PIA framework.
However, the removal of NNPC’s board comes at a time when the government is prioritizing economic reforms and improving the performance of state-owned enterprises.
With Nigeria’s oil sector playing a crucial role in the economy, this overhaul signals the administration’s commitment to ensuring that NNPC operates with transparency, efficiency, and profitability.
The newly appointed leadership is expected to drive reforms that will enhance revenue generation and strengthen Nigeria’s position in the global energy market.
