President Bola Ahmed Tinubu has approved a comprehensive restructuring of the Nigerian National Petroleum Company (NNPC) Limited’s board. This decision includes the removal of the Group Chief Executive Officer (GCEO), Mallam Mele Kyari, and the Chairman, Chief Pius Akinyelure, along with other board members appointed in November 2023.

The newly constituted 11-member board will be led by Engineer Bashir Bayo Ojulari as the GCEO and Ahmadu Musa Kida as the non-executive chairman. Adedapo Segun, who assumed the role of Chief Financial Officer (CFO) in November, has been retained on the board.

Bayo Ojulari brings extensive experience to his new role, having previously served as the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) from 2015 to 2021. He also held the position of Executive Vice President and Chief Operating Officer at Renaissance Africa Energy Company, a consortium that acquired Shell’s onshore subsidiary in Nigeria.

The reconstitution also includes six non-executive directors representing Nigeria’s geopolitical zones:

– Bello Rabiu (North West)
– Yusuf Usman (North East)
– Babs Omotowa (North Central)
– Austin Avuru (South South)
– David Ige (South West)
– Henry Obih (South East)

Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will represent the ministry on the board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.

Invoking his authority under Section 59, subsection 2 of the Petroleum Industry Act, 2021, President Tinubu has tasked the new board with conducting a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.