Tinubu sacks Mele Kyari, appoints Bayo Ojulari as NNPCL CEO

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President Bola Tinubu has made a significant move by sacking the entire board of the Nigerian National Petroleum Company (NNPC), including Group Chief Executive Officer Mele Kyari and board chairman Pius Akinyelure. This decision was announced by presidential spokesperson Bayo Onanuga in a statement.

Tinubu has appointed a new 11-man board, with Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the non-executive chairman. The new board members include representatives from the country’s geopolitical zones, as well as officials from the Federal Ministry of Finance and the Ministry of Petroleum Resources.

The changes are aimed at enhancing operational efficiency, restoring investor confidence, and boosting local content. Tinubu has also tasked the new board with increasing oil production to two million barrels per day by 2027 and three million barrels per day by 2030. Additionally, the company aims to raise its oil refining output to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.

“President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023,” Mr Onanuga wrote.

Mr Kyari was first appointed NNPC chief by former President Muhammadu Buhari but was reappointed in 2023 by President Tinubu.

According to Wednesday’s statement, the president also appointed a new board, including a new GCEO.

“The new 11-man board has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman,” Mr Onanuga wrote.

Read the full statement below.

STATEHOUSE PRESS RELEASE

PRESIDENT TINUBU RECONSTITUTES NNPC LIMITED BOARD, APPOINTS NEW CHAIRMAN, GROUP CEO

President Bola Ahmed Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing the chairman, Chief Pius Akinyelure and the group chief executive officer, Mallam Mele Kolo Kyari.

President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023.

The new 11-man board has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman.

Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has been appointed to the new board by President Tinubu.

Six board members, non-executive directors, represent the country’s geopolitical zones. They are Bello Rabiu, North West, Yusuf Usman, North East, and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas( NLNG), who represents North Central.

President Tinubu appointed Austin Avuru as a non-executive director from the South-South, David Ige as a Non-executive director from the South West, and Henry Obih as a non-executive director from the South East.

Mrs Lydia Shehu Jafiya, 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.

All the appointments are effective today, April 2.

President Tinubu, invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasised that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.

President Tinubu also handed out an immediate action plan to the new board: to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.

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