President Bola Tinubu has reconstituted the Nigerian National Petroleum Company (NNPC) Limited board, removing the chairman, Chief Pius Akinyelure, and the group chief executive officer, Mallam Mele Kolo Kyari. The new 11-man board is chaired by Ahmadu Musa Kida, with Engineer Bashir Bayo Ojulari as the Group CEO.
Bayo Onanuga, Special Adviser on Information and Strategy to the president, revealed this development in a statement he signed in the early hours of Wednesday titled, ‘President Tinubu reconstitutes NNPC limited board, appoints new Chairman, Group CEO.’
“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,” the statement reads.
Adedapo Segun, who replaced Umaru Ajiya as the chief financial officer last November, has been appointed to the new board.
Six board members, non-executive directors, represent the country’s geopolitical zones.
They are Bello Rabiu representing the North West, Yusuf Usman representing the North East, and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas, who represents North Central.
“President Tinubu also 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 Ahmed will represent the Ministry of Petroleum Resources,” Onanuga stated.
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Tinubu invoked the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasizing 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.
The new board has been tasked with conducting a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives. Since 2023, the Tinubu administration has implemented oil sector reforms, attracting $17 billion in new investments. The administration aims to increase investment to $30 billion by 2027 and $60 billion by 2030.
Ahmadu Kida, the newly appointed chairman of the NNPC board, hails from Borno State. A distinguished alumnus of Ahmadu Bello University, Zaria, Kida earned a degree in Civil Engineering in 1984. He furthered his education with a postgraduate diploma in Petroleum Engineering from the prestigious Institut Francaise du Petrol in Paris. Kida’s illustrious career in the oil industry began at Elf Petroleum Nigeria, followed by a stint as a trainee engineer at Total Exploration and Production in 1985.
Musa became Total Nigeria’s Deputy Managing Director of Deep Water Services in 2015.
In 2024, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group.
The Presidency stated that apart from his oil industry career, Ahmadu Kida is a former basketballer and the President of the Nigerian Basketball Federation board.
Meanwhile, the new NNPC Limited Group CEO, Ojulari, hails from Kwara State.
Until his new appointment, He was Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company.
His Renaissance recently led a consortium of indigenous energy firms in the landmark acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria, worth $2.4bn.
Like Kida, Ojulari is also an alumnus of Ahmadu Bello University, Zaria, having graduated with a degree in Mechanical Engineering.
He worked for Elf Aquitaine as the first Nigerian process engineer to begin a stellar career in the oil sector.
From Elf, Ojulari joined Shell Petroleum Development Company of Nigeria Ltd in 1991 as an associate production technologist.
Apart from working in Nigeria, he worked in Europe and the Middle East in different capacities as a petroleum process and production engineer, strategic planner, field developer, and asset manager.
In 2015, Ojulari became the managing director of Shell Nigeria Exploration and Production Company.
During his career, he was chairman and member of the board of trustees of the Society of Petroleum Engineers (SPE Nigerian Council) and a fellow of the Nigerian Society of Engineers.
“President Tinubu thanked the old board members for their dedicated service to NNPC Limited, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries, which enabled them to resume petroleum product production after prolonged shutdowns.
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