April 2, 2025 – Abuja, Nigeria
The Nigerian National Petroleum Company Limited (NNPC Ltd) has embarked on a significant leadership overhaul aimed at revitalizing the nation's oil sector. President Bola Ahmed Tinubu approved the reconstitution of the NNPC board, resulting in the dismissal of the former Group Chief Executive Officer (GCEO), Mallam Mele Kyari, and the appointment of Engr. Bashir Bayo Ojulari as his successor.
New Leadership Appointments
Engr. Bashir Bayo Ojulari, a seasoned petroleum engineer with over two decades of experience, including leadership roles at Shell Nigeria Exploration and Production Company and Renaissance African Energy Company, assumes the role of GCEO. Alongside him, Ahmadu Musa Kida, formerly of Total, has been appointed as the Non-Executive Chairman of the NNPC board.
The reconstituted 11-member board includes representatives from Nigeria's six 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, Adedapo Segun has been appointed as the Chief Financial Officer (CFO) of NNPC Ltd.
Strategic Objectives
The leadership restructuring is part of President Tinubu's broader agenda to enhance efficiency, transparency, and profitability within NNPC. The new management is tasked with conducting a comprehensive strategic review of NNPC's portfolio, optimizing joint venture assets, and aligning operations with value maximization objectives.
Key priorities for the new leadership include:
Boosting oil production to meet national targets
Revitalizing Nigeria's refining capacity
Improving transparency and financial accountability
Preparing NNPC for a potential initial public offering (IPO)
Implications for the Oil Sector
The restructuring aims to address longstanding challenges in Nigeria's oil sector, including declining production, oil theft, and underperforming refineries. By bringing in experienced professionals with a track record of success in the industry, the government hopes to restore investor confidence and position NNPC as a competitive player in the global energy market.