Mele Kyari and NNPC

President Bola Tinubu has reconstituted the board of the Nigerian National Petroleum Company (NNPC) Limited, removing Group CEO Mele Kyari and Chairman Pius Akinyelure, along with other board members appointed in November 2023.

In a statement by Bayo Onanuga, Special Adviser to the President on Information & Strategy, the new 11-man board will be led by Bashir Ojulari as Group CEO and Ahmadu Kida as Non-Executive Chairman. Other board members include representatives from Nigeria’s geopolitical zones and key government ministries.

Citing Section 59(2) of the Petroleum Industry Act, 2021, President Tinubu emphasized that the restructuring aims to boost operational efficiency, restore investor confidence, enhance local content, and advance gas commercialisation. The new board has been tasked with conducting a strategic portfolio review of NNPC’s operated and Joint Venture assets to ensure value maximisation.

Since 2023, the Tinubu administration has driven oil sector reforms, attracting $17 billion in investments, with a target of $30 billion by 2027 and $60 billion by 2030. The government also aims to increase oil production to two million barrels per day by 2027 and three million by 2030, while gas production is projected to reach 8 billion cubic feet daily by 2027 and 10 billion by 2030.

Additionally, the administration expects NNPC’s refining output to hit 200,000 barrels daily by 2027 and 500,000 barrels by 2030.

President Tinubu expressed appreciation to the outgoing board members for their contributions, particularly in rehabilitating the Port Harcourt and Warri refineries, and wished them success in their future endeavours.