- President Bola Tinubu has removed Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited.
President Bola Tinubu has made significant changes to the leadership of the Nigerian National Petroleum Company (NNPC) Limited, removing Mele Kyari as the Group Chief Executive Officer (GCEO) and dissolving the company’s board.
In a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the president invoked his powers under Section 59(2) of the Petroleum Industry Act (PIA) 2021 to carry out the sweeping reconstitution.
The decision, effective April 2, 2025, aims to enhance operational efficiency, restore investor confidence, and make NNPC more commercially viable.
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As part of the overhaul, Bayo Ojulari takes over from Kyari as the new GCEO, while Ahmadu Musa Kida has been appointed as NNPC’s new non-executive chairman, replacing Pius Akinyelure. Adedapo Segun has been confirmed as the company’s Chief Financial Officer (CFO).
The president also appointed six non-executive directors from each geopolitical zone, including Bello Rabiu (North-West), Yusuf Usman (North-East), and Babs Omotowa (North-Central). Others are Austin Avuru (South-South), David Ige (South-West), and Henry Obih (South-East). Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed of the Ministry of Petroleum Resources will represent their respective ministries on the new board.
According to the statement, “This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices. We are taking bold steps to transform the company into a more commercially driven and transparent entity.”
The new board has been handed a strategic action plan, which includes a review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.
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President Tinubu highlighted that since 2023, his administration has attracted $17 billion in new investments and is now targeting $30 billion by 2027 and $60 billion by 2030.
The government aims to raise crude oil production to two million barrels daily by 2027 and three million by 2030, alongside a gas production goal of 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.
NNPCL Remits N10 Trillion To Federation Account In September 2024 – Kyari
The Nigerian National Petroleum Company Limited (NNPCL) has announced that it remitted N10 trillion to the federation account as of September 2024.
This was disclosed by the Group Chief Executive Officer, Malam Mele Kyari, during a presentation to the National Assembly Joint Committee on Finance in Abuja.
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