President Bola Tinubu has sacked Mallam Mele Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), while appointing Bashir Ojulari as his replacement.
Tinubu in a statement issued by his Special Adviser on Media and Strategy, Bayo Onanuga also approved the reconstitution of NNPC Limited board, removing the chairman, Chief Pius Akinyelure and all other board members appointed with Akinyelure and Kyari in November 2023.
The new 11-man board has Ojulari as the Group CEO and Ahmadu Kida as non-executive chairman.
Adedapo Segun, who replaced Umaru Ajiya as the Chief Financial Officer last November, has been appointed to the new board by 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.
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 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.
Invoking the powers granted under Section 59, Sub-section 2 of the Petroleum Industry Act, 2021, Tinubu emphasised that the board’s restructuring was crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.
The President 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.
Since 2023, the Tinubu administration has implemented oil sector reforms to attract investment.
Last year, NNPC reported $17 billion in new investments within the sector. The administration now envisions increasing the investment to $30 billion by 2027 and $60 billion by 2030.