President Bola Ahmed Tinubu has removed Mallam Mele Kolo Kyari from his position as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd) and appointed Engineer Bashir Bayo Ojulari as his replacement. The decision, announced through a State House press release on April 2, 2025, also includes the dismissal of Chief Pius Akinyelure as chairman and all other board members who were appointed in November 2023.
The newly reconstituted board consists of eleven members, with Ahmadu Musa Kida taking over as the non-executive chairman. The appointments take immediate effect, and according to the presidency, they are aimed at repositioning the national oil company for greater efficiency, transparency, and competitiveness in the global energy market.
President Tinubu cited Section 59, subsection 2 of the Petroleum Industry Act, 2021 as the legal basis for the board overhaul. He stressed that the restructuring would support efforts to attract investment, restore investor confidence, increase local content, and accelerate gas development and economic diversification. The President has directed the new board to begin with a comprehensive strategic review of NNPC’s portfolio, especially its operated and joint venture assets, to align with the government’s value-maximisation goals.
Engineer Bashir Bayo Ojulari, the new Group CEO, is a seasoned oil and gas executive from Kwara State. He most recently served as Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His firm was part of a landmark $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria. Ojulari holds a degree in Mechanical Engineering from Ahmadu Bello University, Zaria, and began his career at Elf Aquitaine. He later joined Shell Nigeria in 1991 and rose through the ranks, eventually becoming Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO) in 2015.
With more than 30 years of experience spanning Nigeria, Europe, and the Middle East, Ojulari has held roles in production engineering, asset management, field development, and strategic planning. He has served as both chairman and trustee of the Society of Petroleum Engineers (SPE Nigeria Council) and is a fellow of the Nigerian Society of Engineers.
The President also confirmed the continuation of Adedapo Segun as Chief Financial Officer. Segun replaced Umaru Isa Ajiya in November 2023 and now officially joins the new board. Other board members, who represent Nigeria’s six geopolitical zones, include Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa (North Central). From the South, the board welcomes Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East).
In addition, Mrs Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, will serve as the ministry’s representative on the board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
President Tinubu expressed his appreciation to the outgoing board members for their service, particularly acknowledging their role in the rehabilitation of the Port Harcourt and Warri refineries. The successful restart of these facilities marked a significant milestone after years of inactivity. He wished them well in their future endeavors and reiterated the administration’s commitment to reforms that will elevate the performance and global standing of NNPC Ltd.
The federal government has set ambitious targets: raising oil production to 2 million barrels per day by 2027 and 3 million by 2030. For gas, the aim is to reach 8 billion cubic feet per day by 2027 and 10 billion by 2030. In refining, the goal is to increase NNPC’s share of output to 200,000 barrels per day by 2027 and 500,000 barrels by the end of the decade.
This new leadership marks the beginning of a fresh chapter for the NNPC and reflects Tinubu’s determination to implement bold reforms across Nigeria’s oil and gas landscape.
