President Bola Ahmed Tinubu has approved a major restructuring of the Nigerian National Petroleum Company Limited (NNPCL) board, dissolving all members appointed in November 2023, except for Pius Akinyelure and Mele Kyari, in a move aimed at strengthening the leadership of the national oil company.
According to a statement released early Wednesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the newly constituted 11-member board includes Engineer Bashir Ojulari as Group Chief Executive Officer (GCEO) and Ahmadu Kida as Non-Executive Chairman.
Also named to the new board is Adedapo Segun, who had earlier replaced Umaru Ajiya as Chief Financial Officer (CFO) in November 2023. The board features six non-executive directors, each representing Nigeria’s geopolitical zones:
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Bello Rabiu – North West
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Yusuf Usman – North East
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Babs Omotowa – North Central
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Austin Avuru – South South
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David Ige – South West
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Henry Obih – South East
Additionally, Mrs. Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, will represent the ministry on the board.
The overhaul underscores President Tinubu’s drive to reposition NNPCL for improved efficiency, transparency, and alignment with national energy goals. It is also seen as a strategic step toward fulfilling reform mandates under the Petroleum Industry Act (PIA).
In contrast, Aminu Ahmed will represent the Ministry of Petroleum Resources.
All the appointments are effective from April 2.
President Tinubu, invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasised that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.