President Tinubu Overhauls NNPC Leadership, Appoints New Board to Drive Oil Sector Reforms
April 2, 2025 | Abuja
In a sweeping move to revitalize Nigeria’s energy sector, President Bola Ahmed Tinubu today announced a complete reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, replacing Chairman Pius Akinyelure and Group CEO Mele Kyari alongside all board members appointed in November 2023.
New Leadership Team
The newly constituted 11-member board features:
- Ahmadu Musa Kida (Non-Executive Chairman): Former Total Nigeria deputy MD and ex-NBBF president
- Engr. Bashir Bayo Ojulari (Group CEO): Renaissance Africa Energy COO who recently led Shell assets acquisition
- Adedapo Segun (CFO): Retained from previous administration
Six geopolitical representatives include industry heavyweights like former NLNG MD Babs Omotowa (North Central) and veteran energy executive Austin Avuru (South-South). The Federal Ministries of Finance and Petroleum Resources will be represented by Mrs. Lydia Shehu Jafiya and Aminu Said Ahmed respectively.
Strategic Mandate
Invoking Section 59(2) of the Petroleum Industry Act 2021, President Tinubu charged the new board with:
- Conducting immediate portfolio review of NNPC/JV assets
- Tripling oil production to 3mbpd by 2030
- Quintupling refining capacity to 500,000bpd by 2030
- Boosting gas output to 10bcf/d by 2030
- Attracting $60bn energy investments by 2030
Naira-Based Oil Sales Push
Industry analysts suggest this shakeup may signal a strategic shift toward selling more Nigerian crude to domestic refineries in naira rather than dollars. This move would:
1) Strengthen the local currency by reducing dollar demand
2) Support Dangote and other local refiners struggling with forex access
3) Create a more stable domestic fuel supply chain
“The appointment of Ojulari, who recently handled major local asset acquisitions, suggests NNPC may prioritize supplying Nigerian crude to domestic refiners,” noted Energy Analyst Tunde Ogunlesi.
Profile of New Appointees
- Kida: ABU Zaria-trained engineer with 40+ years at Total, basketball administrator
- Ojulari: Shell veteran who rose to SNEPCO MD, spearheaded $2.4bn SPDC acquisition
The President acknowledged the outgoing team’s success in rehabilitating Port Harcourt and Warri refineries, while emphasizing that fresh leadership was critical to achieving Nigeria’s ambitious energy transformation agenda.
“This reset positions NNPC to maximize value from our hydrocarbon resources while accelerating gas commercialization and energy transition,” stated Special Adviser Bayo Onanuga.
All appointments take immediate effect as Nigeria prepares to unveil its 2025-2030 Energy Sector Masterplan next month, which is expected to formalize the naira-based crude supply policy to domestic refiners.
