In a significant shake-up, President Bola Tinubu has removed Mele Kyari as the Group Chief Executive Officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, effective April 2, 2025. Simultaneously, Tinubu appointed Bayo Ojulari as the new CEO, tasking him with boosting the company’s crude oil refining capacity.
New Leadership and Board Composition
The President has also dissolved the NNPC board and established a new 11-member board, with Ahmadu Musa Kida as the non-executive chairman. Other notable appointments include ¹:
- Babs Omotowa: Non-executive director, representing the North Central zone
- Austin Avuru: Non-executive director, representing the South-South zone
- David Ige: Non-executive director, representing the Southwest zone
- Henry Obih: Non-executive director, representing the Southeast zone
- Lydia Shehu Jafiya: Permanent Secretary of the Federal Ministry of Finance, representing the ministry
- Aminu Said Ahmed: Representing the Ministry of Petroleum Resources
Targets and Expectations
President Tinubu has set ambitious targets for the new leadership, including:
- Crude Oil Refining Capacity: 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030
- Oil Production: 2 million barrels daily by 2027 and 3 million daily by 2030
- Gas Production: 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030
- Investment: $30 billion by 2027 and $60 billion by 2030
Background and Implications
The shake-up is part of the Tinubu administration’s efforts to reform the oil sector, attract investment, and enhance operational efficiency. The new leadership is expected to drive economic growth, advance gas commercialization, and diversification. The appointment of Bayo Ojulari, a seasoned engineer with extensive experience in the oil industry, is seen as a strategic move to boost NNPC’s performance.
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